7
M 3.03 & 3.04
M 3.03 & 3.04
Changing Products
• Keep up with changing consumer preferences• Keep up with changing technology• Keep up with competition
Product Mix
Broad• Encourages 1-stop
shopping
Narrow• Encourages specialty
shopping
Branded
• Primarily used for products• Differentiate products
Branded vs. Unbranded• Branded products are remembered• Branded products sold at higher prices• Branded products create loyalty
Product Positioning
• Price/Quality: lowest price or highest quality• Features & Benefits: description of product’s
characteristics• Unique Characteristics: what is special about
product• Competition: comparing to others’ products
TermsBrand: name/words/symbol that identifies an organization and its productsBrand recognition/awareness: making target market recognize and remember brand nameBrand image: consumers’ set of beliefs about a brand, which shapes their attitudesBrand equity: value a brand has beyond its actual functional benefitsBrand loyalty: a consistent preference of one brand over all others in a product category
Branding Process
Brand Awareness
Brand Image
Brand Equity
Brand Loyalty
