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    tangible and intangible features like design, symbols, customer touch points, etc. differentiate the services and goods of one seller from another. these features create a psychological stimulus or trigger that causes associations with other ideas or thoughts about a seller. which marketing term best fits this definition?

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    Tangible and intangible features like design, symbols, customer touch points, etc. differentiate theservices and goods of one seller from another. These features create a psychological stimulus or triggerthat causes associations with other ideas or thoughts about a seller. Which marketing term best fits thisdefinition?productexchange processbrand

    Which of the following is considered an example of a brand as a promise for a company or organization?

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    If a company provides an online service that delivers physical products and services but does not exist asa brick-and-mortar store, it is considered which type of brand?

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    Roto Rooter is discussing measuring its brand equity. What reasons could the marketing team use tosupport why brand equity must be measured?

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    Term Fall Professor phillips Tags

    Marketing, Brand, Example Of A Brand, Klean Kompany

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    Product Marketing

    Product Marketing

    LEARNING OUTCOMES

    Describe common consumer product categories

    Explain the elements and benefits of branding

    Describe common branding strategies

    Describe the product life cycle

    Explain marketing considerations through the product life cycle

    Explain the stages of the new-product development process

    Defining Product

    A product is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange. In essence, the term “product” refers to anything offered by a firm to provide customer satisfaction, tangible or intangible. Thus, a product may be an idea (recycling), a physical good (a pair of sneakers), a service (banking), or any combination of the three.[1]

    Broadly speaking, products fall into one of two categories: consumer products and business products (also called industrial products and B2B products). Consumer products are purchased by the final consumer. Business products are purchased by other industries or firms and can be classified as production goods—i.e., raw materials or component parts used in the production of the final product—or support goods—such as machinery, fixed equipment, software systems, and tools that assist in the production process.[2] Some products, like computers, for instance, may be both consumer products and business products, depending on who purchases and uses them.

    The product fills an important role in the marketing mix because it is the core of the exchange. Does the product provide the features, functions, benefits, and uses that the target customer expects and desires? Throughout our discussion of product we will focus on the target customer. Often companies become excited about their capabilities, technologies, and ideas and forget the perspective of the customer. This leads to investments in product enhancements or new products that don’t provide value to the customer—and, as a result, are unsuccessful.

    Consumer Product Categories

    Consumer products are often classified into four groups related to different kinds of buying decisions: convenience, shopping, specialty, and unsought products. These are described below.

    Convenience Products

    A convenience product is an inexpensive product that requires a minimum amount of effort on the part of the consumer in order to select and purchase it. Examples of convenience products are bread, soft drinks, pain reliever, and coffee. They also include headphones, power cords, and other items that are easily misplaced.

    From the consumer’s perspective, little time, planning, or effort go into buying convenience products. Often product purchases are made on impulse, so availability is important. Consumers have come to expect a wide variety of products to be conveniently located at their local supermarkets. They also expect easy online purchase options and low-cost, quick shipping for those purchases. Convenience items are also found in vending machines and kiosks.

    For convenience products, the primary marketing strategy is extensive distribution. The product must be available in every conceivable outlet and must be easily accessible in these outlets. These products are usually of low unit value, and they are highly standardized. Marketers must establish a high level of brand awareness and recognition. This is accomplished through extensive mass advertising, sales promotion devices such as coupons and point-of-purchase displays, and effective packaging. Yet, the key is to convince resellers (wholesalers and retailers) to carry the product. If the product is not available when, where, and in a form the consumer desires, the convenience product will fail.

    Shopping Products

    In contrast, consumers want to be able to compare products categorized as shopping products. Shopping products are usually more expensive and are purchased occasionally. The consumer is more likely to compare a number of options to assess quality, cost, and features.

    Although many shopping goods are nationally advertised, in the marketing strategy it is often the ability of the retailer to differentiate itself that generates the sale. If you decide to buy a TV at BestBuy, then you are more likely to evaluate the range of options and prices that BestBuy has to offer. It becomes important for BestBuy to provide a knowledgeable and effective sales person and have the right pricing discounts to offer you a competitive deal. BestBuy might also offer you an extended warranty package or in-store service options. While shopping in BestBuy, consumers can easily check prices and options for online retailers, which places even greater pressure on BestBuy to provide the best total value to the shopper. If the retailer can’t make the sale,  product turnover is slower, and the retailer will have a great deal of their capital tied up in inventory.

    There is a distinction between heterogeneous and homogeneous shopping products. Heterogeneous shopping products are unique. Think about shopping for clothing or furniture. There are many stylistic differences, and the shopper is trying to find the best stylistic match at the right price. The purchase decision with heterogeneous shopping products is more likely to be based on finding the right fit than on price alone.

    Source : courses.lumenlearning.com

    Brand Definition

    A brand is an identifying symbol, mark, logo, name, word, or sentence companies use to distinguish their product from others. Learn why brands are important.

    BUSINESS MARKETING ESSENTIALS

    Overview BUSINESS APPROACH Business Ethics Business Plan

    Organizational Structure

    Which Type of Organization is Best for Your Business?

    What Are the Major Types of Businesses in the Private Sector?

    Corporate Culture BUSINESS TYPES S Corporation LLC vs. Incorpation Private Company Sole Proprietorship FUNDING A BUSINESS Bootstrapping Crowdfunding Seed Capital Venture Capital Startup Capital Capital Funding

    Series A, B, C Funding

    Small Business Administration

    ESSENTIAL DEPARTMENTS IN A BUSINESS

    Upper Management C-Suite CEO

    Operations Management

    Human Resource Planning (HRP)

    BRANDING Branding Brand Personality Brand Management Brand Awareness Brand Loyalty Brand Extension Social Networking

    MARKETING STRATEGY (A-L)

    Affiliate Marketing Commercialization Digital Marketing Direct Marketing

    MARKETING STRATEGY (M-Z)

    Marketing Marketing Campaign Market Research Micromarketing Network Marketing

    Product Differentiation

    Target Market SALES Outside Sales Sales Lead Indirect Sales Inside Sales

    Brand

    By WILL KENTON Updated March 24, 2022

    Reviewed by JEFREDA R. BROWN

    Fact checked by RYAN EICHLER

    What Is a Brand?

    The term brand refers to a business and marketing concept that helps people identify a particular company, product, or individual. Brands are intangible, which means you can't actually touch or see them. As such, they help shape people's perceptions of companies, their products, or individuals. Brands commonly use identifying markers to help create brand identities within the marketplace. They provide enormous value to the company or individual, giving them a competitive edge over others in the same industry. As such, many entities seek legal protection for their brands by obtaining trademarks.

    KEY TAKEAWAYS

    A brand is an intangible marketing or business concept that helps people identify a company, product, or individual.

    People often confuse brands with things like logos, slogans, or other recognizable marks, which are marketing tools that help promote goods and services.

    Brands are considered to be among a company's most important and valuable assets.

    Companies can protect their brands by registering trademarks.

    Types of brands include corporate, personal, product, and service brands.

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    Brand Equity

    Understanding Brands

    As mentioned above, a brand is an intangible asset that helps people identify a specific company and its products. This is especially true when companies need to set themselves apart from others who provide similar products on the market, including generic brands. Advil is a common brand of ibuprofen, which the company uses to distinguish itself from generic forms of the drug available in drugstores. This is referred to as brand equity.

    People often confuse logos, slogans, or other recognizable marks owned by companies with their brands. While these terms are often used interchangeably, they are distinct. The former are marketing tools that companies often use to promote and market their products and services. When used together, these tools create a brand identity. Successful marketing can help keep a company's brand front and center in people's minds. This can spell the difference between someone choosing your brand over your competitor's.

    A brand is considered to be one of the most valuable and important assets for a company. In fact, many companies are often referred to by their brand, which means they are often inseparable, becoming one and the same. Coca-Cola is a great example, where the popular soft drink became synonymous with the company itself. This means it carries a tremendous monetary value, affecting both the bottom line and, for public companies, shareholder value

    This is why it's important for companies to protect their brands from a legal standpoint. Trademarks identify exclusive ownership over a brand and/or product, along with any associated marketing tools. Registering trademarks prevent others from using your products or services without obtaining your permission.

    Special Considerations

    Brands aren't just for corporate use. In fact, they are now also commonly used by individuals, especially in the age of reality television and social media. For instance, the Kardashian family developed value in its brand after gaining popularity from the reality show. The family has, collectively and as individuals, used its name to successfully launch media and modeling careers, spinoff shows, cosmetics, perfumes, and clothing lines.

    Experts believe branding will play a key role in the recovery of the corporate world in response to the COVID-19 pandemic.1

    History of Brands

    Brands have long been used to set products apart over the course of history. The idea of branding may go as far back as 2000 B.C., where merchants used it to sell their wares in different markets. At that time, it was commonly used as a technique to denote ownership of a product or a piece of property.2

    Branding has been used throughout the ages. In the 13th century, Italians began putting watermarks on their paper as a form of branding. The term brand also refers to the unique marks burned into the hides of cattle to distinguish the animals of one owner from those of another.3

    Source : www.investopedia.com

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