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period of rapid market acceptance and increasing profits
Early adopters will continue to buy, and later buyers will start following their lead
Increase in competitors leads to increase in number of distribution outlets, and sales jump just to build reseller inventories
Profits increase as promotion costs are spread over a large volume and as manufacturing costs decrease
It improves product quality and adds new product features and models
enters new market
segments and new distribution channels
Shifts some advertising from building product awareness to building product conviction and purchase, lowers prices at the right time to attract buyers.
Firm faces a trade-off between high market share and high current profit
-by spending a lot of money on product improvement, promotion, the company can capture a dominant position
Profits: Rising
Customers: early adopters
Competitors: growing number
· Co branding- an agreement between two brands to work together to market a new product. Example: Taco Bell selling spicy chicken cool ranch Doritos locos tacos.
· Licensing- is an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time. Example: Distiller Brown-Forman licensed its famous Jack Daniels bourbon name to T.G.I. Friday's to use on menu items.
· Generic brands-generic branding is a
strategy in which products are not branded and are sold at the lowest price possible. Example: Walmart does this with generic prescriptions such as basic antibiotics.
· Individual brands vs family brands- individual branding is using a separate unique brand for each product item, whereas, family branding is a brand that a group of individual products or individual brands share. Examples: Campbell's uses a family branding strategy to identify its chunky line of soups. Oreo uses individual
branding.
· National brands and store brands- national brands are brands that the product manufacturer owns, and store brands, also called private label brands are brands that a certain retailer or distributor owns and sells. Examples: Costco features a fine line of more than 300 products under its own private label Kirkman signature. Ben & Jerry's ice-cream however, would be a national brand.
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