Basic Marketing Principles

Topics: Brand, Pricing, Branding Pages: 0 (5116 words) Published: September 6, 2014
Chap 8
1. Brand (114) -> AMA defines as “a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors”  adds dimensions that differentiate the offering in some way from other offerings designed to satisfy the same need differences may be functional, rational, or tangible---related to the product performance of the brand differences may also be symbolic, emotional, or intangible---related to what the brand represents identify the source or maker of a product and allow consumers to assign responsibility for its performance to a particular manufacturer or distributor 2. Brand elements (118) -> trademarkable devices that identify and differentiate the brand (i.e. Nike swoosh)

 Choice Criteria (Tablel 8.1) -> 6 criteria for choosing brand elements First 3 (For Building the Brand)
1. Memorable
2. Meaningful
3. Likable
Last 3 (For Defending the Brand; help leverage and preserve brand equity) 1. Transferable
2. Adaptable
3. Protectable
3. Brand Community (120) -> is a specialized community of consumers and employees whose identification and activities focus around the brand (i.e. Harley Owners Group)
 3 Characteristics
1. Sense of connection to the brand, firm, product or other community members 2. Shared rituals, stories, and traditions that help convey meaning 3. Share responsibility or duty to the community and individual members Strong brand community results in a more loyal, committed customer base / may be a source of ideas for product improvements or innovations 4. Branding Decisions (122-123) -> assuming a firm decides to brand its offerings, it must choose which brand names to use. Three general strategies are:

 1. Individual or separate family brand names -> If a product fails or seems to be low quality, the company’s reputation is not hurt because the brands are separate. Firms often use different brand...
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