Which category of new product do you think is the most popular, why? Do you think by looking at the new product of Diet Pepsi with its new packaging it would target you to buy the product?
I believe that the category of new product that is most popular would have to be additions to existing product lines. Many companies already have really successful product lines that they would not think to get rid of, but they also want to expand on their customer's favorite products. Additions to existing product lines would expand the products, and give consumers a bigger variety of the the product that they love and enjoy.
Looking at the new product of Diet Pepsi, I would definitely buy the new product. The new product packaging is sleek, new and fresh for todays consumers. If I saw new packaging for Diet Pepsi, I would definitely want to try it out considering I already enjoy the other Diet Pepsi products.
Thursday, February 28, 2013
Branding
In class this week, we discussed the topic of branding. Branding is the main tool marketers use to distinguish their products from those of their competitors. Branding consists of a brand, a brand name, and a brand mark. A brand is a name, term, symbol, design or combination that identifies a seller's product. A brand name is that part of a brand that can be spoken, including letters. A brand mark is the elements of the brand that cannot be spoken.
We also went deeper into branding with its benefits. Branding has three main purposes:
1. Product Identification: Branding allows marketers to distinguish their products from all others.
2. Repeat Sales: This is the best generator to satisfy customers. Branding helps consumers identify products that they want to buy again.
3. Facilitate New-Product Sales: Having a well-known respected company and brand name is extremely useful when introducing new products.
With these benefits, a company can continue to gain sales, have their customers identify their products, and keep them interested when introducing new products.
Do you believe that one of these purposes are more significant than another when it comes to branding? If so, why do think so?
We also went deeper into branding with its benefits. Branding has three main purposes:
1. Product Identification: Branding allows marketers to distinguish their products from all others.
2. Repeat Sales: This is the best generator to satisfy customers. Branding helps consumers identify products that they want to buy again.
3. Facilitate New-Product Sales: Having a well-known respected company and brand name is extremely useful when introducing new products.
With these benefits, a company can continue to gain sales, have their customers identify their products, and keep them interested when introducing new products.
Do you believe that one of these purposes are more significant than another when it comes to branding? If so, why do think so?
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