CH+11+Brand

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