Marketing Branding Test

Four categories of consumer products

Convenience,Shopping, Specialty, Unsought

Products with basically similar characteristics, usually low priced with desired features

Homogenous

Describe and give an example of a convenience product

 Inexpensive items that requires little shopping effort - done regularly with little planning - wide distribution may use vending machines - ex.  Gum, soda, toilet paper etc.

Shopping Products

More expensive than convenience products, found in fewer stores, shoppers often compare brands, styles, price, and lifestyle, either Homogenous or Heterogenous

Shopping products with essentially different prices, qualities and features where “finding the best brand for me?” Is a deciding factor are called?

Heterogeneous

Products such as burial plots, insurance and items that people don’t care to spend a lot of money on requiring a bigger effort on the part of the salesperson

Unsought Products

Characteristics of specialty products

Customers will not accept a substitute product, product maintains its exclusive image by creating selective, status-conscious image, distribution is often limited, Brand names and quality are important

Product item

a specific version of the product that can be designated as a distinct offering among the organization's products.

Product line

a group of closely related product items is call a product line

Product mix

All the products sold.  Each item may require a separate mkt strategy

Purpose of branding

consumers must be able to distinguish one product from another

Brand

a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from the competitors' products

Brand Name

Part of the brand that can be spoken, including letters

Brand Mark

The element of the brand that cannot be spoken

 three main purposes of branding?  Which one is the most important?

Product identification (most important), repeat Sales, new-product identification

Brand Equity

The value of a company or a brand

Global brand

obtains ⅓ of its earnings outside of its home country, is recognizable outside its home base of customers, has publicly available marketing and financial data

Brand loyalty

A consistent preference for one brand over all other.  Brand identity is essential in developing brand loyalty

What branding decisions must be made by the marketing team?

Manufacturer’’s Brand vs. Private Brand, Individual Brands vs. Family Brands

Captive brand

3rd party brand which carries no evidence of the store’’s affiliation

Co-branding

placing two or more brand names on a product or its packaging

Ingredient branding

identifies the brand that makes up the product

Cooperative branding

Two brands receive equal treatment in terms of advertising, borrowing from each other's brand

Trademark and Service Marks

exclusive right to use a brand or part of a brand

three functions of packaging

Containing and Protecting the product, promoting the product (differentiates it from the competition), facilitating storage (use and convenience, easy to ship/ store)

Persuasive labeling

Focuses on a promotional theme or logo and consumer information is secondary.

Informational labeling

designed to help consumers make proper product selections and lower cognitive dissonance after the purchase.  Many laws governing the information that must be on the packaging such as low fat, low sodium, low carb, low calorie

Greenwashing

When a product or company attempts to give the impression of environmental friendliness whether or not it is environmentally friendly

UPC codes (1974)

on the label, is used to print info on receipts, control inventory and track sales