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? Product Line ? Product Mix ? Product line length ? Line stretching: adding products that are higher or lower priced than the existing line ? Line filling: adding more items within the present price range Key Decisions 13 Product and Service Decisions ? Individual Product ? Product Line ? Product Mix ? Product line width: ? number of different product lines carried by pany ? Product line depth: ? Number of different versions of each product in the line ? Product line consistency Key Decisions 14 Branding Strategy ? Brands are powerful assets that must be carefully developed / managed. ? Brands with strong equity have many petitive advantages: ? High consumer awareness ? Strong brand loyalty ? Helps when introducing new products ? Less susceptible to price petition 15 Brand Strategy ? Brand Positioning ? Brand Name Selection ? Brand Sponsorship ? Brand Development ? Three levels of positioning: ? Product attributes ? Least effective ? Benefits ? Beliefs and values ? Taps into emotions Key Decisions 16 Brand Strategy ? Brand Positioning ? Brand Name Selection ? Brand Sponsorship ? Brand Development ? Good Brand Names: ? Suggest something about the product or its benefits ? Are easy to say, recognize and remember ? Are distinctive ? Are extendable ? Translate well into other languages ? Can be registered and legally protected Key Decisions 17 Brand Strategy ? Brand Positioning ? Brand Name Selection ? Brand Sponsorship ? Brand Development ? Manufacturer brands ? Private (store) brands ? Costly to establish and promote ? Higher profit margins ? Licensed brands ? Name and character licensing has grown ? Cobranding ? Advan