27. Branding policy. Methods of Brand equity estimations
Branding is a decision in which an organization uses a name, phrase, design, symbol or combination of these to identify its products and distinguish them from those of competitors. A brand name is any word, design, shape, sound, color or combination of these used to distinguish a seller’s goods. A trade name is a commercial legal name under which a company does business. A trademark identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use thereby preventing others from using it. Brand equity is the added value a given brand name gives to a product beyond the functional benefits provided. Brand equity gives a competitive advantage.
28. Main stages of New Product Development. Methods of laboratory and natural experiments for product testing
new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.
Testing techniques:
Monadic - The monadic test simulates real life
Sequential Monadic - Sequential monadic designs are often used to reduce costs. In this design, each respondent evaluates two products
Protomonadic - The protomonadic design begins as a monadic test, followed by a paired-comparison
Paired-Comparison Test - Paired-comparison designs
Repeated Pairs - Each respondent participates in a paired-comparison taste test, followed by a second paired-comparison test
Triangle Test - Each participant is presented with three products and asked to taste all three and choose the one that is different from the other two.
Sensory Research
Ingredient Screening
29. Marketing strategy and tactics. Linking corporate and functional strategies.
A marketing strategy is the means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it.
Marketing tactics are detailed day-to-day operational decisions essential to the overall success of marketing strategies.
The corporate level is where top management directs overall strategy for entire organization. Each business unit of the company has marketing and other specialized activities (e. g. finance, R&D, HR) at the functional level, which is where groups of specialists create value for the organization.
30. Marketing mix. The contents and priorities in marketing tools selections
Elements of the marketing mix are often referred to as 'the four Ps':
Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are service based like the tourism industry & the hotel industry or codes-based products like cellphone load and credits. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. Packaging also needs to be taken into consideration.
Price – The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product. The business may increase or decrease the price of product if other stores have the same product.
Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.
Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements: advertising, public relations, word of mouth and point of sale. A certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and Public Relations (see Product above).