Free Sample: Basic Marketing Principles paper example for writing essay

Basic Marketing Principles - Essay Example

Sense of connection to the brand, firm, product or other community members 2. Shared rituals, stories, and traditions that help convey meaning 3. Share responsibility or duty to the community and individual members Strong brand community results in a more loyal, committed customer base / may be a source of Ideas for product Improvements or Innovations 4. Branding Decisions (122-123) -> assuming a firm decides to brand Its offerings, It must choose which brand names to use. Three general strategies are: C] 1. Individual or separate family brand names If a product fails or seems to be low quality, the company’s reputation is not hurt because the brands are separate.

Firms often use different brand names for different quality lines within the same product class. I. E. General Mills largely uses Individual brand names, such as Nature Valley granola bars and Wattles cereal. C] 2. Corporate umbrella or company brand name Many firms use their corporate brand as an umbrella brand across their entire range of products. Development costs are lower, and sales are likely to be strong if manufacturer’s name is good. Corporate-image associations of innovations, expertise, and trustworthiness have been shown to directly influence consumer evaluations. I. E. Heinz and GE D 3. Sub-brand name -> combine two or more of the corporate brand, family brand, or Individual product brand names.