Marketing Final
Ansoff's Opportunity Matrix
> Matches products with markets - Market penetration: increase market share among existing customers - Ex: Starbucks sells more coffee to customers who register their reloadable starbucks cards. - Market development: attract new costumers to an existing market - Ex: Starbucks opens stores in Brazil and Chile - Product development: create a new product for an existing market - Ex: Starbucks develops powdered instant coffee Via. - Diversification: introduce new products into new markets - Ex: Starbucks launches hear music and buys Ethos Water
BCG Matrix - Resource Allocation
> focuses on resource allocation, categorizes each SBU into a group based off of its present forecast/growth. - Question mark: A problem child shows rapid growth but poor profit margins. It has a low market share in a high-growth industry. It needs a great deal of cash to prevent conversion to dog status. Strategies are to invest to gain better market share, acquire competitors, or drop the SBU. - Low market share, high growth - Star: A star is a fast-growing market leader. Stars usually have large profits but need cash to finance growth. A marketing tactic is to protect market share by reinvesting earnings in product improvement, distribution, promotion, and production efficiency. Strive to capture new users as they enter the market. - High growth rate and high market share - Cash Cow: A cash cow generates more cash than it needs to maintain market share. It is in a low-growth market, but the product has dominant market share. The marketing strategy is to maintain market dominance by being the price leader and by making technological improvements. Allocate excess cash to high-growth prospects. - Low market growth, high market share - Dogs: A dog has low growth potential and a small market share. Most dogs leave the market. The strategy options are to divest or harvest. - Low growth and low market share
Marks
A brand mark is elements of a brand that cannot be spoken.
Private Label
A brand name owned by a wholesaler or retailer. Increasingly popular. Ex. target's Archer Farms Brand
Retailer
A channel intermediary that sells mainly to consumers
Market Share
A company's product sales as a percentage of total sales for that industry
Market Share
A company's product sales as a percentage of total sales for that industry.
Product Advertising
A form of advertising that uses the benefits of specific good or service - how great the product is - Pioneer advertising: A form of advertising designed to stimulate primary demand for a new product category Competitive advertising: A form of advertising designed to influence demand for a specific brand - Comparative advertising: A form of advertising that compares two or more named competing brands on one or more specific attributes
Selective Distribution
A form of distribution achieved by screening dealers to eliminate all but a few in any single area.
Intensive Distribution
A form of distribution aimed at having a product available in every outlet where target customers might want to buy it.
Exclusive Distribution
A form of distribution that establish one or a few dealers within a given area
Franchisee/or benefits and challenges
A franchisee pays the franchisor for the right to use its name, product, and business methods, and takes advantage of the franchisor's brand equity and operational expertise. The most successful franchises are increasingly service retailers. Primarily services rather than goods providers.
Break-Even Analysis
A method of determining what sales volume must be reached before total revenue equals total costs
AIDA
A model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; stands for attention, interest, desire, and action. Purposed how consumers respond to marketing messages. EX: Apple - attention: apple uses number of media outlets to gain the attention of target market; interest: arranges Ipad demonstrations and develops target message to create interest among innovators & early adopters; desire: creates brand preference and convinces potential customers they want the ipad; action: finally, after customers are convinced, they purchase.
Status Quo
A pricing objective that maintains existing prices, or meets the competitions profits.
Marketing Controlled information
A product information source that originates with marketers promoting the product.
Cause Related Marketing
A sometimes controversial subset of social responsibility The cooperative marketing efforts between a for profit firm and a non profit organization
Brand
A term, symbol, design or combination that identifies a seller's products and differentiates them.
Trade sales promotion
Activities targeting marketing channel number such as a wholesaler or retailer (push)
Line Extension
Adding additional products to an existing product line in order to compete more broadly in the industry
Feature Benefits
Advertise the benefits of the product, not just the attributes
Unique Selling proposition
An exclusive advertising appeal selected as the theme for a campaign. The unique selling position often becomes a slogan for the campaign. Effective slogans become recognizable for the consumer.
Survival
An objective of a company faced with intensive competition and not enough customers.
Sales
Based on market share as reported in dollar or unit sales, firms strive for either market share or to maximize sales.
Technological factors
Bring new technology into the marketplace requires corporate structure and management actions that will lead to success.
Wholesaler
Buys whole goods from manufacturers and resells them to businesses, governments, and other wholesalers or retailers that stores them at their own warehouse and ships them alter.
Customer Lifetime Value (CLV)
CLV (Customer Lifetime Value) is a prediction of all the value a business will derive from their entire relationship with a customer. Because we don't know how long each relationship will be, we make a good estimate and state CLV as a periodic value — that is, we usually say "this customer's 12-month (or 24-month, etc) CLV is $x".
Channel switching
Changing from one media channel to another (tv to radio and vice versa)
Media Strategy
Concept of aperture Dispersion challenging for mass appeal products Helpful to niche products
Information search
Consumers continually recognize problems and opportunities, search is ongoing.
Factors in setting price
Demand, Cost, Competition
Basic Channel Structure
Direct Channel: Producer → Consumers Retailer Channel: Producer → Retailers → Consumers Wholesaler channel: Producer → Wholesalers → Retailers → Consumers Agent/broker channel: Producer → Agents or brokers → Wholesalers → Retailers → Consumers
Creston Vineyards Video
Distribution channels through the online selling of wine, that cuts out the middleman. They are performing the functions of transactional, logistical, and facilitating. Directly to consumers, brokers, stores, etc.
Requirements for effective loyalty program
Easy to understand, tiered rewards/levels, reward all of the transactions that the customer makes.
5 methods of entering the global market
Exporting: - Selling domestically produced products to buyers in other countries. - Buyer for export: most common intermediary; they assume risk and sells internationally for its own account - Export broker: brings buyers and sellers together, while the manufacturer retains and assumes all of the risk. Agricultural products. - Export agents: foreign sales agents/distributors that acts like an agent for the exporter.
External search
If a solution is not reached through internal search, then search process is focused on relevant external information.
B2B Structures and B2C
In multichannel marketing strategies customers are offered information, goods, services, and/or support through one or more synchronized channels. While it can promote better consumer behavior, the multichannel design also creates redundancy and complexity in the firm's distribution system. Many companies are transitioning to omnichannel distribution operations that support their multichannel retail operations and unify their retail interfaces.
Profit
Include profit maximization, satisfactory profits, and target ROI. Profit maximization is setting prices so that total revenue is as large as possible relative to total costs.
Ownership Models
Independent retailers, chain store, gross margin, department store, specialty store, supermarket, drugstore, convenience store, discount store, full-line discount store, supercenter, specialty discount store, category killer, factory outlet, used goods retailer.
Primary Data
Information that is collected for the first time - this is done from surveys, responses and different questions. The data is current but it can be expensive to gather. - Advantages: Answers a specific research question Data are current Source of data is known Secrecy can be maintained - Disadvantages: Primary data can be very expensive Disadvantages are usually offset by the advantages of primary
Family Branding
Marketing several different products under the same brand name
Sales Promoting
Marketing, communication activities, other than advertising, personal selling, and public relations - short term incentive motivates a purchase from consumers. Incentive is reason to buy now.
ROI (Return on Investment)
Measures management's overall effectiveness in generating profits with the available assets.
How are they different than Sales Promotion/Advertising/PR
More specific towards an individual. Has more of a predictive model and it is from a life time of analysis. Promotion/Advertising/PR are open to any potential customer to get a deal. Loyalty programs only offer deals to rewards club members.
Channel Conflict
Occurs when manufacturers (brands) disintermediate their channel partners, such as distributors, retailers, dealers, and sales representatives, by selling their products directly to consumers through general marketing methods and/or over the Internet.
Advertising
Paid, controlled communication. From a sponsor, manufacturer, retailer or organization.
Co-branding
Placing two or more brand names on a product or its package
Non-marketing controlled
Product information source that is non associated with advertising or promotion.
Push and Pull
Push marketing is a promotional strategy where businesses attempt to take their products to the customers. Pull marketing, on the other hand, takes the opposite approach. The goal of pull marketing is to get the customers to come to you, hence the term pulls, where marketers are attempting to pull customers in.
RFM Analysis (Recency, Frequency, Monetary
RFM (recency, frequency, monetary) analysis is a marketing technique used to determine quantitatively which customers are the best ones by examining how recently a customer has purchased (recency), how often they purchase (frequency), and how much the customer spends (monetary). RFM analysis is based on the marketing axiom that "80% of your business comes from 20% of your customers."
Consumer sales promotion
Sales promotion activities targeting the ultimate consumer (pull strategy)
Through a variety of media channels, how do we choose the channel?
Sell the product's benefits not attributes. Ask the question "so" when deciding between what channel to choose from either benefits or attributes.
Heterogeneity - How services differ from goods
Services are less standardized and uniform than goods. Because services tend to be labor-intensive, consistency and quality control can be hard to achieve. Standardization and training help increase consistency and reliability.
Inseparability - How services differ from goods
Services are often sold, produced, and consumed at the same time. Consumers are involved in the production of the services that they buy. The quality of services depends on the quality of employees.
Perishability - How services differ from goods
Services cannot be stored, warehoused, or inventoried. One of the most important challenges in many service industries is finding ways to synchronize supply and demand.
Intangibility - How services differ from goods
Services cannot be touched, seen, tasted, heard, or felt in the same way as goods. Tangible cues are often used to communicate a service's quality and nature. Facilities are a critical tangible part of a service experience.
Market Segment
Subgroup of people sharing one or more characteristics that cause them to have similar product needs
Names
The part of a brand that can be spoken, including letters, words, and numbers
Purpose
The purpose of CRM and Loyalty Programs are to make sure each customer feels valued.
Basis for Segmentation
Who we are: - Geographic segmentation: Segmenting a market by region of a country. Allows companies to react quicker to competition. - Demographic segmentation: Segmenting a market by age, gender, income, ethnicity and family. - Psychographic segmentation Segmenting a market by psychological variable such as personality, motives, lifestyles and geodemographics What/how we buy: - Benefits sought segmentation: Process of grouping customers into market segmentations according to the benefits that they seek - Usage rate segmentation: Divides market into the amount of times that they use the product One or more of the characteristics listed above is used to segment markets and described on subsequent slides
Agents and Brokers
Wholesaling intermediaries who do not take title to a product but facilitate its sale from producer to user by representing retailers, wholesalers or manufacturers.
Reference
is also known as competitive pricing, because here the product is sold just below the price of a competitor's product. Reference price is the cost at which a manufacturer or a store owner sells a particular product, giving a hefty discount compared to its previously advertised price.
Prestige
the practice of pricing goods at a high level in order to give the appearance of quality.
Production (marketing management philosophies)
- "If you build it they will come", focus on efficient production. Focuses on the internal capabilities of a firm rather than the desire and needs of a market place. - Ex: Henry Ford's Model T availability in any color as long as it was black - Advantage: Thrives when competition is weak or demand exceeds supply - Disadvantage: Does not assess whether the goods and services efficiently meet the needs of the market place
Institutional Advertising
- A form of advertising designed to enhance a company's image rather than promote a particular product - how great they are Advocacy advertising: A type of institutional advertising that enhances a company's image rather than a product
Social class
- A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms. Occupation, income, education, wealth https://www.youtube.com/watch?v=j_Rtl3Y4EuI&index=2&list=PLC6D871A2A8C3C8EF
Marketing Management Philosophies
- Four competing philosophies influence an organization's marketing processes. - Point out that a firm's capabilities, such as production, are major considerations in strategic market planning. - However, the guiding factor with all orientations should be the determination of what customers want, not what management thinks should be produced or sold.
Survey Research
- Gathering primary data, researcher interacts with people to obtain facts, opinions and attitudes. - In home interviews, mall intercept interviews, telephone interviews, mail surveys
Consultative selling
- A sales process that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships. Consultative sales people become consultants or problem solvers for their customers. - Sell advice, assistance, and counsel - Focus on improving the customer's bottom line - Consider sales planning as top priority - Spend most contact time attempting to build a problem-solving environment with the customer - Conduct discovery in the full scope of the customer's operations - Team approach to the account - Proposals and presentations based on profit impact and strategic benefits customer - Sales follow-up is long-term, focused on long-term relationship enhancements
How to generate & qualify leads
- Advertising - Publicity - Cold Calling - Networking - Referrals - Direct Mail/Telemarketing - Company Records - Trade Shows/Conventions - Internet Web Site - Approach - Closing
Creative Strategy
- Advertising campaign: A series of related advertisement focusing on a common theme, slogan, and a set of advertising appeals - Advertising objective: A specific communication task that a campaign should accomplish for a specific audience during a given period Steps: - Identifying product benefits - Attributes: "with just 10 calories per serving, Propel hydrates and contains Vitamins C&E, B Vitamins, and antioxidants. Propel is conveniently available in both ready-to-drink and powder form - Benefits- "Propel fuels real women who are energized and empowered by physical activity and understand their needs to replenish, energize and protect in all aspects of their lives" - Developing and evaluating advertising appeals; Advertising appeals - Reason for a person to buy a product - Unique selling proposition; Feature benefit; Your unique, exclusive, believable appeal and benefits; Executing message; Post-campaign evaluation
Retailing
- All the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use. - A retailer is a channel intermediary that sells mainly to consumers - Types of Retailers and Retail operations: Independent retailers, chain store, gross margin, department store, specialty store, supermarket, drugstore, convenience store, discount store, full-line discount store, supercenter, specialty discount store, category killer, factory outlet, used goods retailer. - Ownership models:
Quantitative Research
- Asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you (how they feel, what they think of the service or product) - Includes surveys and customer questionnaires
Sales (marketing management philosophies)
- Based on the belief that people will buy more goods and services if aggressive sales techniques are used; high sales translate to high profits. - Weakened demand required more aggressive selling techniques (A & P & PS) - Ex: Dot.com businesses in the late 1990s - Advantage: High sales - Disadvantage: Lack of understanding of the market needs
Strategies for BCG Matrix
- Build: try to build the SBU into a star - Hold: Hold or preserve the market share, take advantage of the high cash flow - Harvest: Try to increase a short term cash returns without too much concern for long run impact - Divest: getting rid of a SBU with low shares of a low growth market
Opinion Leaders/Celebrities/Experts
- Celebrities/experts are highly effective in influencing consumer perceptions, attitudes and beliefs about a product. - Opinion leaders are often the first to try new products. Technology companies have found that teenagers, because of their willingness to experiment, are key opinion leaders for the success of new technologies. - Opinion leadership is a casual, face-to-face phenomenon. Locating opinion leaders can be a challenge. Marketers may try to create opinion leaders, such as cheerleaders or civic leaders. - On a national level, companies sometimes use prominent public figures, such as movie stars, sports figures, and celebrities to promote products.
Price Skimming
- Charging a high introductory price in tandem with heavy promotion and later slowly dropping the price - Used when product has a strong, unique advantage that cannot be copied - Best strategy to use when trying to recoup initial investment costs quickly - When there is a strong demand for a good or service
Market (marketing management philosophies)
- Consumer needs are centric, researching goods and services to fill the needs. - Everything is based off of what the customer needs/wants. Must get to know everything about the consumer needs. - Ex: Ritz Carlton Hotels, Coach - Advantage: Satisfies the consumer needs
Secondary Data
- Data that was collected previously for any purpose other than the one at hand. This saves time and is a lot cheaper, however it could be lower quality. - Advantages: Saves time and money if on target Aids in determining direction for primary data collection Pinpoints the kinds of people to approach Snapshot of business/customer Serves as a basis of comparison for other data Good source for industry/category information Internet has made it readily accessible and searchable - Disadvantages: May not be on target with the research problem Quality and accuracy of data may pose a problem May not give adequate detailed information Not proprietary (Does not own the data)
Marketing
- Entails processes that focus on delivering value and benefits to customers, not just selling goods and services. - It involves the processes of developing need - satisfying products and services, delivering value through pricing strategy, convenient access via distribution and integrated communication to targeted buyers. - When an organization creates a high level of employee satisfaction, this leads to greater effort, which leads to higher quality, and so on... - For example, The Home Depot believes that its employees are its biggest competitive advantage. "Taking care of our people" is listed as the first value on the company Web site.
Qualitative
- Finding out not just what people think but why they think it - Getting inside your customer's mind (face to face interviews, focus groups)
Steps in selling process, what they are
- Generating leads: Identification of those firms and people most likely to buy the seller's offerings. - Qualifying leads: Involves determining whether the prospect has 3 things; a recognized need, buying power, and receptivity and accessibility. - Approaching the customer and probing needs: Step where the salesperson talks to or secures an appointment with the prospect to further discuss his/her needs and conducts a needs assessment to find out as much as possible about the prospect's situation. - Developing and proposing solutions: Determining whether the company's products or services match the needs of the prospective customer. - Handling objections: Being prepared for questions about the proposal or the product. Be ready for specific objections, and fully investigate the objection with the customer. - Closing the sale: Ask how the customer wants to proceed. If all questions have been answered and objections have been met, then attempt to close the sale. If not, handle rejections gracefully and professionally. Be prepared for negotiations. - Following up: Final step in which the salesperson must ensure delivery schedules are met, goods or services performed as promised, and buyers' employees are properly trained to use the products.
Why do we gather and analyze data?
- Information Reduces Risk - Big Data: Volume, Variety, Velocity **80% of data is less than two years old*
Goals and Tasks of IMC
- Informative promotion seeks to convert an existing need into a want or to stimulate interest in a new product. It is more prevalent during the early stages of the product life cycle. - Persuasive promotion is designed to stimulate a purchase or an action. It becomes the main promotion goal when the product enters the growth stage of its life cycle. -Reminder promotion is used to keep the product/brand name in the public's mind. It is effective during the maturity cycle. - Connecting is designed to form relationships with customers and potential customers to encourage them to be brand advocates. This helps introduce new products, stimulate purchase, and keep the brand in customer's minds, which makes connecting important for all stages in the PLC.
Loss of Control
- Interactive Message Delivery Channel - Can be owned, paid, and earned content - Must allow 2-way conversation and encourage, engagement is consensual, mobile, apps - First step, Listen - Then determine goals: Build relationships Generate leads Manage Reputation Improve Customer Service Promote Products and Service
When to use what tools?
- Know when to use each tool: when does it make sense to use each tool/how each of them differ. Advertising: Any form of impersonal paid communication in which the sponsor or company is identified. Sales promotion: Marketing activities - other than personal selling, advertising, and public relations - that stimulate consumer buying and dealer effectiveness. Public Relations: The marketing function that evaluates public attitudes, identifies areas within the organization may be interested in, and executes a program of action to earn public understanding and acceptance Personal Selling: A purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other.
5 methods of entering the global marketplace
- Licensing: Legal process whereby a licensor allows another firm to use its manufacturing process, trade marks, patterns and trade secrets - Contract manufacturing: This is private label manufacturing by foreign company. The company produces a volume of products with the domestic companies brand and name. - Joint Venture: When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity - Direct investment: Active ownership of a foreign company or overseas facility
Media Types - Digital
- Loss of Control and Co-Creating - Paid Media: Banner ads Sponsored posts SEA - Owned Media: Websites Blogs Social Media Presence - Earned Media: Media Coverage SEO Publicity Activities Social Media Posts WOM
Experiments
- Method of gathering primary data that alters one or more variables to alter observations - Products, price, package design, shelf space, advertising theme, advertising expenditures
Adam Palmer - Procter & Gamble
- P&G's portfolio is broken up into 10 categories - In category mangement, their job is to help their retailers grow categories via making assortment and shelving recommendations - Assortment is determining what items are on (and not on) the shelf - Shelving is designing the shelf (or plan-o-gram) to make it as shoppable as possible for consumers Hometown: Wilmette, IL Swiffer department in walmart, lives in fayetteville, ARK
Public Relations
- Performance Recognized NOT synonymous with bullshit - Create programs and communication for multiple stakeholders about areas of interest of the organization/product - Internal and external - Owned and Earned media - Many organizations spend large amounts of money to build a positive public image - Public relations help an organization communicate with stockholders, customers, suppliers, government, employees, and the community.
Types of sales promotion
- Point of sale: Offers captive audience in retail stores, impulse buys 70% of all grocery, decided at the stores - Sampling: Allows customer to try a product risk free. In store sampling (most successful tactic) Door to door - Sweepstakes: A sweepstake is a type of contest where a prize or prizes may be awarded to a winner or winners. Sweepstakes began as a form of lottery that were tied to products sold. In response, the FCC and FTC refined U.S. broadcasting laws (creating the anti-lottery laws). - Giveaways: When companies introduce a new product to the market, whether it's a perfume or a pizza, they often give away free samples. They hand out product to consumers and send free coupons in the mail. ... If the product is good, they'll want another pizza or more perfume. - Rebates: Giving money back for the purchase of a product during a certain period - Price promotion (sale): Marketing communication activities other than advertising, personal selling, and public relations, in which a short term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately, either by lowering the price or by adding value. - Premiums: An extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product
Cognitive Dissonance
- Post purchase behavior - Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions. - Once a purchase decision is made, the next step in the process is the evaluation of the product after purchase. Consumers expect certain outcomes from the purchase, and how well these expectations are met determines the level of customer satisfaction. - Price influences the level of expectations for a product or service. - When people feel inconsistency between their values or opinions and their behavior, they feel an inner tension called cognitive dissonance. In purchase decisions, this is also called "buyer's remorse." Marketers try to reduce any lingering doubt. - For example: Why do people who have been repeatedly warned that cigarettes are bad for their health continue to smoke? Because smokers "know" one thing and "feel" another—that's cognitive dissonance at work.
Appeals: Identify a reason for a person to buy a product
- Profit: Let consumers know whether the product will save them money, make them money, or keep them from losing money. - Health: Appeals to those who are body conscious or who want to be healthy. Ex. Love & Romance is used often in selling cosmetics and perfumes - Fear: Can center around social embarrassment, growing old, or losing one's health; requires advertisers to exercise care in execution - Vanity: Ego - Sex Appeal - Admiration: Frequently highlights celebrity spokespeople - Convenience: is often used for fast-food restaurants and microwave foods - Fun/Pleasure: are the keys to advertising vacations, beer, amusement parks, and more - Environmental: Centers around protecting the environment - Consciousness/Social Responsibility: Being considerate of others in the community
Growing your business and why
- Proliferation of media and new channels for niche goods - Fragmentation of mass market - Mature saturated markets - Sneer excess of goods and services, desire for increased share and loyalty - Need for measurable results: direct marketing, sales promo, loyalty programs.
Public Relation Tools
- Publicity: Corp and Prod news programs - Digital media: owned and earned - Corporate identity materials: website/annual reports - Philanthropy, employment engagement, consumer education - Event sponsorships, cause-related efforts, community involvement programs
Observational Research
- Relies on four types of observation. People watching people People watching an activity Machines watching people Machines watching an activity Mystery shoppers Behavioral targeting - tracts shoppers activity Ethnographic research
Societal (marketing management philosophies)
- Satisfying customer needs and wants while enhancing individual and societal well-being. Extension of the marketing objective by acknowledging some products that consumers want may not be best for society as a whole. - Ex: The Body Shop, Turtle Wax, Method
Internal search
- Search of long-term memory to determine if: * A satisfactory solution is known * What are types of potential solutions, and * Ways to compare the possible solutions
The Marketing Environment
- Social factors: Our attitudes, values and lifestyles. Most difficult external variable for marketing managers to forecast. - Economic factors: Marketing managers must understand the economic factors of the market. * Purchasing power - measured by comparing income to the relative cost of stand set of goods and services * Inflation - measure of the decrease in the value of money
Sustainability
- Socially responsible companies will outperform their peers - It is in business's best interests to find ways to attack society's ills - We co-exist. We need healthy consumers, employees, stockholders and a stable economic environment. - Sustainability is held up on three pillars by social, environmental, and economic
Penetration Pricing
- When a company charges a low price for their product in order to reach the largest amount of their target market - The more people who buy the product will hopefully result in more positive word of mouth advertising (produce more sales and profits) - Lower price will attract consumers to try new product - Lead to a larger market share - Best if consumers are price sensitive and discourages new competitors - Can lead to a huge demand and they must be able to meet demand or risk angry customers - If it is used by a prestigious brand, it can cause loss in brand equity
Discrepancies in SCM/Channels overcome and the utility they create
Time, quantity, form, possession, place, assortment
Benefits of Branding
Value of branding for consumers: - Helps speed consumer purchases by identifying specific preferred products - Provides a form of self-expression and status - Evaluates product quality to reduce the risk of purchase - Confidence, Assurance Value of Branding for Marketers: - Identifies and differentiates a firm's products from competing products - Helps in the introduction of new products - Facilitates the promotion of all same-brand products - Fosters the development of brand loyalty
