Marketing and Branding Concepts

These flashcards cover key vocabulary and concepts related to marketing and branding topics discussed in the lecture.

Marketing Mix

Tactical tools for implementing strategies, engaging customers, delivering value.

Product

Anything offered to the market for attention/acquisition that satisfies a want/need.

Consumer Products

Products bought by consumers for personal use, including convenience, shopping, specialty, and unsought types.

Examples of Consumer Products

FiLLi Café, Apple’s iPhone, Nike’s Air Jordans, Uber.

Service Characteristics

Attributes of services including intangibility, inseparability, variability, and perishability.

Brand Development

Options for expanding market presence through line extensions, brand extensions, multibrands, and new brands.

Brand Strategy Decisions

Decisions related to brand positioning, name selection, sponsorship, and development.

Augmented Product

Includes added services such as warranties and customer support.

Brand Audit

A process for assessing a brand's strengths and weaknesses.

Marketing Components

Includes pricing, distribution, and marketing communication.

Product Classifications

Divided into consumer products and industrial products.

Intangibility

Characteristic of services that cannot be seen or heard before purchase.

Inseparability

Characteristic of services produced and consumed simultaneously.

Variability

Quality of services that may depend on the provider.

Perishability

Characteristic of services that cannot be stored for later sale.

Brand Name Selection

Involves qualities such as recognition and trademark protection.

Brand Sponsorship

Distinction between manufacturer’s brand and store brand.

Internal Branding

Ensuring employees represent the brand effectively.

Core Customer Value

The fundamental benefit that a product provides.

Actual Product

Features, design, packaging, brand name of a product.

Service-Profit Chain

A concept connecting happy employees to better service and loyal customers.

Brand Equity

Customer perception that adds value to the brand.

Brand Value

The financial worth of the brand.

Customer Equity

Total lifetime value from all customers.

Brand Positioning

Establishing a brand based on values.

Meaning Transfer Model

The process of cultural meaning transferring to a brand and then to the consumer.