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CHAPTER TWELVE BRAND MANAGEMENT AND NEW-PRODUCT PLANNING MANAGING BRANDS FOR COMPETITIVE ADVANTAGE n Brand: name, term, sign, symbol, design, or some combination that identifies the products of a firm Brand Loyalty n n n Brand recognition: stage of brand acceptance at which the consumer knows of a brand but does not prefer it to competing brands Brand preference: stage of brand acceptance at which the consumer selects one brand over competing offerings based on previous experiences with that brand Brand insistence: stage of brand acceptance at which the consumer refuses to accept alternatives and searches extensively for the desired good or service Types of Brands n Generic product: item characterized by plain label, with no advertising and no brand name Types of Brands n Manufacturers’ brand: brand name owned by a manufacturer or other producer (Dr. Pepper or IBC Root Beer) Types of Brands n Private brands: brand name placed on products marketed by wholesalers and retailers (Sam’s Choice beverage (Wal-Mart) or ACE brand tools) Types of Brands n Captive brands: national brands that are sold exclusively by a retail chain Types of Brands n Family brand: brand name that identifies several related products (Heinz 57 or the RAID insect sprays, or Campbell’s) Types of Brands n Individual brand: unique brand name that identifies a specific offering within a firm’s product line and that is not grouped under a family brand PRODUCT IDENTIFICATION n n n Brand name: part of a brand consisting of words or letters that form a means to identify and distinguish a firm’s offering Brand mark: symbol or pictorial design that identifies a product Generic name: branded name that has become a generically descriptive term for a class of products (e.g., nylon, aspirin, kerosene, and zipper) PRODUCT IDENTIFICATION n n Trade mark: brand to which the owner legally claims exclusive access Trademark protection confers the exclusive right to user brand name, trade mark, and any slogan or product name abbreviation Developing Global Brand Names and Trademarks n n n Potentially an acute problem for international marketers An excellent brand name or symbol in one country may prove disastrous in another Trademarks that are effective in their home countries may fare less well and other cultures NEW PRODUCT PLANNING n n Marketing scholar Warren Nation stated that, “Firms must innovate or die.” Even producers of such staples as salt must innovate by, for example, developing new sizes and types of packages and types of salt Figure 12.10: Alternative Product Development Strategies Product Development Strategies n n Product positioning: consumers’ perceptions of a product’s attributes, uses, quality, and advantages and disadvantages in relation to those of competing brands Cannibalization: a loss of sales of the current product due to competition from a new product in the same line The Consumer Adoption Process n Adoption process: series of stages for which consumers decide whether or not to become a regular user of a new product, including: – – – – – Awareness Interest Evaluation Trial Adoption or rejection Figure 12.11: Categories of Adopters Based on Relative Times of Adoption Organizing for New Product Development n n n n n New Product Committees are the most common organizational arrangements for developing new products Separate New Product Departments are established by a committee companies Product manager: marketing professional who determines the objectives and marketing strategies for individual product or product line Venture team: new-product development organization that brings together specialists from different functional areas Task force: interdisciplinary group on temporary assignment that works through functional departments in examining new-product issues THE NEW PRODUCT DEVELOPMENT PROCESS New product development process: six stages through which new product ideas progress before being introduced to the overall market n Helpful in reducing the high, 80% average failure rate of new products n THE NEW PRODUCT DEVELOPMENT PROCESS n Idea generation New product ideas come from many sources including: – – – – – – – – Sales force Customers Employees R&D specialists The competition Suppliers Retailers Independent inventors THE NEW PRODUCT DEVELOPMENT PROCESS n Screening n Screening separates ideas with commercial potential from those that cannot meet company objectives Checklists of development standards can be helpful at this stage THE NEW PRODUCT DEVELOPMENT PROCESS n Business analysis n The business analysis consists of assessing the new product’s market potential, growth rate, likely competitive strengths, and compatibility of the proposed product with organizational resources Concept testing: measuring consumer attitudes and perceptions of a product idea prior to actual development THE NEW PRODUCT DEVELOPMENT PROCESS n n n Development Converting an idea into a physical product Requires interaction among many of the firm’s departments Prototypes may go through many changes THE NEW PRODUCT DEVELOPMENT PROCESS n n Test marketing: Introduction of a trial version of a new product supported by a complete marketing campaign to a selected city of television coverage area Some firms skip this stage, moving directly to full-scale commercialization Test Marketing THE NEW PRODUCT DEVELOPMENT PROCESS n n In this stage, the firm establishes marketing strategies, and funds outlays for production and marketing The sales force, marketing intermediaries and potential customers are acquainted with the new product Commercial -ization