MKTG 311 1st Edition Lecture 16Outline of Last Lecture I. What is considered a New Product?II. New Product DevelopmentIII. Adopter Categories- ConsumersIV. Factors Affecting the Rate of AdoptionOutline of Current Lecture I. Branding DefinedII. 4 Easy Tests in Selecting a Brand NameIII. 4 Ways the Product Should FitIV. Brand Equity PyramidV. Types of Branding StrategiesVI. Packaging and Labeling DecisionsCurrent LectureI. Branding Defined- Brand: Name (most important), term, a symbol, or any other unique element of the product that sets the product apart from the competition.II. 4 Easy Tests in Selecting a Brand Name4 easy tests: Selecting a Brand Name1. Easy to spell2. Easy to sayThese 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.3. Easy to read4. Easy to rememberIII. 4 Ways the Product Should Fit1. It must fit the legal requirements2. Fit the customer culture3. Fit the target market4. Fit the products benefits. Example Diaper Industry- Huggies, Pampers, LUVSIV. Brand Equity Pyramid- There are escalating levels of attachment to a brand, this is known as brand equity, or a brand’s value to the organization. Brand Awareness (brand salience): At this level, consumers are simply aware of the brand’s existence.Brand Imagery: This is where consumers begin to think about what can the brand do for me and how does it perform relative to the competitors.Consumer Feelings: 3rd level, Consumers develop deeper feelings, beliefs, and emotional reactions to the brand.Consumer Brand Connection: Smallest number of consumers. Consumers develop lifelong loyalty to the brand. BONDV. Types of Branding Strategies1. Individual Brand Strategy: Creates a unique brand name for each product item created. Example- Crest and Zest2. Family Brand Strategy (Umbrella Branding): Market multiple product items under the same family brand name. Example- Kraft and Campbell’s3. Retailers can choose a National Brand or Store Brand: A private label or store brand with the retail store trade name. 1970’s it began.Store BrandsGreat Value- Walmart, largest group brand in nation. 30% of all food productsbought.Value line- KrogerArcher Farms, Market Pantry- TargetHarris Teeter- HT traders- Harris Teeter Organics, Harris Teeter- Your baby4. Generic Brands: Less population, no branding. White labeling, with name of product and picture.5. Licensing: One firm sells the right to another firm for use of the brand for a specific purpose and specific period of time. In return for Royalties. Example- Disney, Dora the Explorer6. Co-Branding: Combines two or more brands for added recognition power. Example- Betty Crocker7. Ingredient Branding: Specific type of co-branding, where the branded materials become component parts of a larger super brand. Example- LunchablesVI. Packaging and Labeling Decisions- The purpose of packaging: Protect the Brand- UPC Code- Individual determine what the product
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