MKT 300 1st Edition Lecture 16 Outline of Last Lecture XXVII Chapter 12 Terms XXVIII Chapter 12 Concepts to Apply Outline of Current Lecture XXIX Chapter 8 Terms part 1 XXX Chapter 8 Concepts to Apply part 1 Current Lecture XXIX Chapter 11 Terms part 1 Product the need satisfying offering of a firm potential customer satisfaction or benefits Quality a product s ability to satisfy a customer s needs or requirements Product Assortment the set of all product lines and individual products that a firm sells Product Line a set of individual products that are closely related i e Sara Lee sells lines of beverages luncheon meats desserts Individual Product a particular product within a product line usually differentiated by rand level of service offered price or some other characteristic i e each size and flavor of a brand of soap is an individual product Branding the use of a name term symbol or design or a combination of these to identify a product It includes the use of brand names trademarks and practically all other means of product identification Brand Name a word letter or a group of words or letters i e America Online AOL WD 40 3M Post its Trademark includes only those words symbols or marks that are legally registered for sue by a single company Service Mark the same as a trademark except that it refers to a service offering Brand Familiarity how well customers recognize and accept a company s brand five levels rejection non recognition recognition preference and insistence Brand Rejection level of brand familiarity when potential customers won t buy a brand unless its image is changed big concern for service oriented business b c hard to control quality of service These 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 Brand Nonrecognition level of brand familiarity when final consumers don t recognize a brand at all even though intermediaries may use the brand name for identification and inventory control i e school supplies Brand Recognition level of brand familiarity when customers remember the brand Aided Awareness need promotion effort to make people aware of what iti is i e RC Cola Drink Unaided Awareness don t promotion to make people aware b c people already know what it is i e Coca Cola Brand Preference level of brand familiarity when the target customers usually choose the rand over other brands perhaps because of habit or favorable past experience i e Old Dutch Brand Insistence level of brand familiarity when the customers insist on a firm s branded product and are willing to search for it i e my PCA face lotion Brand Equity the value of a brand s overall strength in the market value of a brand to its current owner or firm that wants to buy it Lanham Act 1946 spells out what kinds of marks including brand names can be protected and the exact method of protecting them Applies to goods shipped in interstate or foreign commerce Family Brand the same brand name for several products or individual brands for each product Licensed Brand a well known brand that sellers pay a fee to use Individual Brands separate brand names for each product when it s important for the products to each have a separate identity as when products vary in quality or type Chapter 8 Concepts to Apply part 1 1 What Benefits does brand loyalty product for the marketer How does customer satisfaction affect brand loyalty a Unaided awareness Don t need to promote as much b If customers are satisfied each time they will stay loyal But if a product does not satisfy a customer even just one time they will lose that customer s loyalty 2 Name a brand from each of the consumer product classes and describe how that classification affects physical distribution strategy and in store placement where relevant 3 How does branding help marketers and consumers Give an example of how branding can be beneficial and when branding is not helpful a Branding is only helpful if the product can sustain the rand b The quality and distribution has to be consistent c Brand has to be easy to label and identify 4 What are the 5 levels of brand familiarity Provide examples of how marketing strategy differs for brands at each level a Brand insistence i Will only get your brand and will go out of my way to get it i e my PCA Skin face lotion b Brand Preference i If your brand is there I will grab it but if not I will probably grab something else i e my Jergins body lotion c Brand Recognition i Aware of brand but don t necessarily like or dislike it ii i e Gillette razors d Brand Non Recognition i Have no idea what the brand is i e my brand of dental floss e Brand Rejection i Hate the brand i e pepsi