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UW-Madison MARKETNG 300 - Chapter 8 (part 1)

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MKT 300 1st Edition Lecture 16 Outline of Last Lecture XXVII. Chapter 12 Terms XXVIII. Chapter 12 Concepts to ApplyOutline of Current Lecture XXIX. Chapter 8 Terms (part 1)XXX. Chapter 8 Concepts to Apply (part 1)Current LectureXXIX. 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 controlquality of serviceThese 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 brandedproduct 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 itscurrent 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 typeChapter 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 randb. The quality and distribution has to be consistentc. 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 lotionb. Brand Preferencei. 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 Recognitioni. Aware of brand, but don’t necessarily like or dislike it.ii. i.e.) Gillette razorsd. Brand Non-Recognitioni. Have no idea what the brand is. i.e.) my brand of dental flosse. Brand Rejectioni. Hate the brand. i.e.)


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