Product Life Cycle and Branding: Understanding the Stages and Strategies, Quizzes of Marketing Management

Download Product Life Cycle and Branding: Understanding the Stages and Strategies and more Quizzes Marketing Management in PDF only on Docsity! TERM 1 Product life cycle DEFINITION 1 describes the stages a new product goes through in the marketplace TERM 2 Product class DEFINITION 2 refers to the entire product category or industry TERM 3 Product form DEFINITION 3 pertains to variations within the product class TERM 4 Story: prerecorded music & cassette tape, compact disc, digital downloads DEFINITION 4 Prerecorded music - Product classCassette tape, compact disc, digital downloads - Product form TERM 5 Product curve and sales curve tells DEFINITION 5 us that all product have a limited life TERM 6 Story: Brad Farm / Michael Jordan DEFINITION 6 failure to accepts their limit (do not know when to quit) Do not want to accept they are in decline TERM 7 Stages in product life cycle DEFINITION 7 Introduction Growth Maturity Decline TERM 8 Introduction stage DEFINITION 8 Sales grow slow, profit is minimal / no profit TERM 9 Reasons of wanting competition in introduction stage DEFINITION 9 increase awareness TERM 10 Growth stage DEFINITION 10 Rapid increase in sales TERM 21 Product Mix DEFINITION 21 Combo of all the products; that you set the upper limit of the profit that you have get the optimal mix TERM 22 Marketing strategy DEFINITION 22 helps to determine how close to the upper limit Not hard to determine upper limit if you do not have the optimal mix hard to determine upper limit if you have the optimal mix TERM 23 Indication of non-optimal mix DEFINITION 23 chronic excess production capacity (constantly having excess) disproportionate high percent total profit of few products (1st product 95% ; 2nd product - 4%) Product mix does not exploit sales force Steady decline profit / sales TERM 24 Story: "Basketball" DEFINITION 24 Marketing strategy - not hard to determine upper limit if you do not have the optimal mix Comparison between, Dr. Manzer, Micheal Jordan, Westbrook, Kevin Durant It is hard to determine the best player, but it is not hard to determine who is not the best player TERM 25 Story: "Marlboro" & "Cigarettes" DEFINITION 25 Product - CigarettesBrand - Marlboro TERM 26 Brand Equity DEFINITION 26 the added value a brand name gives to a product beyond the functional benefits provided TERM 27 Advantages of Brand Equity DEFINITION 27 Competitive advantage Consumer are willing to pay a higher price for a product with brand equity TERM 28 Story: Apple / Disney/ Sunkist DEFINITION 28 Better Brand Equity TERM 29 Story : "McDonald's brand" DEFINITION 29 importance of brand equity the McD's brand worth more than all the store combined TERM 30 Story: "King and Artisan" DEFINITION 30 Product identification Increase the quality Branding TERM 31 Story: Apple - 140 billion for the name DEFINITION 31 Importance of brand name Brand equity TERM 32 Story : Aspirin / Xerox / Kleenex DEFINITION 32 Become a generic name (brand names) TERM 33 How to protect brand names DEFINITION 33 Act like it is yours Trademark and register Do not let the name become generic TERM 34 Picking a good brand name DEFINITION 34 The name suggest the product benefits The name should be memorable, distinctive, and positive The name should fit the company or product image The name should have no legal or regulatory restrictions The name should be simple and should be emotional TERM 35 Types of branding strategy DEFINITION 35 multiproduct branding multibranding private branding mixed branding