Term
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Definition
Core Customer Value
Actual Product (Brand Name, Features, Design, Packaging, Quality Level)
Augmented Product (Delivery & Credit, After-sale Service, Warranty, Product Support) |
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Term
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Definition
Product Attributes (Features, Quality Level, Design & Style)
Branding (Name, Term, Sign, and/or Design)
Packaging (Seconday & Primary)
Labeling
Product Support Services |
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Term
| Assets & Liabilities of Brand Equity |
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Definition
Brand Awareness
Brand Associations
Perceived Value
Brand Loyalty |
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Term
| What Elements Make a Brand? |
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Definition
Brand Name
URL
Logos & Symbols
Slogans
Characters
Jingles |
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Term
| Brand Sponsorships (ownership) |
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Definition
Manufacturer’s brand (national) [sell their output under own brand name]
Private-label (store) brand [created & owned by reseller]
Co-brand [2 brands exist together]
Licensed brand [i.e. celebs] |
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Term
| Brand Developement Strategies |
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Definition
New brand name + New product category = New brand
Existing brand name + Existing product category = Line Ext
Existing brand name + New product category = Brand Ext
New brand name + Existing product category = Multibrands |
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Term
| Factors Affecting Product Diffusion |
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Definition
Relative Advantage
Observability
Compatibility
Complexity & Trialabity |
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Term
| New-Product Development Process |
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Definition
Idea Generation
Product Concept & Product Testing
Prototype
Test Marketing |
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Term
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Definition
Internal sources, external sources, crowdsourcing
—
Source of Ideas:
Licensing
Brainstorming
Internal R&D
R&D consortia
Customer input
Competitors’ products |
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Term
| Test Marketing (when & when to not) |
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Definition
Test: new product w/large investment; uncertainty about product or marketing program
Do Not Test: simple line extension; risk of competitors finding out; management confidence |
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Term
| Stages of Product Life-Cycle |
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Definition
Introduction: slow sales growth, little or no profit, high distribution & promotion expense
Growth: sales increase, new competitors enter market, price stability or decline to increase volume, profits increase, rapid market acceptance
Mature: slowdown in sales, many suppliers, subs, consider modifying market, product, & mix
Decline: maintain product, harvest product, drop product; sales fall off & profits drop |
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Term
| Three major Pricing Strategies |
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Definition
Customer Value-Based pricing: based on buyers’ perceptions of value rather than seller’s costs
Cost-Based pricing: starts w/costs; price=unit cost+markup
Competition-Based pricing: signal info of comparison w/competitors; premium pricing |
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Term
| Psychological Factors Influencing Pricing |
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Definition
Price-Quality relationship
Reference price
Everyday low pricing vs high-low pricing
Odd prices |
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Term
| Product Mix Pricing types |
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Definition
Product Line pricing
Optional Product pricing
Bundled Product pricing
Captive Product pricing
Pricing Tactics |
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Term
| Major Functions of Marketing Logistics |
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Definition
Warehousing
Inventory Management
Logistics Info Management
Transportation |
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