Mkt 3010 1st Edition Lecture 7Outline of Last LectureCh. 10Step 1: Define objectives and research needsStep 2: Designing the researchStep 3: Data collectionSecondary data: internal/externalPrimary data: Qualitative/quantitativeOutline of Current Lecture Ch. 10Step 4: Analyzing Data and Developing insightsStep 5: Action Plan and ImplementationThe ethics of customer informationCh. 11What is a product?Levels of Products and servicesProduct mix and product line decisionsWhat is brandingThe value of brandingBrand equityBrand strategiesThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Current LectureChapter 10 cont. Marketing research process- Step 4: Analyzing Data and Developing Insightso Thorough and methodicalo Purpose: To convert data to information Describe, explain, predict, evaluate a particular situation- Step 5: Action Plan and Implementationo Marketing Research Report Executive summary- a short synopsis of the entire report Body of report- research objectives, methodology, detailed findings Conclusions Limitations-what is going on in the marketing environment, in the macro environment Supplements- tables, graphs- The ethics of using customer informationo Should produce unbiased, factual informationo American Marketing Association: Prohibits selling or fundraising Research integrity Fair treatment of clients and suppliersChapter 11: Product, Branding, and Packaging DecisionsWhat is a product?- Anything of value- Through Voluntaryo Goodso Serviceso Ideaso ExperiencesLevels of Products and Services- Core customer value- what the buyer is really buying- Actual product- what you use- Augmented product or associated services- what comes along with the product: warranty, financing, installation, etc.Product Mix and Product Line Decisions- Product mix or product assortment- what a brand has to offer and how it is organized in the store- Product lines- organization of a variety of cohesive products- Product line breadth- how many product lines a company haso Change product line breadth- should we add or take away product lines- Product line depth- how many products are in the product lineo Change product line depth- decide to add or get rid of products within a lineWhat is Branding?- Brand name- spoken component, invented name or from colloquial language***less likely a name has to do with the product, the more protection it will have- Domain names- urls- Logos & symbols- visual representation of the brand, symbol is when there is no writing component- Characters- person, animal, character associated with brand- Slogan- short phrase that go with the brand- Jingles- audio messages that are associated with the brand- Distinctive packaging-how a product looks and how its associated with the brandThe value of branding- Facilitate purchasing- Establish loyalty- Protect from competition- if a customer is loyal, they won’t often notice competition product or their product changes- Reduces marketing costs- Assets- copy rights, trade markso Trademarks: Lanham Act- protects against trademark infringement- Impact market valueBrand Equity- Brand awareness- how many consumers know about the brand and have a feeling about it- Perceived value- relationship between the benefits of the products vs. the price of the product- Brand associations-mental links people have to a brand and what do they think of when they think of the brando Brand personality- what feelings your thoughts of the brand lead to - Brand loyaltyBrand Strategies- Brand Ownershipo Manufacturer brands/international brand- brand that is owned by who makes it and can be found in different storeso Private-label/store brands- brand that is only found in one retailer Premium brands- store is trying to get their brand to become better than the name brand Generic brand- not as high quality, no brand Copycat brands- mimicking manufacturers brand but cheaper and less quality Exclusive co-brands- another brand comes up with a line specifically for one retailer- Naming Brands and Product lineso Corporate family brands- puts name on all productso Individual brands- owned by big firm but keeps individual name on product- Brand extension and line extensionso Advantages Cost effective Image transfer-favorable perception of brand and put it onto new product Complementary- products of same brand that can be used togethero Brand dilution- new product adversely impacts the image of product in the mind of the consumero Considerations Evaluate the fit- between core brand and extension Evaluate consumer perceptions- what the brand stands for Brand dilution and damaged brand equity- too many products and dilute brand Distance from core brandKey termsMarketing research reportExecutive summaryCore customer valueAugmented productActual productProduct mix/assortmentProduct lineProduct line depthProduct line breadthBrand name Domain nameJinglesSloganLogosCharacterBrand awarenessPerceived valueBrand associationBrand personalityBrand loyaltyManufactuers brand/international brandPrivate label/ store brandPremium brandsGeneric brandsCopycat brandsExclusive co brandsCoporate family brandsIndividual brandsImage transferComplementary productBrand