M 3.03 & 3.04. Changing Products Keep up with changing consumer preferences Keep up with changing technology Keep up with competition.

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Presentation transcript:

M 3.03 & 3.04

Changing Products Keep up with changing consumer preferences Keep up with changing technology Keep up with competition

Product Mix Broad Encourages 1-stop shopping Narrow Encourages specialty shopping

Branded Primarily used for products Differentiate products Branded vs. Unbranded Branded products are remembered Branded products sold at higher prices Branded products create loyalty

Product Positioning Price/Quality: lowest price or highest quality Features & Benefits: description of product’s characteristics Unique Characteristics: what is special about product Competition: comparing to others’ products

Terms Brand: name/words/symbol that identifies an organization and its products Brand recognition/awareness: making target market recognize and remember brand name Brand image: consumers’ set of beliefs about a brand, which shapes their attitudes Brand equity: value a brand has beyond its actual functional benefits Brand loyalty: a consistent preference of one brand over all others in a product category

Branding Process Brand Awareness Brand Image Brand Equity Brand Loyalty

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