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

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

Branding Process

Brand Awareness

Brand Image

Brand Equity

Brand Loyalty