Brand Management Test 2
Criteria for an IMC program
1. coverage - Proportion of the audience reached by each communication option, as well as how much overlap exists among communication options. 2. contribution - Inherent ability of a marketing communication to create the desired response and communication effects from consumers in the absence of exposure to any other communication option 3. commonality -Extent to which common information conveyed by different communication options shares meaning across communication options. 4. complementarity - Describes the extent to which different associations and linkages are emphasized across communication options. 5. conformability - Extent that a marketing communication option is robust and effective for different groups of consumers. 6. cost - To arrive at the most effective and efficient communication program evaluations of marketing communications on all of the preceding criteria must be weighed against their cost.
information processing model of communications
1. exposure - seeing or hear the communication 2. attention - a person must notice the communication 3. Comprehension - a person must understand the intended message or arguments of the communication 4. Yielding - a person must respond favorably to the intended message or arguments of the communication 5. intentions - a person must plan to act in the desired manner of the communication 6. behavior - a person must actually act in the desired manner of the communication An ideal advertisement campaign would ensure: The right consumer is exposed to the right message at the right place and at the right time. The creative strategy for the advertising causes the consumer to notice and attend to the ad but does not distract from the intended message. The ad properly reflects the consumer's level of understanding about the product and the brand. The ad correctly positions the brand in terms of desirable and deliverable points-of-difference and points-of-parity. The ad motivates consumers to consider purchase of the brand. The ad creates strong brand associations to all these stored communication effects so that they can have an effect when consumers are considering making a purchase.
Core brand associations
Abstract associations that characterize the 5 to 10 most important aspects or dimensions of a brand
Online marketing communication
Advantage: Low cost, greater level of detail and higher degree of customization. Can accomplish almost any marketing communication objective . Valuable in terms of solid relationship building. Websites Encourages the collaborative effort required for brand building, between consumers and marketers. Marketers must carefully monitor different forums and Web site pages that may include ratings, reviews, and feedback on brands. Online ads and videos - banners, rich media, Advantages Accountable Nondisruptive Targets consumers such that only the most promising prospects are contacted, who can seek information as they desire. Disadvantage Consumers may ignore banner ads and screen them out with pop-up filters. social media Advantages Allows brands to establish a public voice and presence on the Web. Complements and reinforces other communication activities. Helps promote innovation and relevance for the brand. Provide an easy means for consumers to learn from and express attitudes and opinions to others. Disadvantage Not everyone actively participates in social media.
one-to-one marketing
An influential perspective on relationship marketing. That consumers help add value by providing information to marketers; marketers add value, in turn, by taking that information and generating rewarding experiences for consumers. - focus on individual consumers through databases respond to consumer dialouge via interactivity customize products and services
Brand Image
Associations that consumers hold for a brand Useful for marketers to make a distinction between: Lower-level considerations(performance and imagery) and higher-level considerations (judgements and feelings) Beliefs: Descriptive thoughts that a person holds about something Multidimensional scaling Procedure for determining the perceived relative images of products or brands. Transforms consumer judgments of similarity or preference into distances in perceptual space.
Relationship Marketing
Based on the premise that current customers are the key to long-term brand success Relationship marketing attempts to provide a more holistic, personalized brand experience to create stronger consumer ties. acquiring new customers can cost five times as much as satisfying and retaining current news the average company loses 1- percent of its customers each year A 5% reduction in the customer defection rate can increase profits by 25-85 percent depending on the industry
Marketing communication guidelines (8 in chapter 6)
Be analytical: use frameworks of consumers behavior and managerial decision making to develop well-reasoned communication programs Be curious: better understand customers by using all forms of research, and always be thinking of how you can create added value Be singled-minded: focus your message on well-defined target markets Be integrative: Reinforce your message through consistency and cuing across all communication options and media Be creative: State your message in a unique fashion; use alternative promotions and media to create favorable, strong, and unique brand associations Be observant: Keep track of competition, customers, channel members, and employees through monitoring and tracking studies Be patient: Take a long-term view of communication effectiveness to build and manage brand equity Be realistic: Understand the complexities involved in marketing communications.
brand audit vs marketing audit
Brand audit: Comprehensive examination of a brand to discover its sources of brand equity Consumer-focused exercise to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity. Useful background for managers as they set up their marketing plans and can have profound implications on brands' strategic direction and resulting performance. Marketing audit: Independent examination of a company's marketing environment, objectives, strategies, and activities Internal, company-focused exercise to make sure marketing operations are efficient and effective.
Projective techniques
Diagnostic tools to uncover the true opinions and feelings of consumers when: They are unwilling or unable to express themselves Present consumers with ambiguous stimulus and ask them to make sense of it 1. completion and interpretation -Projective techniques involving incomplete or ambiguous stimuli to elicit consumer thoughts and feelings. 2. Comparison tasks - Consumers convey their impressions by comparing brands to: People, countries, animals, activities, fabrics, occupations, cars, magazines, vegetables, nationalities, or even other brands. 3. archetypes - Fundamental psychological association, shared by the members of the culture, with a given cultural object. Technique for eliciting deeply held consumer attitudes and feelings.
Brand amplifiers
Efforts made to engage consumers and the public via word-of-mouth and public relations and publicity Amplify the effects created by other marketing activities through: Publicity: Nonpersonal communications such as press releases, media interviews, press conferences, films, and tapes. Public relations: Include annual reports, fund-raising and membership drives, lobbying, special event management, and public affairs feature articles, newsletters, photographs, films, and tapes. Word-of-mouth Critical aspect of brand building. Consumers share likes, dislikes, and experiences with each other. Assures greater degree of credibility and relevance. Buzz marketing: Various techniques marketers apply to get people notice and talk about the brand.
Company
Exisiting brands can be related to a corporate or family brand A corporate or a family brand can be a source of brand equity Leveraging a corportate brand may or may not be sueful
active engagement
Extent to which consumers are willing to invest their resources of time, energy and money on the brand beyond those resources expended during purchase or consumption of the brand.
Brand Charter
Formalizes the company view of brand equity into a document Provides relevant guidelines to marketing managers and key marketing partners Should be updated on an annual basis to provide decision makers with a current brand profile
co-branding advs and disadvantages
Guidelines To create a strong co-brand, both brands should have: Adequate brand awareness. Sufficiently strong, favorable, and unique associations. Positive consumer judgments and feelings. There must be a logical fit between the two brands. Marketers should make detailed plans to legalize contracts, make financial arrangements, and coordinate marketing programs
Sporting cultural or other events
Have their own set of associations that may become linked to a sponsoring brand under certain conditions Contribute to brand equity by: Becoming associated to the brand and improving brand awareness Adding new associations Improving the strength, favorability, and uniqueness of existing associations
brand position and the supporting marketing program
Ideal brand positioning aims to achieve congruence between: 1. What customers currently believe about the brand 2. What customers will value in the brand 3. What the firm is currently saying about the brand 4. Where the firm would like to take the brand
Third party sources
Involves linking the brand to various third party sources Example - Grey Goose's eventual success was a taste-test result from the Beverage Testing Institute that ranked Grey Goose as the number-one imported vodka
Relationship marketing 3 concepts
Mass customization one-to-one permission
Neuro marketing techniques used
Neuromarketing - Study of how the brain responds to marketing stimuli, including brands - elector encephalograph (EEG) Research indicates that consumer buying decision is a unconscious habitual process
Four major marketing communication options
Optimal utilization of monetary and other resources different communication options also may target different market segments 1. advertising / promotions 2. interactive marketing 3. events and experiences 4. mobile marketing
Free associations
Powerful way to profile brand associations Without any specific probe, consumers narrate: What comes to their mind when they think about the brand or the associated product category Help form a rough mental map for the brand Indicate the relative strength, favorability, and uniqueness of brand associations
Mobile Marketing
Product advertising on various mobile platforms Geotargeting: marketers send messages to consumers based on their location and the activities they are engaging in Opt-in advertising - users agree to allow advertisers to use specific, personal information to send them targeted ads and promotion
Brand responses
Purchase intentions Determined by brand attitudes and consideration. Predictive of actual purchase when there is correspondence between any two of the following factors: Action Target Context Time Likelihood to recommend How likely is it that you would recommend this product or service to a friend or colleague?
Changes that have affected marketing
Rapid technological developments Greater customer Empowerment Fragmentation of traditional media Growth of interactive and mobile marketing options Channel transformation and disintermediation Increased competition and industry convergence Globalization and growth of developing markets Heightened environmental community and social concerns Severe economic recessions
Celebrity endorsement
Rationale A famous person can: Draw attention to a brand Shape brand perceptions, by virtue of consumers perceptions of the famous person Celebrity endorsers should have: A high level of visibility A rich set of potentially useful associations, judgments, and feelings if they endorse too many products, they lack any specific meaning. They can lose popularity too
Celebrity endorsements
Rationale A famous person can: Draw attention to a brand Shape brand perceptions, by virtue of consumers perceptions of the famous person Celebrity endorsers should have: A high level of visibility A rich set of potentially useful associations, judgments, and feelings Disadvantages Celebrity endorsers can endorse so many products that they lack any specific product meaning. Celebrity endorsers can get in trouble or lose popularity, diminishing their marketing value to the brand, or just fail to live up to expectations. Many consumers feel celebrities are doing the endorsement only for the money. Consumers may notice the stars but have trouble remembering the advertised brand. Guidelines Choose a well-known and well-defined celebrity whose associations are relevant to the brand and likely to be transferable. The advertising and communication program should use the celebrity in a creative fashion that highlights the relevant associations and encourages their transfer.
Brand awareness
Recognition Requires consumers to identify the brand under a variety of circumstances. Can rest on the identification of any of the brand elements. Specially important for packaging. Recall Demonstrated when consumers are able to retrieve a brand element from memory, when given some related probe or cue. Unaided recall Aided recall Measures of recall based on product attribute or category cues and situational or usage cues give an indication of breadth and depth of recall. Corrections for guessing Problem may be especially evident with certain types of aided awareness or recognition measures for the brand. Strategic implications Yields insight into how brand knowledge is organized in memory. Identifies cues or reminders necessary for consumers to retrieve the brand from memory.
Channels of distribution
Retail stores can indirectly affect brand equity through an "image transfer" process.. Retailers have their own brand images in consumers' minds due to the following associations - Product assortment - Pricing - Credit policy - Quality of service
Geographic associations (what is the value)
Secondary associations a consumer makes with a brand They evaluate a brand 2 ways Their beliefs about the quality of certain types of products from certain countries The image that these brands or products communicate
Brand Experience Scale
Sensory - this brand makes a strong impression on my visual sense Affective - this brand induces feelings and sentiments. This brand is an emotional brand Behavioral - i engage in physical actions and behaviors when I use this brand. Results in bodily experiences Intellectual - I engage in a lot of thinking when I encounter this brand. This stimulates my curiosity and problem ssolving
Brand equity management system
Set of organizational processes designed to: Improve the understanding of brand equity. Use of the brand equity concept within a firm.
Fournier's brand relationship research
Six main facets of brand relationship quality: Interdependence Self-concept connection Commitment Love/passion Intimacy Partner quality
Sense of community
Social currency- The extent to which people share the brand or information about the brand as part of their everyday social lives at work or at home.
Nueromarketing
Study of how the brain responds to marketing stimuli, including brands - elector encephalograph (EEG) Research indicates that consumer buying decision is a unconscious habitual process
Media advertising (types and advantages)
Television radio print direct response place (check other slides)
Establishing priorities and tradeoffs
Three possible tradeoffs with the IMC choice criteria resulting from overlaps in coverage are: Commonality and complementarity will often be inversely related. Conformability and complementarity will also often be inversely related. Commonality and conformability do not share an obvious relationship.
behavioral loyalty
To capture reported brand usage and behavioral loyalty marketers can: Ask consumers past purchase history and future purchase intentions. Make their measures open ended. Force consumers to choose one of two brands. Offer multiple choice or rating scales.
Zaltman Metaphor Elicitation TEchnique
Uncovers hidden thoughts and feelings which can be expressed using metaphors Elicits interconnected constructs that influence thought and behavior Construct- An abstraction to capture common ideas or themes expressed by customers Metaphor Defining one thing in terms of other Represents thoughts that are tacit, implicit, and unspoken
Enthographic and experimental methods
Use "thick description" based on participant observation Extract and interpret the deep cultural meaning of events and activities
4 P's & 4 e's (social media framework)
We've covered in prior chapters the marketing mix (4 Ps) and the internal/external review of organizations via the 5 Cs (company, competitors, company, channels and constraints), but now that social media has become so important it is important to reflect on the 5 E's: excite, educate, experience and engage.. https://www.youtube.com/watch?v=5YGc4zOqozo
Co-branding
When two or more existing brands are combined into a joint product or are marketed together in some fashion Guidelines To create a strong co-brand, both brands should have: Adequate brand awareness. Sufficiently strong, favorable, and unique associations. Positive consumer judgments and feelings. There must be a logical fit between the two brands. Marketers should make detailed plans to legalize contracts, make financial arrangements, and coordinate marketing programs.
cooperative advertising
a manufacturer pays for a portion of the advertising that a retailer runs to promote the manufacturer's product and its availability in the retailer's place of business.
Brand equity measurement system
a set of research procedures designed to provide marketers with timely, accurate, and actionable information about brands so they can make the best possible tactical doeskins in the short run
mental map
accurate portrays in detail all salient brand associations and responses for a particular target market
New media environment
changed dramatically in recent years traditional advertising media losing their grip digitial revolution has changed the way consumers learn and talk about brands changing media landscape has forced marketers to reevaluate how they should best communicate with consumers
brand tracking studies
collect information from consumers on a routine basis over time, usually through quantitative measures of brand performance on number of key dimensions that marketers can identify in the brand audit over time what to track - product - brand tracking, cooperate or family brand tracking, global tracking how to conduct - whom to track and when/where how to interpret - important bench makers, brand associates determining conumser behavior
Brand audit
comprehensive examination of a brand to discover it sources of brand equity Consumer-focused exercise to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity requires understanding the sources of brand equity from the perspective of both the firm and the consumer. for firm - what products and services are currently being offered and how are they branded customer - how they are being marketed and branded. Help create strategic direction certain brand associations
simple test for marketing communication effectiveness
current brand knowledge - what is your desired brand knowledge - how does the communication help get that there
perceived quality
customers' perception of the overall quality or superiority of a product or service compared to alternatives and with respect to its intended purpose. primary ingredients and supplementary features; product reliability, durability and serviceability; and style and design. Also secondary factors like speed of delivery, courtesy, helpfullness,
setting prices to build brand equity
determines a method for setting current prices a policy for choosing the depth and duration of promotions and discounts
aftermarkteting
devoted to finding ways to encourage trial and repeat purchases by consumers. Focuses after consumption -users manuals -customer service programs -loyalty programs
shopper marketing
emphasizes collaboration between manufacturers and retailers on in-store marketing like brand-building displays, sampling promotions, and other in-store activities designed to capitalize on a retailer's capabilities and its customers
mass customization
enables consumers to distinguish themselves with even basic purchases. Design their own rings, own bags, glasses, things like that. Not restricted to just products.
return of marketing investment
every marketing dollar spent today must be jUstficated as both effective and efficient
social media
excite, educate, experience, engage
reasons for price stability
forward buying - retailers order more product thean they plan to sell during the promotional period so that they can later obtain a bigger margin by selling the remaining goods at the regular price after the promotion period has expired. diverting - retailers pass along or sell the discounted products to retailers outside the designated selling area
marketing audit
independent examination of a company's marketing environment objectives, strategies, and activities Internal, company-focused exercise to make sure marketing operations are efficient and effective. objectives crop and approach collect data prepare and present
product costs
lower costs as much as possible while still meeting goals. Cost targets invariably requires finding additional cost savings athrough productivity gains, outsourcing, material substitution, product reformulation, and process changes.
Branding options for a new product
1. Create a new brand 2. Adopt or modify an existing brand 3. Combine an existing and new brand
brand dnamis
1. bonding 2. advantage 3. performance 4. relevance 5. presencse
value pricing
uncover the right blend of product quality, product costs, and product prices that fully satisfies the needs and wants of consumers and the profit targets of the firm. strong brands can command price premiums strong brands cannot command an excessive price premium If too much, consumers may be willing to trade down. key components - product design and delivery - product costs - product prices
product prices
understand how much value consumers perceive in the brand and thus to what extent they will pay a premium over product costs. The price suggested by estimating perceived value can often be a starting point for marketers in determining actual marketplace prices, adjusting by cost and competitive considerations as necessary.
Brand exploratory
Brand exploratory Steps for brand exploratory: Study prior research. Interview internal personnel. Conduct additional research. Preliminary activities A number of prior research studies may exist and be relevant. It is useful to interview internal personnel to gain an understanding of their beliefs about consumer perceptions for the brand and competitive brands. Additional research is often required to better understand how customers shop for and use different brands and what they think and feel about them. Interpreting qualitative research Qualitative research should: Vary in direction and depth as well as in technique. Provide accurate interpretation. Ask specific questions, so as to narrow the range of information given by the respondents. Ask open ended questions for freer and less constrained responses. Mental maps and core brand associations Mental map: Accurately portrays in detail all salient brand associations and responses for a particular target market. Core brand associations: Abstract associations that characterize the 5 to 10 most important aspects or dimensions of a brand. Conducting quantitative research Assess all potentially salient associations identified by the qualitative research phase according to their strength, favorability, and uniqueness. Examine both specific brand beliefs and overall attitudes and behaviors to reveal potential sources and outcomes of brand equity. Assess the depth and breadth of brand awareness by employing various cues. Conduct similar types of research for competitors to better understand their sources of brand equity and how they compare with the target brand.
Brand Personality and Values
Brand personality - Human characteristics or traits that consumers can attribute to a brand. If the brand were to come alive The big five- Brand personality scale used to measure: Sincerity - down-to-earth, honest Excitement - daring, spirited, imaginative, and up-to-date Competence - reliable, intelligent, successful Sophistication - upper class and charming Ruggedness - outdoorly and tough
Comprehsneive models of consumers - based brand equity
BrandDynamics Bonding Advantage Performance Relevance Presence Relationship to the CBBE model Five sequenced stages of Millward Brown's BrandDynamics model to the four ascending steps of the CBBE model
Attitudinal attachment
Can be defined in the terms of terms of following underlying constructs Brand-self connections Brand prominence
Country of Origin or Geo Location
Can be linked to the brand to generate secondary associations Consumers choose brands originating in different countries based on: Their beliefs about the quality of certain types of products from certain countries The image that these brands or products communicate
Integrating marketing
Channel strategies communication strategies, pricing strategies, and other marketing activities can all enhance or detract from brand equity. customer-based brand equity is that the manner in which brand associations are formed does not matter-onlye the resulting awareness and strength, favorability, and uniqueness of brand associations. contact - any information-bearing experience that a customer or prospect has with the brand, the product category, or the market that relates to the marketer's product or service.
Brand relationships
Characterized in terms of brand resonance and measures for following key dimensions Behavioral loyalty Attitudinal attachment Sense of community Active engagement
Effects on existing brand knowledge
Cognitive consistency - what is true for the new association must be true for the brand Factors predicting the extent of leverage from linking the brand to another entity: Awareness and knowledge of the entity. Meaningfulness of the knowledge of the entity. Transferability of the knowledge of the entity.
Evaluating communication options
Communication types vary in their: Breadth and depth of audience coverage. Commonality and conformability according to the number of modalities they employ. To arrive at a final mix requires making decisions on priorities and tradeoffs among the IMC choice criteria.
Creation of new brand associations
Companies (through brand strategies) Countries or other geographic areas (though identification of product origin) Other brands (through co-branding) Characters (through licensing) Spokespersons (through endorsements) Events (through sponsorship) Other third-party sources (through awards or reviews)
Consumer price perceptions
Consumers often rank brands according to price tiers in a category. Within price tier, there is a range of acceptable prices, called price bands, that indicate the flexibility and breadth marketers can adopt in pricing their brands within a tier.
Brand Equity Report
Contents A brand equity report should describe: What is happening with the brand? Why is it happening? Should include more descriptive market-level information. Dashboards Provides comprehensive but actionable summaries of brand-related information.
Ingredient branding
Creates brand equity for materials, components, or parts that are contained within other branded products Branded ingredients are often a signal of quality Uniformity and predictability of ingredient brands can reduce risks and reassure consumers Advantages The firm can generate greater sales at a higher margin. From the standpoint of the manufacturer of the host product, the benefit is in leveraging the equity from the ingredient brand to enhance its own brand equity. On the demand side, the host product brands may achieve access to: New product categories. Different market segments. More distribution channels than otherwise could have been expected. Disadvantages Costs of a supporting marketing communication programs can be high. Loss of control, because marketing programs for the supplier and manufacturer may have different objectives. The sustainability of the competitive advantage may be somewhat uncertain.
Licensing
Creates contractual arrangements whereby firms can use: Names, logos, and characters of other brands to market their own brands for some fixed fee Can also provide legal protection for trademarks Risk - A trademark may become overexposed if marketers adopt a saturation policy
marketing channels
sets of interdependent organizations involved int he process of making a product or service available for use or consumption.
advertising
ny paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. Helps create strong, favorable, and unique brand associations and eliciting positive judgements and feelings. Television - Advantages Effective means of vividly demonstrating product attributes and persuasively explaining their corresponding consumer benefits. Compelling means for dramatically portraying user and usage imagery, brand personality, emotions, and other brand intangibles. Disadvantages Due to the fleeting nature of the message, consumers can overlook product-related messages and the brand itself. The large number of channels creates fragmentation, and the widespread existence of digital video recorders gives viewers the means to skip commercials. radio - Advantages Is flexible and stations are highly targeted. Ads are relatively inexpensive to produce and place. Effective medium in the morning and can effectively complement or reinforce TV ads. Disadvantage Lack of visual image. Relatively passive nature of consumer processing. print - Advantages Self-paced, provides detailed product information. Magazines are particularly effective at building user and usage imager. Newspapers are more timely and pervasive Disadvantages Poor reproduction quality and short shelf life diminish some of the possible impact of newspaper advertising. direct response (telephone, mail, internet) Advantages Makes it easier for marketers to establish relationships with consumers. Allows marketers to explain new developments with their brands to consumers on an ongoing basis. Allows consumers to provide feedback to marketers about their likes and dislikes. place (non-traditional, alternative) product placement, movies, planes, billboards, point of purchase Advantages Can reach a very precise and captive audience in a cost-effective and increasingly engaging manner. More effective at enhancing awareness or reinforcing existing brand associations than at creating new ones.
Brand equity responsibilties
overseeing brand equity -To provide central coordination, the firm should: Establish a position responsible for overseeing the implementation of the brand charter and brand equity reports. Ensure that product and marketing actions across divisions and geographic boundaries reflect their spirit as closely as possible. Maximize the long-term equity of the brand. organizational design and structures - Firms may attempt to redesign their marketing organizations to better reflect the challenges faced by their brands. To meet the challenges of changing job requirements and duties, traditional marketing departments may be replaced by business groups, multidisciplinary teams, and so on. New organizational structure aims to improve internal coordination and efficiencies as well as external focus on retailers and consumers. managing marketing partners - Performance of a brand is also dependent on the actions taken by outside suppliers and marketing partners. Global trend indicates that firms are increasingly consolidating their marketing partnerships and reducing the number of their outside suppliers. Number of outside suppliers any firm will hire in any one area depends on: Cost efficiencies Organizational leverage Creative diversification affect
paid owned earned media
paid - all the various forms of more traditional advertising media owned - media chanenels the brand controls earned - when consumers themselves communicate about the brand via social or word of mouth
Services provided by channel (i.e. distributors, wholesalers, retailers
partnership strategies - retail segmentation - Because of retailers different marketing capabilities and needs retailers may need to be divided into segments or even treated individually so they will provide the necessary brand support. Branded variants - Branded items in a diverse set of durable and semidurable goods categories that are not directly comparable to other items carrying the same brand name. Cooperative advertising - Manufacturer pays for a portion of the advertising that a retailer runs to promote the manufacturer's product and its availability in the retailer's place of business. *marketing research* - gathering information necessary for planning and facilitating interactions *communication* - developing and executing communications about the product / service *contact* - seeking out and interacting with prospective customers *matching* - shaping and fitting the product/service to the customer's requirements *negotiation* reaching final agreement on price and other terms of trade *physical distribution* - transporting *service* developing and executing on going relationships *financing* - providing credit or funds *risk-taking* - assuming risks associated with getting the product or service
product design and delivery
product value can be enhanced through many types of well-conceived and well-executed marketing programs
Experimental marketing
promotes a product by not only communicating a product's features and benefits but also connecting it with unique and interesting consumer experiences. "How the brand can enrich their life" If you charge for the time customers spend with you, then and only then are you in experience business Sense marketing appeals to consumers senses feel marketing appeals to customers' inner feelings and emotions, ranging from middle positive moods linked to the brand to strong emotions of pride and joy Think marketing appeals to the intellect in order to deliver cognitive, problem-solving experiences that engage customers creatively Act marketing targets physical behaviors, lifestyles, and interactions Relate marketing creates experiences by taking into account individuals' desires to be part of a social context
Brand exploratory
provide detailed information about what consumers think of the brand. 1. study prior research 2. interview internal personnel 3. conduct additional research qualitative and quantitate research
Events and experiences
public sponsorship of events or actives related to sports, art, entertainment, or social causes Focus on engaging the consumers' senses and imagination as a part of brand building Rationale To identify with a particular target market or lifestyle. To increase awareness of the company or product name. To create or reinforce consumer perceptions of key brand image associations. To enhance corporate image dimensions. To create experiences and evoke feelings. To express commitment to the community or on social issues. To entertain key clients or reward key employees. To permit merchandising or promotional opportunities. events must have sufficient awareness, possess the desired image, and be capable of creating the desired effects with the target market
push/pull strategy
pull - consumers use their buying power an influence on retailers to "pull" the product through the channel push - providing direct incentives to stock and sell products to the end consumer
Everyday low pricing
received increased attention as a means of determining price discounts and promotions overtime.
indirect channels
sell through third-party intermediaries such as agents or broker representatives (retailers)
direct channels
selling through personal contacts from the company to prospective customers by mail, phone, electronic means, in person
Price segmentation
sets and adjusts prices for appropriate market segments. EXP: apple music, base, popular, and oldies dynamic pricing - based on outside variables
promotion
short-term incentives to encourage trial or usage of a product or service. Advantages Permit manufacturers to charge different prices to groups of consumers who vary in their price sensitivity Convey a sense of urgency to consumers Can build brand equity through actual product experience Disadvantages Decreased brand loyalty and increased brand switching Decreased quality perceptions, and increased price sensitivity Inhibit the use of franchise Increase the importance of price as a factor in consumer decisions Consumer Designed to change the choices, quantity, or timing of consumers' product purchases. Type of consumer promotions: Customer franchise building promotions like samples, demonstrations, and educational material. Noncustomer franchise building promotions such as price-off packs, premiums, sweepstakes, and refund offers. Customer franchise building promotions can affect brand loyalty. Marketers evaluate sales promotions by their ability to contribute to brand equity and generate sales. Trade promotions Financial incentives given to channel members to facilitate the sale of a product through slotting allowances, point-of-purchase displays, contests and dealer incentives, training programs, trade shows, and cooperative advertising. Designed either to secure shelf space and distribution for a new brand, or to achieve more prominence on the shelf and in the store.
personalities of a brand
sincerity competence sophistication ruggedness excitement
marketing communications
the means by which firms attempt to inform, persuade, and remind consumers, about the brands they sell. Can contribute to brand equity by: creating awarness of the brand linking points of parity and points of difference associations to the brand in consumers' memory Elicting positive brand judgements or feelings Facilitating a stronger consumer-brand connection and brand resonance
permission marketing
the practice of marketing to consumers only after gaining their express permission. Opt in emails.
Brand inventory
to provide a current, comprehensive profile of how all the products and services sold by a company are marketed and branded Helps understand consumers' perceptions. Provides analysis and useful insights into how brand equity may be better managed. includes products or services in written or visual: name, logo, symbol, characters, packing, slogans, product attributes or characteristics of the brand, pricing, communications, distribution
