MRKT 438 Chapter Notes - Chapter 1: Opportunity Cost, Brand Architecture, Competitive Advantage
29 Apr 2016
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Accountability brand is the most valuable asset the company has. Natural disaster, sale of brands skyrockets ex during 911 campbells soup. Loyalty increase sales even if economy goes south. Strong brand easier to extend to other categories and geographies. Brand elements are the different components of a brand that identify and differentiate it. Brand is more than a product because it can have dimensions that differentiate it in some way from other products designed to satisfy the same need. A product is anything we offer to the market could be service. Brand: good, service, person, store, place, country, organization, idea. Search goods: grocery, consumers can evaluate product attributes like size color style design weight and ingredient composition by visual inspection. Experience goods: automobile tires consumers cannot assess product attribute like durability, service quality safety easily by inspection and actual product trial and experience is necessary. Credence goods: insurance coverage, consumers may rarely learn product attributes.
