Chapter 7 Flashcards
A name, term, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Brand
What are the key roles of brands?
- Identify the source or maker of a product
- Simplify product handling or tracing
- Provide legal protection for unique features
- Signal a certain quality level
The added value endowed on products and services, reflected in consumer perceptions, prices, market share, and profitability
Brand equity
Trademarkable devices that identify and differentiate the brand.
Brand elements
List the criteria for choosing brand elements.
- Memorable
- Meaningful
- Likable
- Transferable
- Adaptable
- Protectible
The act of designing the company’s offering and image to occupy a distinctive place in the minds of the target market.
Positioning
What are the four stages of the product life cycle?
- Introduction
- Growth
- Maturity
- Decline
Fill in the blank: A _______ is a basic and distinctive mode of expression appearing in a field of human endeavor.
[style]
A currently accepted or popular style in a given field.
Fashion
Are fashions that come quickly into public view, are adopted with great zeal, peak early and decline very fast.
Fads
A group of firms that offer a product or class of products that are closely substitutes for one another.
Industry
What are the three variables to monitor when analyzing competitors?
- Share of market
- Share of mind
- Share of heart
True or False: A company should only focus on weak competitors.
False
What is the difference between ‘good’ and ‘bad’ competitors?
‘Good’ competitors play by the industry rules, while ‘bad’ competitors disrupt the market with unhealthy practices.
What should companies evaluate in their customer base?
Which customers they are willing to lose and which they want to retain.
Fill in the blank: A company’s ability to perform in one or more ways that competitors cannot or will not match is called _______.
[competitive advantage]
What does the product life cycle assert?
- Products have a limited life
- Product sales pass through distinct stages
- Profits rise and fall at different stages
- Different strategies are required in each stage
The goal is to locate the brand in the minds of consumers to maximize the
potential benefit to the firm.
Positioning
appear in homes; clothing (formal, casual, funky) and art (realistic, surrealistic, abstract).
Style
can last for generations and go in and out of vogue.
Style
The length of a ____ cycle is hard to predict
Fashion
They end because they represent a purchase compromise, and consumers start looking for the missing attributes
Fashion
Their acceptance cycle is short, and they tend to attract only a limited
following who are searching for excitement or want to distinguish themselves from others.
Fads
Fail to survive because they don’t normally satisfy a strong need
Fads
