Instructions: This handout comprises a compilation of certain basic marketing concepts and terms.This is only a representation and students are requested not to limit their learning to this handoutonly.Branding
-- is a promise, a pledge of quality. It is the essence of a product, including why it isgreat, and how it is better than all competing products. It is an image. It is a combination ofwords and letters, symbols, and colors.
A name, term, sign, symbol, or a combination of these used to identify the products ofone seller or group of sellers and differentiate them from those of competitors.
Brand image -
The total of all the impressions the consumer receives from the brand. Theseinclude actual experience, hearsay from other consumers, its packaging, its name, the kind ofstore in which it is sold, advertising, the tone and form of advertising, the media used foradvertising, and the types of people seen using, buying or recommending the brand.
Brand loyalty -
The degree of consumer preference for one brand compared to closesubstitutes; it is often measured statistically in consumer marketing research.
A popular branding strategy, brand licensing is an agreement in which acompany permits another organization to use its brand on other products for a license fee.Royalties maybe as low as 2 per cent of wholesale revenues or higher than 10 per cent. Mattel,for example, licensed Warner Bros Harry Potter brand for use on board games and toys. Warnerguaranteed royalties of $20 million from Mattel’s licensing fee of 15 percent of gross revenuesearned in these branded products.
-- the process of planning and executing the conception, pricing, promotion, anddistribution of ideas, goods, services, and people to create exchanges that will satisfyindividual and organizational goals. Marketing activities should attempt to create and maintainsatisfying relationships exchange relationships. To maintain an exchange relationship, buyersmust be satisfied with the obtained good, service, or idea and sellers must be satisfied with thefinancial reward or something else of value received. A dissatisfied customer who lacks trust inthe relationship often searches instead for alternative organizations or products.
Is the process of planning, organizing, implementing and controllingmarketing activities to facilitate exchanges effectively and efficiently. Effectiveness is thedegree to which an exchange helps achieve an organization’s objectives. Efficiency refers tominimizing the resources an organization must spend to achieve a specific level of desiredexchanges.
a market could be a specific location or a geographic location, it is a group of peoplewho as individuals or as organizations have needs for products in a product class and have theability, willingness, and authority to purchase such products. In general use, the term marketsometimes refers to the total population or mass market that buys products. There are twotypes of markets-
Consumer markets and Business Markets.
Purchasers and household members who intend to consume or benefitfrom the purchased products and do not buy to make profits.
Individuals or groups that purchase a specific kind of product for resale,direct use in producing other products, or use in general daily operations.