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Marketing Exam Study!

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    Supplies are the convenience products of the industrial field because usually purchased with minimum of effort or comparison

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      Services are maintenance and repair services and business advisory services

Product marketing decisions

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    Fig 8.3

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      Product attributes

      • Quality, features, style and design

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        Branding

        • Name, term, sign, symbol or combination that identifies the maker or seller of a product/service

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        Packaging

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        Labelling

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        Product support services

        • Additional services that delights the customer and yields profits for company

Product line

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    A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

Brand Sponsorship

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    A manufacturer has 4 sponsorship options:

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      They can launch the product as a manufacturer’s brand (or national brand) or the manufacturer can sell it to resellers who give it a private brand (store brand or distributor brand)

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        Most manufacturers create their own brand names, others market licensed brands.

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        Some companies can join forces and co-brand a product

Manufacturer’s Brands vs. Private Brands

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    Private brands

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      A brand created and owned by a reseller of a product

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        May be hard to establish and costly to stock and promote

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        Retailers usually price their private brand cheaper than manufacturers because they have more control

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    Manufacturer’s brands

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        Long dominated the retail scene, but there have been increase in private brands

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        Not as profitable in economic down times

Licensing

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    Most manufacturers spend millions to create their own brand names

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    Some companies license names or symbols previously created by other manufacturers, names

of well-known celebrities, or characters from popular movies and books

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    They do this at a fee

Co-branding

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    The practice of using the established brand names of two different companies on the same product

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    In most co-branding situations, one company licenses another company’s well known brand to use in combination with its own

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    These relationships usually involved complex legal contracts and licences

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    “giving away your brand is a lot like giving away your child – you want to make sure everything is perfect”

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