MGT 3300 Lecture Notes - Lecture 8: Brand Equity, Institute For Operations Research And The Management Sciences, Marketing Mix
Document Summary
Chapter 8 elements of product planning for goods and services key notes. Differentiation with a combination of goods and services. Where the product is produced can be important. The product is easy to label and identify by brand or trademark. The product quality is easy to maintain and the best value for the price. When customers start using a brand, they want to be able to continue using it. Demand is strong enough that the market price can be high enough to make the branding effort profitable. If the branding is really successful, costs should drop and profits should increase. Favorable shelf locations or display space in stores will help. This is something retailers can control when they brand their own products. Five levels of brand familiarity (1) rejection, (2) non- recognition, (3) recognition, (4) preference, and (5) insistence. Individual brands are for both outside and inside competition. You must protect your own brand names and trademarks.
