Monday, May 30, 2016

CONSUMER PRODUCTS AND BRAND NAMES

CONSUMER PRODUCTS AND BRAND NAMES

 
A television show that I have watched recently would be The House of Payne.   A consumer product is a product bought to satisfy an individual’s personal wants” (Lamb et al., 2014). A brand of a consumer product that I found while viewing this show would be Waffle World.  The television show increases the brand equity because it is discussed as a consumer’s wish in the story.  Two ladies were talking in one’s kitchen and one says “Ooh look, a coupon for Waffle World. I could go to waffle world if I had a million dollars”, as the other lady had just convinced her not to play the lottery.  Waffle World was mentioned in a way that made viewers laugh, making the name a lasting memory Which I believe was the show’s strategy.  In the comedic way that the brand was mentioned, it helped the brand name stand out.  Also, the lady was looking through coupons which was the strategic way that the brand Waffle World reached out to its consumers.  Waffle World was not only reaching out to their consumers through coupons but giving them a deal, as well.  Through coupons, Waffle World was saying, “Were going to give you what you want at a cheaper price.”  I would say that waffles from Waffle World would be a specialty product.   A specialty product is “a specific item for which consumers search extensively and are reluctant to accept substitutes” (Lamb et al.,2014).  Yes, successful branding creates equity in the brand (Lamb et al.,2014) but you also have to be creative in the way that you reach out to consumers to help differentiate yourself from the competition.
References 
Lamb, C. W., Hair, J. F., & McDaniel, C. (2014). MKTG7. Mason, OH: Cengage.
The House of Payne. S01 EP34: The Fast and The Furious. Retrieved 4/22/2016. https://www.youtube.com/watch?v=Jo70SPi59Ro

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