Marketing Final Exam Notes

Topics: Brand, Marketing, Brand management Pages: 9 (1388 words) Published: August 6, 2014

Week 9 Notes:
Product and Service Decisions
1. Product – Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want 2. Service – An activity or benefit that is INTANGIBLE (no ownership)

Idea of EXPERIENCES are more commonly used to enhance products and services

3 Levels of Product
Core benefit
Actual product
Associated services

Classifying Products
Consumer products
Business products

Consumer Products
Frequent purchase, little planning, low price, mass production and wide distribution

Less frequent, more shopping effort and price higher than convenience goods

Strong brand, high price, exclusive distribution and carefully targeted promotions Luxury goods such as Rolex watches or fine crystal

Little awareness, pricing varies, distribution varies and aggressive advertising

Individual Product Decisions
Product features & benefit >> Packaging & labelling >> Branding Feature – a characteristic of a product
Benefit – results from a feature (determine by adding “which means” after the desired feature) Consumers buy benefits, not features

Brand building
Rational benefit
Emotional benefit

Contain and protect
Promote product and brand
Promote ease

Defined – a promise to deliver a specific set of features, benefits, services and experiences consistently to the target market

Branding Strategy
Building and managing brands is one of the most important tasks of marketers The key means of defining what a product/service promises and how it differs from the competition

Brand Elements
Brand name
Sound mark/jingles

Benefits of Branding
To consumer
Shopping efficiency
Statement of who you are (value system)
To a company
Valuable asset that can increase value (long-term)

Brand Equity
Defined – the added value a given brand name gives to a product beyond the functional benefits A brand that has high awareness, high perceived value and high brand loyalty has high brand equity

Components of Brand Equity
Brand awareness
Perceived value
Brand loyalty

Brand Positioning
The mental picture that people have about a brand relative to competitive offerings

Positioning Statement
Clearly worded statement describing the impression you want to make on your customer Mission statement for your brand
All consumer communication should fall from the positioning statement

4 Key Elements
Core user
Avid and enthusiastic
Distinctive personality representing the brand

Frame of reference
The competitive set in the consumers mind
Brand is SUBSTITUTE for ALL other alternatives for meeting a need It may coincide with a product category but not necessarily

Point of difference
Distinctive and superior

Reason to believe
Week 10
A statement (one sentence) of desired outcome resulting from a plan Indicates WHAT you will achieve and when
To grow $ share 2% to 37% by 10/12/2013
Broad statements about HOW the objectives will be achieved
Increase consumption by promoting use in recipes
Short-term plans needed to implement strategies
Launch healthy request low sodium/fat line
Product offering is usually the starting point in creating a marketing mix Why introduce new products?
Consumer – better meet needs through sub segments
Address needs of new emerging markets
New products are a key for growth

The Product Development Process

Stages in Product Development Process
1. Idea Generation
a. The systematic search for new product ideas
b. Creates a large number of ideas
c. R&D

2. Screening and Evaluation
a. Internal and external evaluations of the new product to eliminate those that do not warrant further effort b. External – marketing research (consumer reactions)

3. Product...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Marketing Final Exam Notes Essay
  • Tourism final exam note Essay
  • Final Marketing Plan Paper FINAL
  • MK351 FINAL EXAM Essay
  • Marketing Research final poject Essay
  • Mba, Seminar in Marketing Final Exam. Essay
  • Essay about Marketing Management Exam Notes
  • MGT 420 Final Exam Essay

Become a StudyMode Member

Sign Up - It's Free