Identify and briefly describe the different types of brands. Different types of brands vary and include classifications such as private, manufacturer’s or national, family, and individual brands. Private brands are offered by wholesalers and retailers. Captive brands are are national brands sold exclusively by a retail chain. Family brands is a single brand name that identifies several related products.
An individual brand uniquely identifies the item itself, rather than promoting it under the name of the company or under an umbrella name covering similar items. Brand equity is so important to companies because it provides a competitive advantage for a firm because consumers are more likely to buy a product that carries a respected, well-known brand name. Brand equity also smoothes the path for global expansion.
Characteristics of an effective brand name are easy to pronounce, recognize, and remember. They should also give buyers the correct connotation of the product’s image. The role packaging plays in helping create brand loyalty and brand equity by helping establish a common identity for a group of items sold under the same brand name. Like the brand name, a package should evoke the product’s image and communicate its value.
Category management is a strategy, where a manufacturer’s category manager maximizes sales for the retailer by overseeing an entire product line, often tracking sales history with data from the retail checkout point and aggregating it with sales data for the entire category and qualitative data such as customer surveys. It assists the success of a product line because unlike traditional product managers, category managers have profit responsibility for their product group and help the retailer’s category buyer maximize sales for the whole category, not just the particular manufacturer’s product.
The different product development strategies include a market penetration strategy which seeks to increase sales of existing products in existing markets, a market development strategy which concentrates on finding new markets for existing products, a product development which refers to the introduction of new products into identifiable or established markets, and lastly a product diversification strategy that focuses on developing entirely new products for new markets.
The five stages of the consumer adoption process include awareness, interest, evaluation, trial, and adoption/rejection. The different ways companies can organize to develop new products include new product committees, new product departments, product managers, and venture teams. The six steps in the new-product development process are (1) idea generation, (2) screening, (3) business analysis, (4) development, (5) test marketing, and (6) commercialization.
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