Page 159 - DMGT408DMGT203_Marketing Management

Marketing Management/Essentials of Marketing

Notes 16. Which of these companies follows umbrella branding?
(a) Philips (b) Tata
(c) Reliance (d) Bajaj
17. Which of these is a brand of Cadbury?

(a) Kit-Kat (b) Chloromint
(c) Mentos (d) Halls

6.4 Summary

Companies create customer value by providing them satisfactory products and services.
Companies often create brands to influence consumer perceptions and create lost lasting
bond with the consumers.

A product is anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a need or want. A good is a tangible product that can be
seen and touched.

Most companies market more than one product. A product item refers to a particular
version of a product that is distinct. A product line is a closely related group of products
for essentially similar use, and technical or marketing considerations.

Product mix is the total number of products that a company markets. Product mix
consistency means how closely related different product lines are in their end use,
production requirements, and distribution.
A service is an activity or series of activities of more or less intangible nature that normally,
not necessarily, takes place in interactions between the customer and service employees
and/or physical resources or goods and/or system of the service provider, which are
provided as solutions to customer problems.

Unique characteristics of services include intangibility, inseparability of service production.
Managing consumers’ perceived service quality requires matching consumer expectations
and the perceived service quality, and depends on reliability, responsiveness, assurance,
empathy, and physical evidence of the service.
Brands are believed to be the real generators of wealth of 21st century and determine the
market value of business entities. Gillette, Lakmé, Hit, and Goodnight are different names,
but there is one thing common among them.

A brand mark refers to that part of brand which is not made up of words, but can be a
symbol or design such as swoosh mark of Nike, or Golden Arches of McDonald’s.
Branding delivers certain advantages. It helps create an identifiable brand enjoying a
unique position and directed at a well defined target segment, and the company can cover
an entire market composed of several segments by creating multiple brands each
addressing a different segment.

6.5 Keywords

Branding: A brand is a name, term, sign, symbol or design or a combination of them, intended
to identify the goods and services of one seller or group of sellers and the differentiate them
from those of the competition.

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