Chapter 6- Value through Products and Brands Flashcards
what does packaging involve?
all those decisions on the kind of
container or wrapper used for the product
what is a brand?
a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers
what is branding?
the process by which companies distinguish their product offerings from the competition
what does branding permit customers to do?
to to develop associations with products, which eases the purchase decision
what are the benefits of brands (to organisations)?
- Company value & brand
equity - Consumer preference
and loyalty - Barrier to competition
- Higher profits
- Base for brand
extensions
what are the benefits of brands (to consumers)?
- Communicates features
and benefits - Reduces the risk in
purchasing - Simplifies the purchase
decision - Provides symbolic value
what does performance define?
how well your product meets your customers’ needs
what does imagery refer to?
how well your brand meets your customers’ needs on a social and psychological level.
what do customers make judgements about?
- Quality
- Consideration
- Superiority
- Credibility
what are family brand names?
Tie multiple product categories together. (e.g. Johnson & Johnson; Philips; Heinz
what are individual brand names?
Focus on a singular product category
(e.g. Procter & Gamble – Head & Shoulders - shampoo
what are combination brand names?
Combine family and individual brand names for a brand portfolio (e.g. Microsoft Teams)
what are trademarks?
Legal protection for a brand name, brand mark, or trade character is provided through the registration of trademarks
what is a brand extensions?
the use of an established brand name on a new brand within the same broad market
what is brand stretching?
when an established brand name is
used for brands in unrelated markets
