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Category And Brand Management, Product Identification, And New Product Development
 

Category And Brand Management, Product Identification, And New Product Development

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Category And Brand Management, Product Identification, And New Product Development

Category And Brand Management, Product Identification, And New Product Development

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    Category And Brand Management, Product Identification, And New Product Development Category And Brand Management, Product Identification, And New Product Development Presentation Transcript

    • Part 4: Product Decisions
      • Product and Service Strategies
      • Category and Brand Management, Product Identification, and New-Product Development
    • Chapter 12 Category and Brand Management, Product Identification, and New-Product Development
    • Chapter Objectives
      • Explain the benefits of category and brand management.
      • Identify the different types of brands.
      • Explain the strategic value of brand equity.
      • Discuss how companies develop strong identities for their products and brands.
      • Identify and briefly describe each of the four strategies for new-product development.
      • Describe the consumer adoption process.
      • List the stages in the process for developing new products.
      • Explain the relationship between product safety and product liability.
    • Managing Brands for Competitive Advantage
      • Branding is the process of creating that identity.
      • Buyers respond to branding by making repeat purchases because they identify the item with the name of its producer.
      • Brand: name, term, sign, symbol, design, or some combination that identifies the products of a firm while differentiating them from the competition’s
      • Brand Loyalty
        • Brand recognition : Consumer awareness and identification of a brand.
        • Brand preference : Consumer reliance on previous experiences with a product to choose that product again.
        • Brand insistence : Consumer refusals of alternatives and extensive search for desired merchandise.
    • Types of Brands
      • Generic product : item characterized by plain label, with no advertising and no brand name
      • Manufacturers’ brand or National Brand : brand name owned by a manufacturer or other producer
      • Private brands : brand name placed on products marketed by wholesalers and retailers
      • Captive brands : national brands that are sold exclusively by a retail chain
      • Family brand : brand name that identifies several related products
      • Individual brand : unique brand name that identifies a specific offering within a firm’s product line and that is not grouped under a family brand
      • Brand equity : added value that a respected, well-known brand name gives to a product in the marketplace.
        • Brand equity increases the likelihood that consumers will recognize the firm’s product when they make purchase decisions
        • A strong brand equity can contribute to buyers’ perceptions of product quality
        • Branding can also reinforce customer loyalty and repeat purchases
      • Brand Equity
        • The Young & Rubicam Model:
        • Brand Asset Valuator
      • The Role of Category and Brand Managers
        • Brand manager : Marketing professional charged with planning and implementing marketing strategies and tactics for a brand
        • Category management : Product management system in which a category manager—with profit and loss responsibility—oversees a product line.
    • Product Identification
      • Brand name : part of a brand consisting of words or letters that form a name that identifies and distinguishes a firm’s offering from those of its competitors
      • Brand mark : symbol or pictorial design that identifies a product
      • Generic name : branded name that has become a generically descriptive term for a class of products (e.g., nylon, aspirin, kerosene, and zipper)
      • Trademark : legal protection which confers the exclusive right to user brand name, trade mark, and any slogan or product name abbreviation
      • Trade Dress : visual cues used in branding to create an overall look
        • The distinctive shape of Philips light bulbs and the McDonald’s arches provide an example of trade dress
      • Developing Global Brand Names and Trademarks
        • Potentially an acute problem for international marketers
        • An excellent brand name or symbol in one country may prove disastrous in another
        • Trademarks that are effective in their home countries may fare less well in other cultures
    • Packaging
      • A package serves three major objectives:
        • Protection against damage, spoilage, and pilferage
        • Assistance in marketing the product
        • Cost effectiveness
      • Labeling
        • Label
        • Universal Product Code (UPC)
      • Brand extension : application of a popular brand name to a new product in an unrelated product category
      • Line extensions refers to new sizes, styles, or related products
      • Brand licensing : practice allowing other companies to use a brand name in exchange for a payment
    • New Product Planning
      • As a firm’s offerings enter the maturity and decline stages of the product life cycle, it must add new items to continue to prosper
        • Alternative Product Development Strategies
      • Product Development Strategies
        • Product positioning : consumers’ perceptions of a product’s attributes, uses, quality, and advantages and disadvantages in relation to those of competing brands
        • Cannibalization : a loss of sales of the current product due to competition from a new product in the same line
    • The Consumer Adoption Process
      • Adoption process : Stages that consumers go through in learning about a new product, trying it, and deciding whether to purchase it again.
        • Awareness
        • Interest
        • Evaluation
        • Trial
        • Adoption or rejection
      • Consumer innovator : 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 marketplace
      • Figure 12.8
        • Categories of Adopters Based on Relative Times of Adoption
      • Identifying Early Adopters
        • Substantial benefits may be obtained by locating the likely first buyers of new products (innovators and early adopters)
        • Suggestions for modifying the product may be obtained from these individuals
        • Acceptance or rejection of the innovation by innovators and early adopters can help forecast sales
      • Rate of Adoption Determinants
        • Characteristics of a product innovation that influence its adoption rate include:
          • Relative advantage
          • Compatibility
          • Complexity
          • Possibility of trial use
          • Observability
      • Organizing for New Product Development
        • New-Product Committees
        • New-Product Departments
        • Product Managers
        • Venture Teams
          • Task forces
    • New Product Development Process
      • New product development process: six stages through which new product ideas progress before being introduced to the overall market
      • Idea Generation New product ideas come from many sources including:
        • Sales force, Customers, Employees, R&D specialists, The competition, Suppliers, Retailers, Independent inventors
      • Screening Screening separates ideas with commercial potential from those that cannot meet company objectives
        • Checklists of development standards can be helpful at this stage
      • Business Analysis The business analysis consists of assessing the new product’s market potential, growth rate, likely competitive strengths, and compatibility of the proposed product with organizational resources
        • Concept testing
      • Development Converting an idea into a physical product
        • Requires interaction among many of the firm’s departments
        • Prototypes may go through many changes
      • Test Marketing Test marketing: Introduction of a trial version of a new product supported by a complete marketing campaign to a selected city of television coverage area
        • Some firms skip this stage, moving directly to full-scale commercialization
      • Commercialization In this stage, the firm establishes marketing strategies, and funds outlays for production and marketing
        • The sales force, marketing intermediaries and potential customers are acquainted with the new product
    • Product Safety and Liability
      • Product Liability : responsibility of manufacturers and marketers for injuries and damages caused by their products