Marketing week 5

What is branding?

Branding differentiates products from competitors using names, logos, packaging and design.

What is a product line?

Group of related products.

What is a product mix?

All products offered by a company.

What is a manufacturer brand?

Brand owned by the producer.

What is an own-label/private label brand?

Brand owned by a retailer.

What is brand equity?

Value and strength of a brand.

What is customer-based brand equity?

Brand awareness and image in consumers' minds.

What is property-based brand equity?

Brand value from company assets such as patents and channel relationships.

What are the characteristics of successful brands?

Quality, positioning, repositioning, IMC, internal marketing, pioneer advantage and long-term focus.

What is a family brand name?

One brand name used for many products.

What is an individual brand name?

Each product has its own brand name.

What is a combination brand name?

Company name combined with product name.

What is rebranding?

Changing a brand name or identity.

Why do companies rebrand?

Mergers, acquisitions, new image, strategy changes, international markets or legal issues.

What is co-branding?

Two brands working together.

What is product-based co-branding?

Two brands appear on one product.

What is parallel co-branding?

Two independent brands collaborate on one product.

What is ingredient co-branding?

One brand becomes an ingredient within another product.

What is communication-based co-branding?

Brands cooperate in advertising or promotions.

What is relationship marketing?

Building long-term customer relationships and focusing on retention.

What are customer-owned resources?

Brand knowledge, brand skills and brand connectedness.

What is customer motivation?

Brand passion, brand trust and brand commitment.

What are the two elements of relationship marketing?

Core service and relationship quality.

What is relationship quality?

Service quality, trust, commitment and satisfaction.

What is technical support?

Helping customers before and after purchase.

What is expertise?

Providing knowledge and advice.

What is resource support?

Helping customers financially through payment terms or credit.

What are service levels?

Providing excellent service performance.

What is risk reduction?

Reducing customer uncertainty.

What are benefits of relationship marketing for organizations?

Increased purchases, lower costs, competitive advantage, word-of-mouth and higher CLV.

What are benefits of relationship marketing for customers?

Risk reduction, better service, avoiding switching costs and social benefits.

What are retention strategies?

Bonding, targeting customers, internal marketing, promise fulfilment, trust building and service recovery.

What is CRM?

Technology used to manage customer relationships.

What is a core product?

The basic benefit customers buy.

What is an augmented product?

Extra emotional or functional value added to a product.

What is brand extension?

Using an existing brand in a related category.

What is brand stretching?

Using an existing brand in an unrelated category.

What is a service?

A product dominated by intangible attributes.

What is intangibility?

A service cannot be touched.

What is inseparability?

A service is produced and consumed at the same time.

What is variability?

Service quality may differ between situations.

What is perishability?

A service cannot be stored.

What is innovation?

Turning ideas into products or services.

What are the four types of innovation?

Product replacements, additions to existing lines, new product lines and new-to-the-world products.

What creates an innovative culture?

Reward success, tolerate failure, support creativity and provide resources.

What is a facelift?

Product changes only.

What is remerchandising?

Marketing changes only.

What is a relaunch?

Product and marketing changes.

What is intangible repositioning?

Same product, new market.

What is tangible repositioning?

Modified product, new market.

What is neo-innovation?

Technology change and new market.

What is inconspicuous technological substitution?

Technology changes only.

What is conspicuous technological substitution?

Technology and marketing changes.

What are the five questions of competitor analysis?

Who are competitors, strengths and weaknesses, objectives, strategies and response patterns.

What is a value chain?

The activities a company performs to create value.

What are primary activities?

Activities directly involved in creating and delivering products.

What are support activities?

Activities that support primary activities.

What are the five forms of competitive behaviour?

Conflict, competition, coexistence, cooperation and collusion.

What is sampling?

Selecting a subset from a larger population.

What is sampling error?

Different samples produce different results.

What is non-response error?

People do not respond to the survey.

What is measurement error?

The response differs from the true answer.

What is simple random sampling?

Everyone has an equal chance of selection.

What is stratified random sampling?

Random sample taken from each subgroup.

What is cluster sampling?

Randomly select groups or clusters.

What is systematic sampling?

Select people at fixed intervals.

What is convenience sampling?

Select people who are easy to reach.

What is quota sampling?

Fill predetermined categories.

What is snowball sampling?

Participants recruit other participants.

What is judgement sampling?

Researcher manually selects participants.