BUS 343 Chapter Notes - Chapter 8: Brand Management, Skunk Works, Registered Trademark Symbol

167 views6 pages

Document Summary

Introduction the first stage of the product life cycle, in which slow growth follows the introduction of a new product in the market place. Creating product identity: branding decisions: branding is an extremely important element of product strategies. If brand extension doesn"t live up to the quality or attractiveness of the original brand, brand equity will suffer, reducing brand loyalty and sales. Branding strategies: marketers have to determine whether to create individual or family brands, national or private-label brands, or to co-brand. Individual brand separate unique brand for each production item: family brand a brand that a group of individual products or individual brands share, an umbrella brand strategy. Co-branding: co-branding an agreement between two brands to work together in marketing a new or existing product, enjoy more recognition power than either would alone. Organizing for effective product management: effectiveness of product strategies depends on marketing managers and the decisions they make.