Shared Flashcard Set

Details

MKT 361 Exam 2 UA
Exam 2
155
Marketing
Undergraduate 3
10/22/2013

Additional Marketing Flashcards

 


 

Cards

Term
Consumer Behavior
Definition
  • processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also included factors that influence purchase decisions and product use
  • Consumers’ product and service preferences are constantly changing
Term

Consumer Decsion Making Process

(5 Steps)

Definition
  1. Need Recognition
  2. Information Search
  3. Evaluation of Alternatives
  4. Purchasing
  5. Post Purchase Behavior
Term
Need Recognition
Definition
When consumers are faced with an imbalance between desired and actual states
Term
Aspects of Need Recognition
Definition
  1. Want
  2. Internal Stimuli
  3. External Stimuli
  4. Imbalance between what Consumer has & wants
  5. Consumers recognize unfulfilled wants
Term
Want
Definition
a recognition of an unfulfilled need and the product that will satisfy it
Term
Internal Stimuli
Definition
  • Create wants based on your experience
  • Ex: hunger, thirst, emotion
Term
External Stimuli
Definition
  • Influences from external sources
  • Ex: recommendations, color, design, advertisements.
Term
Imbalance between what consumer has & wants
Definition
  • Marketing managers objective to create want-got gap.
  • Surveying customers and observing trends helps marketers determine what types of promotions to use and what types of products to create 
  • Ex: IKEA creates modern, easy-to-clean furniture for generation Y
Term
Consumers recognize unfulfilled wants
Definition
  • Consumers recognize unfulfilled wants in many ways, notably by finding things wrong with current products 
  • Ex: Europeans want simpler laundry, so Persil tablet detergent trumps Procter and Gamble powder
Term
Information Search
Definition
the consumer searches for information about a product
Term
Aspects of Information Search
Definition
  1. Internal Information Search
  2. External Information Search
  3. Non-marketing Controlled Information Source
  4. Marketing Controlled Information Source
  5. External Researches Relying On...
  6. Evoked Set/Consideration Set
Term
Internal Information Search
Definition
  • Internal Information Search: process of recording past information from memory 
  • Ex: memory of a hotel’s service, memory of a restaurant’s flavor
Term
External Information Search
Definition
process of seeking information from external environment
Term
Nonmarketing-controlled Information Source
Definition
  • Source of information not associated with promotions or advertising
  • Ex: critic reviews, personal experience, web forums, blogs
Term
Marketing-controlled Information Source
Definition
  • product information source originating from marketers 
  • Ex: mass media advertising, salespeople, product label
Term
External Searches Rely On...
Definition
The consumer’s knowledge and perceived risk (expensive or unreliable products), personal confidence (self-assurance that they have chosen the correct product), and product experience (I have really enjoyed apple products in the past)
Term
Evoked Set/Consideration Set
Definition

the group of brands from which a consumer can choose after an information search

Term
Aspects of Evaluating Alternatives
Definition
  1. Environment, Int. & Ext. Knowledge, & Exposure
  2. Reduction of Options
  3. Other Criteria
  4. Categories
  5. Brnad Extensions
Term
Environment, Int. and Ext. Knowledge, & Exposure
Definition
  • The environment, internal knowledge, external knowledge, and exposure to certain cues can affect purchases 
  • Ex: Mars candy bar sales increase when the NASA Mars Pathfinder landed
Term

Reduction of Options

 

Definition
  • Reduction of options based on criteria
  • Ex: eliminating all places to live that are too far from campus, too expensive, or in too poor of a neighborhood
Term
Other Criteria
Definition
  • Other criteria include other brands
  • Ex: an 800 dollar apartment seems cheaper when compared to a 900 dollar apartment, but too expensive in comparison to a similar 750 dollar apartment
Term
Categories
Definition
  • Categories also influence choices
  • Ex: soda won’t be bought at a breakfast restaurant
Term
Brand Extensions
Definition

Brand extensions are

 like coke having: diet coke, cherry coke, coke zero

Term
Aspects of Purchasing
Definition
  1. Deciding
  2. Fully-planned Purchase
  3. Partially-planned Purchase
  4. Unplanned Purchase
Term
Deciding with Purchasing
Definition
To purchase, you must decide whether to buy, when to buy, what to buy, where to buy, how to pay
Term
Fully-planned Purchase
Definition
Purchase based on lots of information
Term
Partially-planned Purchase
Definition
based on some information, like the category of clothing
Term
Unplanned Purchase
Definition
  • Purchases based on impulse
  • Ex: 68% of major shopping trips, 54% of minor
Term
Aspects of Post Purchase Behavior
Definition
  • Consumer Expected Outcomes
  • Cognitive Dissonance
Term
Consumer Expected Outcomes
Definition
  • When buying products consumers expect certain outcomes from the purchase, which determines satisfaction
  • Ex: A car stereo may seem satisfying when it is bought on eBay for a low price and low expectations
  • Ex: An expensive car stereo may not be satisfying if it has high expectations
Term
Cognitive Dissonance
Definition
  • An inner tension that a customer experiences when there is a distance between behavior and opinions
  • Ex: A customer may wrestle with the benefits of a more expensive but healthier tanning system
  • Marketers reduce dissonance with effective communication
  • Ex: thank you notes, money back guarantees
Term
3 Categories of Consumer Decison Making
Definition
  1. Routine Expense Behavior
  2. Limited Decision Making
  3. Extensive Decision Making
Term
Factors in Consumer Buying Decision
Definition
  1. Involvement
  2. Time
  3. Cost
  4. Degree of Information 
  5. Number of Alternatives Considered
Term
Involvement in Consumer Decision Making
Definition
The amount of time and effort a buyer invests in search, evaluation, and decision making
Term
Routine Response Behavior
Definition
  • Goods and services that require low involvement
  • Ex: toothpaste, cleaning products
Term
Limited Decision Making
Definition
  • Type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar category
Term
Extensive Decision Making
Definition
infrequent and expensive products require time and thought, home, car
Term
Factors when Determing the Level of Consumer Involvement
Definition
  1. Previous Experience
  2. Interest
  3. Perceived Risk of Negative Consequences
  4. Situation
  5. Social Visibility
Term
Previous Experience for Consumer Involvement
Definition
When the customer has purchased the product before
Term
Interest for Consumer Involvement
Definition
How much does the consumer want the product?
Term
Perceived Risk for Negative Consequences for Consumer Involvement
Definition
Psychological or financial, social opinions
Term
Situation for Consumer Involvement
Definition
You may buy a more expensive tie for the job interview
Term
Social Visibility for Consumer Involvement
Definition
Designer labels, fancy cars
Term
Marketing Implications of Involvement
Definition
  • High involvement products require extensive marketing to the target market
  • Low involvement products need to be eye catching to prompt impulse buys, aesthetics
  • Linking products to a higher cause like pink soda can for breast cancer
Term
Factors Influencing Consumer Buying Decisions
Definition
  • The consumer buying decision is based on the social, individual, cultural, and other underlying factors
  • Culture, values, social class may impact what you buy
  • Self-concept and lifestyle
Term
Cultural Influences on Customer Buying Decisions
Definition
Cultural factors exert the broadest and deepest influence
Term
Culture vs. Values
Definition
  • Culture is the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior from one generation to the next
  • Value is the most defining element of a culture
Term
Culture
Definition
  • Is learned, functional, and dynamic, determined by environment, useful, and adaptable
  • Ex: food, dress, language
Term
Value
Definition
An enduring belief that a specific mode of conduct is personally or socially preferable to another form of conduct
Term
Understanding Cultural Differences
Definition
  • As more companies expand globally, they also adapt to regional cultural needs
  • Language must also be manipulated and used carefully
  • Globalization is a concern for people who want to ensure that the world isn’t homogeneous
Term
Subculture
Definition
  • A homogeneous group of people who share elements of their overall culture as well as unique elements of their own group
  • Common in US: Hispanics, Mormons, Cajuns
Term
Social Class
Definition
A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms
Term
Different Social Classes
Definition
  • Capitalist class
  • Upper class
  • Middle Class
  • Working Class
  • Working poor
  • Underclass
Term
How social class is measured
Definition
As a combo of occupation, income, education, wealth, and other variables
Term
Social Class Importance to Marketers
Definition
Marketers are interested in social class so that they can determine the medium for advertising and how to best distribute their products
Term
Social Influences on Consumer
Definition
Many consumers seek opinions of others to reduce their search and evaluation efforts, especially when perceived risk increase
Term
Examples of Social Influences on Consumers
Definition
  1. Reference Groups
  2. Opinion Leaders
  3. Blogs
  4. Family
Term
Refernce Groups
Definition
all the formal and informal groups that influence an individual’s purchasing
Term
Types of Reference Groups
Definition
  1. Primary Membership Groups (Direct)
  2. Secondary Membership Groups (Direct)
  3. Aspirational Reference Group (Indirect)
  4. Non-aspirational Reference Group (Indirect)
Term
Primary Memebership Groups (Direct)
Definition
  • a group with which people interact regularly in a normal, face to face manner
  • Ex: family, friends, classmates, coworkers
Term
Secondary Membership Groups (Direct)
Definition
  • a less consistent and more formal reference
  • Ex: group, clubs, churches, professional groups
Term
Aspirational Reference Group (Indirect)
Definition
  • a group that someone would like to join
  • Ex: athletes, high class
Term
Non-Aspirational Reference Group (Indirect)
Definition
  • dissociative groups, groups that people would like to avoid
  • Ex: you may avoid a house in a low class neighborhood, or avoid shopping at Goodwill
Term
Group Norms
Definition
the values and attitudes deemed acceptable by a group
Term
Opinion Leaders
Definition
a individual who influences the opinions of others
Term
Characteristics of Opinion Leader
Definition
  • Often the first to try a product, can be casual or face-to-face
  • Can also be movie stars, celebrities, or a respected organization such as the American Cancer Society
Term
Blogs
Definition
  • Thousands of blogs that represent opinions and trends are now monitored by marketers
  • Very big impact on the teenage market
Term
Family
Definition
  • the most important social institution for many consumers, influencing values, attitudes, self-concept
  • responsible for the Socialization Process: the passing down of cultural values and norms
Term
Roles Within Families and their Effects
Definition
  • Initiators: suggest the product to be purchased
  • Influencers: are family members with valued opinions
  • Decision Maker: the person who makes the decision to buy
  • Purchaser: The person who actually exchanges money
  • Teenagers have 80 billion dollars of income, and 110 billion will be spent on them by parents
Term
Individual Influences on Personal Decision
Definition
age, gender, life-cycle stage, personality, lifestyle, self-concept
Term
Age & Life Cycles Influence on Personal Decision
Definition

young singles, young married, middle age married with children, as well as life 

events such as deaths or divorces

Term
Gender Influence on Personal Decision
Definition
many differences, purchasing clothes or beauty products, different values
Term
Personality Influence on Personal Decision
Definition
a way of organizing and grouping the consistencies of an individual’s reaction to situations
Term
Self-Concept
Definition

how a person perceives themselves in terms of attitudes, perceptions, beliefs, and self 

evaluations

Term
Ideal Self-Image
Definition
The way and individual would like to be
Term
Real Self-Image
Definition
how an individual actually perceives him or herself
Term
Human Behavior and Self-Concept
Definition
Human behavior is highly dependent on self concept, notably on the dissonance between who a person is and who they would like to be
Term
Psychological Influences on Consumer Buying Decisions
Definition
An individual’s buying decisions are further influenced by factors including perception, motivation, learning, beliefs, and attitude
Term
Perception
Definition
  • the process by which people select, organize and interpret stimuli into a meaningful and coherent picture
  • Familiarity influences perception
Term
Selective Exposure
Definition
  • the process by which a consumer decides which stimuli to observe and which stimuli to ignore
  • Ex: out of 2500 advertisements per day, we elect to only notice 11-20
Term
Selective distortion
Definition
  • the process by which a consumer distorts information that conflicts with his or her feelings or beliefs
  • Ex: if you own a zune, you will justify that it is just as good as the apple iPod
Term
Selective Retention
Definition
  • remembering only the information that supports personal beliefs
  • Ex: if you see an ad for a product you want, you will remember it whereas your friend might forget it 30 seconds later

 

Term
Marketing Influences of Perception
Definition
Marketers try to capture perception with shiny labels, lowering price for people to believe its a bargain, changing image with adjectives, and subliminal perception
Term
Motivation
Definition
a driving force that causes a person to take action to satisfy specific needs
Term
MASLOW’S HEIRARCHY OF NEEDS
Definition
  1. Physiological Needs- hunger thirst
  2. Safety Needs- security/ freedom of discomfort
  3. Social Needs- love, sense of belonging
  4. Esteem Needs- status, self-esteem
  5. Self Actualization Needs- self-fulfillment
Term
Learning
Definition
a process that creates changes in behavior, immediate or expected, through experience or practice
Term
Experimental Learning
Definition
when an experience changes your behavior
Term
Conceptual Learning
Definition
when someone else teaches you a concept
Term
Reinforcement
Definition
Repition boosts learning
Term
Stimulus Generation
Definition
  • a form of learning that occurs when one response is extended to a second stimulus similar to the first 
  • Ex: Jello-pudding from Jello Gelatin
Term
Stimulus Discrimination
Definition
a learned ability to differentiate between similar products
Term
Beliefs
Definition
an organized pattern of knowledge that an individual holds true about his or her world, the belief that Sony makes the best camcorders
Term
Attitudes
Definition
tendency to respond consistently toward a given object, American attitude about using credit cards VS Japanese aversion
Term
Adding Beliefs
Definition
Adding new beliefs is part of marketing, creating new needs and markets
Term
Business Marketing
Definition
The marketing of goods and services to individuals and organizations for purposes other than personal consumption
Term
B2B Electronic Commerce
Definition
The use of the internet to facilitate exchange of goods, services, and information between organizations
Term
Measuring online success
Definition
  • recency- more recent is better
  • frequency- more frequent is better
  • monetary value- higher contribution margin is better
  • stickiness- frequency of visits x duration of visits x # of pages per site visits
Term
Trends to B2B Internet Marketing
Definition
  • 90% of buyers at some point use internet, 50% start buying process online
  • companies transitioning to online
Term
Disintermediation
Definition
the elimination of intermediaries such as wholesalers, distributors, and marketing channels
Term
Reintermediation
Definition
the reintroduction of an intermediary between producers and users
Term
Relationship Marketing
Definition
  • the strategy that entails seeking and establishing relationships with customers
  • building relationships is a way to competitive advantage
Term
Strategic Alliances
Definition
  • cooperative relationship between business firms
  • used to strengthen operations and better competitive advantage
  • Sometimes, alliances are between fierce competitors or in different
Term
Relationship Committment
Definition
a firm’s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts to maintain it indefinitely
Term
Trust in Strategic Alliance
Definition
the condition that exists when one party has confidence in an exchange partner’s reliability and integrity
Term
Relationships with Other Cultures
Definition
  • Amae: a Japanese feeling of nurturing concern and dependence upon another
  • Keiretsu: a network of interlocking corporate affiliates, executives sit on each other’s board
Term
Major Categories of Business Customers
Definition
  • Producers- buy business goods and incorporate them into the products that they sell to other producers or companies, GM buys steel, paint, tires
  • Resellers- wholesale and retail business buying finished products to sell
  • Government- Fed Gov buys resources, federal services/ City Govs have less paperwork
  • Institutions- seek to gain goals beyond profit, market share, and ROI like colleges 
Term
The North American Industry Classification System
Definition
  • classifies North American business establishments by their main production processes, detailed numbers
  • classification system for NAFTA
  • tool for marketers engaged in analyzing, segmenting, and targeting markets
Term
Business vs Consumer Markets: Demand
Definition
  • Derived Demand- demand for business product derived from demand of market
  • Inelastic demand- demand that doesnt fluctuate with price
  • Joint Demand- demand for 2 or more products used in final product apple software, apple comps
  • Fluctuating Demand- demand for business products are less stable than the demand for consumer products
Term
Multiplier Effect/Accelerator Principle
Definition
  • phenomenon in which a small change in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product 
Term
Business vs Consumer Markets: Volume
Definition
  • Purchase volume much greater for businesses than consumers
Term
Business vs Consumer Markets: # of Customers
Definition
  • much fewer business customers, getting bids for orders can make or break a company
Term

Business vs Consumer: Location of Buyers

 

Definition
  • Business consumers are far more concentrated in urban areas
Term
Business vs Consumer Markets
Definition
  • B2B is mainly online, with direct channels more common amongst business marketers
  • Nature of Buying: businesses are more professional and formal
  • Buying Influence: businesses are much more likely to accrue more info with expert influences
  • Negotiations: business tend to negotiate price, consumers accept it
  • Reciprocity: business purchasers choose to buy from their own customers
  • Leasing: businesses tend to lease more often
  • Primary Promotion Method: business revolves around personal selling
Term
Types of Business Products
Definition
  • major equipment (installation)- capital goods, expensive machines or buildings
  • accessory equipment- short-lived, not expensive office equipment
  • Raw materials- Unprocessed extractive or agricultural products like wheat or lumber
  • Component Parts- finished items used towards building final product like tires, spark plugs
  • Processed materials- products used to directly manufacture other products like chemicals or steel
  • Supplies- consumable products not used in final product like lubricants or paper towels
  • Business services- like janitors
Term
Business Buying Behaviors
Definition
  • Buying Centers- all people involved: initiator, influencer, gatekeeper, decider, purchaser, user (vendors must influnce decider and influncer)
  • Evaluate criteria- Quailty, service, price
  • Buying Situations- new buy: buying for first time, modified rebuy: original product needs improvements, straight rebuy: repurchase of product made before, very familiar
  • Business Ethics- many companies value it an offer ethics training to employees
  • Customer Service- keeping new and old people attracted to company
Term
Market Segmentation
Definition
  • Market: people/orgs with wants or needs and willingness to buy
  • Market Segment: a subgroup of people with similar characteristics that cause them to have similar product needs
  • Market Segmentation: process of dividing market into segments
Term
Importance of Segmentation
Definition
  • to IDENTIFY CUSTOMERS WITH SIMILAR NEEDS, PROVIDES INFO FOR SALES MIX, and SATISFIES WANTS AND NEEDS WITHIN COMPANY
Term
Four Criteria for Useful Segmentation
Definition
  • Sustainability- large enough to warrant developing and maintain a special marketing mix
  • Identifiability & measurability- segments must be identifiable and size measurable
  • Accessability- the firm must be able to reach members of the target segments
  • Responsiveness- Market segments must respond differently or well to the specific types of marketing postulated
Term
Bases for Segmenting Consumer Markets
Definition
  • Segmentation Bases/Variable: characteristics of groups, individuals, or organizations
  • Geographic segmentation: segmenting markets by region of a country or world, market size, market density
  • Demographic Segmentations: segmentation based on age, gender, income, ethnic background, and family life cycle
  • Psychographic Segmentation: segmentation based on Personality, Motives, Lifestyles & Geodemographics: segmentation that clusters potential customers into neighborhood lifestyle categories
  • Benefit Segmentation: dividing markets into people seeking specific benefits like weight watchers
  • Usage Rate Segmentation: divides a market by the amount consumed like 80/20 Principle: 20 percent of customers
Term
Steps in segmenting a market
Definition
  1. select a market
  2. choose basis for segmenting
  3. select segment descriptors
  4. profile and analyze segements
  5. select target markets
  6. Design, Implement, and Maintain Appropriate Marketing Mixes (appropriate 4 Ps)
Term
Strategies for selecting target markets
Definition
  • undifferentiated targeting: one big market with no segments, saves on marketing costs but leads to unimaginative products that are susceptible to competition
  • concentrated (niche) targeting: strategy that selects one segment of the market for targeting market efforts, which allows strong positioning, small firms to compete with larger ones, negative- segments too small
  • Multisegment Targeting: chooses two or more marketing segments, and develops a distinct marketing mix for each
Term
Cannabilization
Definition
when sales of a new product cut into sales of an existing product, Gold iPhone 5 and Iphone 5C
Term
One to One Marketing
Definition
  • an individualized marketing method that utilizes customer information to build long term, personalized, and profitable relationships with each customer
  • Personalization: customers want to be treated as individuals
  • Time Savings: customers spend less time on purchase decisions, more time on more important things
  • Loyalty: more personal attention leads to better loyalty
  • Technology: as marketers get more detailing information
Term
Positioning
Definition
  • Position: the place a product, brand, or group of products occupies in consumer’s minds relative to competing offerings
  • Product Differentiation: a positioning strategy that some firms use to distinguish their products from those of competitors
  • Perceptual Mapping: a means of displaying or graphing, in two or more dimensions, the locations of products, groups of products, or brands in customer’s minds
  • postioning basis- attribute, price and quality, use or application, product user, product class, competitor, and emotion
  • repositioning- changing customers’ perceptions of a brand in relation to competing brands
Term
Marketing Decision Support Systems
Definition
  • a system used for gatheirng market information
  • decision support systems: computerized information system that enables manager to obtain and manipulate information as they make decisions
  • support system give immediate results, can sort/total/regroup data fast, probe for trends and answer what ifs, & easy to use
  • database marketing: process of collecting, planning, and analyzing data relevant to a marketing decision
Term
Role of Marketing Research
Definition
  • Marketing Research: The process of planning, collecting, and analyzing data relevant to a marketing decision
  • Descriptive Role: gathering and presenting factual results
  • Diagnostic Role: includes explaining data, determining impact
  • Predictive Role: answers “what-if” functions
Term
Competitive Intelligence
Definition
  • an intelligence system that helps managers compare to competition and get competitive advantage
Term
Marketing Research should occur only
Definition
when the expected value of information exceed the cost of obtaining it
Term
Scanner Based Research
Definition
  • a system for gathering information from a single group of respondents by continuously monitoring the advertising they are exposed to and the things that they buy
  • Behavior-scan: a scanner based program that tracks the purchases of 3000 household in each research market
  • InfoScan: a scanner based sales tracking device for the consumer packaged goods industry
Term
Impact of the Internet on Marketing Research
Definition
  • Internet Surveys: reduces cost, can be easily disributed to demographic, respondents complete quickly
  • Use of the Internet by Marketing Researchers: online surveys and focus groups, moderators can be used to communicate with respondent full time
  • Online focus groups: Real-time (Chatrooms) & Time-extended (Message boards)
  • Advantage of focus groups: better participation, honesty, cost effectiveness, broad geographic scope
Term
Product
Definition
  • everything a person could recieve in an exchange
  • tangible good, service, idea
Term
Marketing Mix
Definition
  1. product
  2. promotion
  3. place (distribution)
  4. Price
Term
3 Types of Distribution
Definition
  • Intensive- everyone has it
  • Exclusive- only a few people have it
  • Selective- some people have it
Term
Types of Products
Definition
  • Business Product- product used to manufacture other goods or services, to facilitate an organizations, or to resell to other customers
  • Consumer Product- product bought to satisfy individuals personal wants
Term
Types of Consumer Products
Definition
  • Convenience Products- products right near checkout like gum or magazine
  • Shopping Products- more time spent to shop for like groceries
  • Specialty Products- when consumers search extensively for particular item, and are reluctant to accept substitutes
  • Unsought Products- really need to market hard to get a consumer, impulse purchase, new items in a market
Term
Product Items, Lines, and Mixes
Definition

Product Item- specific version of a product that can be designed as a distinct offering among and organizations products (nike- t-shirt)

Product Line- a group of closely related produt items (long sleeve, short sleeve, muscle tee)

Product Mix- all products that an organization sells (pants, mouth guard, shirts)

 

Term
Benefits of Product Lines
Definition
  • Advertising Economies- campbells promotes entire line by saying soups are "mmm mmm good"
  • Package Uniformity- all have common look but keep individual identities, different campbell soup cans
  • Standardized components- reduces manufacturing costs and inventory costs, GM using same parts for different models of car 
  • Efficient sales and distribution- Sales form range of products appealing, distrbution is easier with line than a bunch of indivdual products
  • Equivalent quality- all products in line are at similar quality
Term

Adjustments to Product Items, Lines, and Mixes

 

Definition
  • Product modification: quality, functional, and style modifications
  • Repositioning: changing demographics, changes in social environment, decling sales
  • Product Line Extension: adding products to existing product line
  • Product Line Contradiction: deals with overextension in product lines
Term
Planned obselence
Definition
 
  • practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
Term
Branding
Definition

Brand Name- part of brand that can be spoken including letters, words, and numbers

Brand Mark- elements of a brand that cannot be spoken (Mercedes Benz symbol)

Brand Equity- value of company and brand names 

Global Brand- where at least 1/3 of earnings comes from outside home country (KFC, Taco Bell)

Term
Benefits of Branding
Definition
  • Product identification: helps distinguish product among others
  • Repeat Sales: results from satisfied customers
  • New Product Sales: Value of brand name can help new product sell
Term
Branding Strategies
Definition
  • Manufacturer's Brand: brand name of a manufacturer
  • Private Brand: brand name owed by a wholesaler, also known as store brand or private label
  • Captive: brand manufcatured by a third party for exclusive retailer, without evidence of that retailers affiliation like Sears having craftsman tools
Term
Individual vs Family Brands
Definition
  • Individual Brand: using different brand names for different products
  • Family Brand: marketing several different products under the sam brand name
Term
Cobranding
Definition
  • Ingredient Branding: identifies the brand of a part that makes up the product like Mr. Clean DIsinfecting Wipes with Febreeze freshness
  • Cooperative Branding: 2 brands receiving equal treatment borrowing from each other's brand equity 
  • Complimentary Branding: products advertised together to suggest usage
Term
Trademarks
Definition
  • exclusive right to use a brand
  • trademark right comes from use
  • renew trademark comes from proof of use
  • right continue for as long as the mark is used
Term
Functions of Packaging
Definition

Packaging: contain, protects, and promotes product

Greenwashing: portraying that company is eco-friendly

Term
Labeling
Definition
  • can be both persuasive or informational
  • greenwashing
  • consumer information is on labels
  • helps make selection
  • promotes product
Term
Universal Product Codes
Definition
  • seires of thick and thin vertical lines (bar codes), readable by computerized optical scanners
  • represent numbers used to track products
  • established 1970s
Term
Global Issues with Branding
Definition
  • One brand name everywhere- company only markets one product so no negative connotations to brand
  • Adaptations & Modifications- when brand name cant be pronounced in local language, like Barf Detergent from Iran wouldnt do well here
  • Different Brand Names in Different Markets- when marketer wants brand to be seen as local brand
Term
Global Issues for Packaging
Definition
  • Labeling: properly translating ingredients, promotional, and instructional info
  • Aesthetics: watching cultures when choosing visual elements of a brand such as color
  • Climate Considerations: make sure packing is durable for all climates
Term
Product Warranties
Definition

Warranty: confirmation of the quality/performance of a good or service

Express warranty: written gurantee "complete satisfaction guranteed"

Implied Warranty: unwritten gurantee that the good or service is fit for the purpose for which it was sold 

Supporting users have an ad free experience!