Michael Chieng
Hardeep Kang
clayton schroeder
Rachel( goingunkown)

ch 11-clayton
A brand is a name, term, sign, symbol, design, or some combination that identifies the products of a firm.
Brand recognition-a companies first objective for newly introduced products and aims to make these items familiar to public
Brand preference-buyers rely on previous experiences with product when choosing over competitions product.
Brand insistence- lead customers to refuse alternative options and search extensively for desired item.
Manufacturer brand(name owned by manufacturer or producer) private brand(placed on products marketed by wholesaler or retailer) captive brand(national brands sold exclusively at a retail chain), family brand(several related items) individual brand(unique brand name that identifies a specific offering within a firms product line to avoid grouping as family brand) generic product(plain label, no advertising, no name brand)
Brand equity refers to the added value that a certain brand name adds to a product in the marketplace, consumers are more likely to buy product that carries a well respected brand name.
New product development strategies
Market penetration-increase sales of existing product in existing market
Market development-finding new markets for existing products
Product development-new products into identifiable or established markets
Product diversification-developing new products for new markets
Customer adoption process à awareness, interest, evaluation, trial and adoption or rejection.
New product development stages
1) Idea generating
2) Screening
3) Business analysis
4) Development
5) Test marketing
6) Commercialization



Chapter 11:
By: Hardeep
Brand recognition: Consumer awareness and identification of brand
Brand Preference: Consumer reliance on previous experiences
Brand insistence: Consumer refusal of alternatives and extensive search for desired merchandise.
Types of Brands:
Generic Products: no name, no brand
Private Brands: Brand name owned by manufacturer or producer
Captive Brands: Sold exclusively at retailer.
Family Brands: Single brand that identifies several products.
Individual Brands: Not promoting under company name.
How to build Brand Equity:
Differentiation: Stand apart from competitors.
Energy: How adaptive and dynamic brand is.
Relevance: Must feel need for brand
Esteem: Perceived quality and consumer perceptions about growing or declining popularity.
Knowledge: Extent of consumers awareness of brand and understanding.
Brand names: Words or letters
Trademarks: Brand for which owner claims exclusive rights
Packaging: Protection, assistance in marketing product.

Brand- Name, term, sign, symbol, design, or some combination that indentifies the products of one firm while differentiating them from the competition.
Brand Recognition- Consumer awareness and identification of a brand.
Brand Preference- Consumers’ past experience with a product to influence next purchase.
Brand Insistence- Consumer refusal of alternative or extensive search for desired product.
Generic Products- Basically no-name product.
Manufacturer’s Brand- Brand name owned by a manufacturer or other producer.
Family Brand- Single brand name that identifies several products.
Brand Equity- Added value that a well-known brand gives to a product.
Category Management- Instead of managing a whole brand, one manages smaller product lines.
Brand Name- A brand that involves words or letters to identify the brand by.
Trademark- Brand for which the owner claims exclusive legal protection.
Trade Dress- A visual association with a brand. Ex, McDonald’s Golden Arches
Brand Extension- Attaching a brand name to a new product in a different category.
Brand Licensing- Allowing other companies to use their brand name.
Adoption Process- Stages a consumer undergo to adopt a new product.
Consumer Innovators- People who purchase new products as soon as it hits the market.
Diffusion Process- Process in which new goods or services are accepted in the marketplace.

Rachel



Market penetration strategy
Increases sales of existing products
Modify products
Promote in new ways
Different packaging
Product positioning
refers to consumers perceptions of products attributes, uses, qualities and advantages
Draw info from [public then act accordingly
Market development
Concentrate on finding new markets for existing products
Product development
Introducing new products in to identifiable or established markets
Ex IPod 4 G
Product diversification strategy
Developing entirely new products for new markets

Adoption process
Stages I go through in learning about new products & deciding to buy
Awareness, interest evaluation, trial, adoption/rejections
Consumer innovators
People who purchase new products almost as soon as the products reach the market
Diffusion process
Process by which new goods or services are accepted in the market place.
Rate of Adoption Determinants
Relative advantage
Compatibility
Complexity
Possibility of trial use
Observable
Product manager
Product team
Steps in the product development process
Idea Generation
Screening
Business analysis
Development
Test marketing
Commercialization