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

A Brand is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. American Marketing Association

BCG Matrix

8) Pricing:The firm's pricing objectives must be identified in order to determine the optimal pricing. Common objectives include the following: Current profit maximization - seeks to maximize current profit, taking into account revenue and costs. Current revenue maximization - seeks to maximize current revenue with no regard to profit margins. Maximize quantity - seeks to maximize the number of units sold or the number of customers served in order to decrease long-term costs Maximize profit margin - attempts to maximize the unit profit margin, recognizing that quantities will be low. Quality leadership - use price to signal high quality in an attempt to position the product as the quality leader. Partial cost recovery - an organization that has other revenue sources may seek only partial cost recovery. Survival - in situations such as market decline and overcapacity, the goal may be to select a price that will cover costs and permit the firm to remain in the market. Status quo - the firm may seek price stabilization in order to avoid price wars and maintain a moderate but stable level of profit.

I) Pricing MethodsTo set the specific price level that achieves their pricing objectives, managers may make use of several pricing methods. These methods include: Cost-plus pricing - set the price at the production cost plus a certain profit margin. Target return pricing - set the price to achieve a target return-on-investment. Value-based pricing - base the price on the effective value to the customer relative to alternative products. Psychological pricing - base the price on factors such as signals of product quality, popular price points, and what the consumer perceives to be fair.

9) Place (Distribution Strategy)Most businesses use third parties or intermediaries to bring their products to market. They try to forge a "distribution channel" which can be defined as

"all the organisations through which a product must pass between its point of production and consumption"

I) Functions of a Distribution Channel Information Gathering and distributing market research and intelligence - important for marketing planning Promotion Developing and spreading communications about offers Contact Finding and communicating with prospective buyers Matching Adjusting the offer to fit a buyer's needs, including grading, assembling and packaging Negotiation Reaching agreement on price and other terms of the offer Physical distribution Transporting and storing goods Financing Acquiring and using funds to cover the costs of the distribution channel Risk taking Assuming some commercial risks by operating the channel (e.g. holding stock)

II) Numbers of Distribution Channel Levels

In the figure above, Channel 1 is called a "direct-marketing" channel, since it has no intermediary levels. The remaining channels are "indirect-marketing channels".

10) Advertising (Promotion):

"Advertising is the non-personal communication of information usually paid for and usually persuasive in nature about products, services or ideas by identified sponsors through the various media."

I) Traditional Media Choicesa) Print mediab) Broadcast mediac) Electronic mediad) Outdoor mediae) Transit mediaf) Cyber media

a) NewspapersAdvantages: Year-round readership Geographic selectivity Immediacy High individual market coverage Short lead timeDisadvantages: Limited demographic selectivity Little color May be expensive Low pass-along rate Clutter Mass market medium

b) MagazineAdvantages: Good reproduction Demographic selectivity Regional/local selectivity Long advertising life High pass-along rate Disadvantages: Higher cost per contact Long-term advertiser commitments Slow audience build-up Limited demonstration capabilities Lack of urgency Long lead time

c) RadioAdvantages: Selectivity and audience segmentation Immediate and portable Geographic flexibility Entertainment carryover Short-term ad commitmentsDisadvantages: No visual treatment Short advertising life High frequency to generate retention Commercial clutter Background distractions

d) TVAdvantages: Wide, diverse audience Low cost per thousand Creative and demonstrative Immediacy of messages Entertainment carryover Demographic selectivity with cableDisadvantages: Short life of message Expensive with high campaign cost Little demographic selectivity with network Long-term advertiser commitments Long lead times Clutter

e) Outdoor mediaAdvantages: High exposure frequency Moderate cost Flexibility Geographic selectivity Broad, diverse marketDisadvantages: Short message Lack of demographic selectivity High noise level

f) Cyber media (Internet)Advantages: Fast growing Ability to reach narrow target audience Short lead time Moderate costDisadvantages: Difficult to measure ad effectiveness and ROI Ad exposure relies on click through Not all consumers have access to internet

1) Consumer decision making process