Key Concepts in Product Marketing and Branding

Product

Can be goods, services, or ideas.

Feature Bloat

Overwhelming consumers with excessive product features.

Product Life Cycle

Four stages: introduction, growth, maturity, decline.

Introduction Stage

Focus on stimulating trial with pricing strategies.

Growth Stage

Rapid sales growth, increased competition, peak profits.

Maturity Stage

Sales growth slows, profits decline, competitors exit.

Decline Stage

Sales decline, prices drop, product may be deleted.

Branding

Distinguishes products using names, phrases, designs.

Brand Personality

Human characteristics associated with a brand.

Brand Equity

Value added beyond functional benefits, competitive advantage.

Price

What a consumer pays for a product.

Value

What a consumer receives from a product.

Value Pricing

Increasing benefits while maintaining or lowering prices.

Demand-Oriented Pricing

Includes skimming and penetration pricing strategies.

Skimming Pricing

High initial price, gradually lowered over time.

Penetration Pricing

Low initial price to attract a mass market.

Demand Factors

Influenced by tastes, price, availability, income.

Marketing Channel

Individuals and firms making products available to consumers.

Direct-to-Consumer Channels

Includes mail-order and brand websites.

Multichannel Marketing

Blends different communication and delivery channels.

Channel Conflict

One channel member hinders another's goals.

Logistics

Focuses on efficient product delivery.

Supply Chain

Firms involved in creating and delivering a product.

Bullwhip Effect

Exaggerated inventory needs based on fluctuating demand.

Promotional Mix

Combines tools to inform, persuade, and remind buyers.

Integrated Marketing Communications (IMC)

Coordinates promotional activities for consistent messaging.

Advertising

Paid non-personal communication by an identified sponsor.

Institutional Advertisements

Build goodwill for an organization.

Advertising Appeals

Can include fear, sex, and humor.

Media Selection

Considers audience, product, budget, and costs.

Key Media Buying Terms

Includes reach, frequency, and cost per thousand (CPM).

User-Generated Content (UGC)

Online content created by end users.

Influencer Marketing

Uses influential individuals to advocate products.

Social Commerce

Transaction-oriented shopping experience.

Social Shopping

Focuses on the shopping experience itself.