FOOD 2010 Lecture Notes - Lecture 10: Brand Management, Trade Secret

• School: University of Guelph
• Department: Food Science
• Course: FOOD 2010
• Professor: Massimo Marcon

Document Summary

Product form: variations of a product within the product class: the life cycle and consumers: the life cycle of a product depends on sales to consumers. Not all consumers rush to buy a product at the introduction stage but it is important for people to be attracted to the product early. Product modification: altering a product"s characteristics, such as its quality, performance, appearance, features, or package to try to increase and extend the product"s sales. Market modification: strategy in which a company tries to find new customers, increase a product"s use among existing consumers, or create new-use situations. Product repositioning: changing the place a product occupies in a consumer"s mind relative to competing products. Trading up: adding value to a product through additional features or higher-quality materials. Trading down: reducing the number of features, quality, or price. Downsizing: reducing the content of packages without changing package size and maintaining or increasing the package price.