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Brand test 1
| Term | Definition |
|---|---|
| first-mover advantage | a theory that the initial participant in the market can gain a large advantage by being first with a new product/service offering. |
| GE Business Planning Matrix | A management planning tool that evaluates a business units position based on the strength of the business [cost efficiency, market share, …] and market attractiveness [growth rate, profitability, …] |
| key success factor | the firm must continually improve and be good at these every day to not be at a competitive disadvantage. |
| laggard | this reactor type of SBU only adds products when the market has formed. |
| positioning school of NPD | this NPD school of trout argues there are only a few positions in an industry's marketplace that are desirable. |
| prospector | this type of SBU seeks innovative new opportunities and ways of responding to emerging needs. it often has the first-mover-advantage problem. |
| question mark | this is a boston consulting group category of strategic business units with good growth potential but poor market position so management must quickly decide what to do with them. |
| reactor | this type of SBU only develops new products ni response to competitive developments. it may be either a fast-follower, follows, or a laggard. |
| star | this is a boston consulting group category of strategic business units with outstanding potential and market position. they are the businesses of the future for the firm. |
| strategic business unit [SBU] | a unit of the firm that has different objectives, can be planned separately from other units and must compete for resources, people, and money. |
| sustainable | they key test of a core competency measures the ability of a firm to continually increase the advantage of the competency over many years. |
| SWOT analysis | a business planning tool used to analyze multiple firms in an industry by evaluating each of their strengths, weaknesses, opportunities, and threats. |
| actual or branded product | the set of core product or service extensions including design elements, features, quality, brand, and packaging. |
| augmented product | a product or service enhanced by the addition of related services and benefits such as installation, warranty, maintenance and repair services. |
| core product | the most basic item and intangible benefit or service offered by a product. |
| differentiation strategy | a firm using this marketing strategy features customer perceived uniqueness on an industry-wide basis. |
| firm-specific advantage | any of a grip of items that gives a firm advantage[s] to their competitors. |
| niche strategy | this marketing strategy focuses on special attributes and/or performance for selling a product or service to a small market segment or subsegment. |
| overall cost-leadership strategy | a high-risk marketing strategy featuring a low-cost position on an industry-wide basis. |
| Porter's Five Forces Model | a model of competition that considers the forces exerted by competitors, substitute products, suppliers, customers, and potential new entrants to the market. |
| potential product | this describes the likely set of the product offering at its maximum breadth sometime in the future. |
| product concept | a model that puts any product offering into one of three categories of core, actual or branded, and augmented. |
| brand | any name, term, symbol, or other unique element of a product that identifies one firms' products and differentiates them from the competition. |
| brand assets | aspects of a brand like reputation, personality, and imagery that add to brand value. |
| brand concept | the idea that the brand is a concept - an abstract category of what fits together and what may be included at some point in time. |
| brand equity | the value of a company name to its customers and an acquirer - an off balance sheet number. |
| brand leadership | the concept of tells and holder where an entity's brand dominates its product category. |
| brand name | the name of the brand only. it does not include the logo, symbol, colors, endorsing characteristics, or its slogans. |
| brand strength | factors like market share, position, and brand loyalty that demonstrate the strength of a brand. |
| expanded product concept | a concept that defines a product in terms of generic, expected, branded, augmented, and potential rings. |
| expected product | this describes the common product offering the consumer expects to find in a store. |
| financial risk | this type of risk to the consumer is where the product is not worth the price. |
| free cash flow [M&A] | EBITDA less the investments in capital expenditures and increases to working capital. it is the net earnings of the firm less all investments. |
| functional risk | this type of risk to the consumer is where the product does not perform as expected. |
| goods-service continuum | a scale that describes the varying characteristics of goods and services as they move from one stage to another. |
| off-balance sheet assets | all items that add value to a firm for a purchaser, e. g. brands, IP, mailing lists, processes, systems, .. |
| physical risk | this type of risk to the consumer is where they product can be potentially dangerous to the consumer. |
| psychological risk | this type of risk to the consumer is where the product affects the mental well-bing of the consumer. |
| social risk | this type of risk to the consumer is where the product may be embarrassing. |
| time risk | this type of risk to the consumer is where the failure of the product results in an opportunity cost [expense] of finding another solution. |
| brand elements | the IP items that serve to identify and differentiate the brand from its competitors including its name, logo, symbol, colors, endorsing characteristics, and its slogans. |
| brand mantra | a short, preferably three-to-five word, phrase of the fundamental positioning to its consumers. |
| brand purpose | it's absolute purpose and a guide for its entire life cycle. |
| brand vision | the heart and soul of a product which includes its reason for being. |
| cannibalization | the concept that some of a firm's activities are taking too much away from another part of their activities. it is often found in channels and market segmentation. |
| core brand values | the set of abstract association, both attributes and benefits, that characterize a brand to consumers. |
| direct competition | competition from all very similar products to yours, e.g. diet coke and diet pepsi. |
| indirect competition | competition from all products in a different category that can be substituted for yours, e.g. coke for diet coke. |
| lifetime value of a customer | the total value of a customer over their lifetime of using a product expressed in terms of new revenue. |
| points-of-contention | elements where there is disagreement as to how their performance or functionality compares to the next best alternative. |
| points-of-difference | elements where there is an actual or perceived performance advantage to the competitive offerings. |
| points-of-parity | elements where there is no meaningful difference to the competitive offerings. |
| Principle of Commonality | the greater the number of common elements shared by products the stronger the linkages. |
| Principle of Differentiation | it is important to strongly and meaningfully differentiate both individual items and brands. |
| Principle of Prominence | the need to maximize the product distance from its competitors to consumers in reality and on a perceptual map. |
| Principle of Relevance | Abstract associations to products help consumers identify with them. |
| Principle of Simplicity | the need to have only a few brand levels o prevent consumer confusion. |
Created by:
shelby4190
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