MKTG 3665 Exam 2
Customer-based branding equity pyramid
(start from the bottom at:) 1. Identity = who are you? 2. Meaning = what are you? 3. Response = what about you? 4. Relationships = what about you and me? correlates with., 1. Salience: deep, broad brand awareness 2. Performance and Imagery: points-of-parity & difference 3. Judgements and Feelings: positive, accessible reactions 4. Resonance: intense, active loyalty
Building Relevance
*Desired* - emails arrive when expected or requested - emails arrive when subscriber is in the market to buy your goods or services - email volume isn't excessive *User Friendly* - emails are easy to scan, read and navigate across all major platforms (easy to understand, easy to see, easy to use) - emails are properly coded - landing pages flow seamlessly from the email messages *Valuable* - worthwhile promotional content (discounts, product info) - engaging non-promotional content between purchases - individually compelling content from personalization, behavior triggers
Building deliverability
*Sender Reputation* - accurate email address collection - minimizing spam complaints - maintaining an acceptable level of engagement *Email Content and Frequency* - URL destinations are scrutinized more - don't use shortened URLs - avoid erratic email frequencies *Send Volume* - high-volume senders are scrutinized more than low-volume ones
Allium Restaurant Outcomes
- 302 total social posts - 2,429 total engagements - 2,563,029 total potential impressions - 40% customer return rate *repeated purchase rate for return very high, confirming good quality restaurant (not only have the image but quality to back it up) aim is to *always* differentiate yourself from others
Benefits of using social media in product development process
- 46% of firms get more NEW product ideas or requirements - 43% of firms get BETTER product ideas or requirements - 18% get faster time to market - 15% get faster production adoption - 15% get lower product development cost
Product Strategy in the Digital Age
- Enterprise 2.0 (how firms or corporations interact with the web) - Product Customization - Social Product Strategy - Consumer Decision Journey
Establishing Brand Image (Level 2)
- brand image reflects your position against competitors in consumers' mind in a perception map - brand image matters for your target customers only *know they know you and you have to persuade them to come by emphasizing your images, meaning and place in consumers mind *place your brand against competitors making sure there are significant differences (highlight these in your campaign)
Collaborative Customization
- firm conducting a dialogue with individual customers to help them articulate their needs, to identify the precise offering that fulfills those needs, and to make customized products for them - online reconfiguration of a product to match consumer preferences *online stores use collaborative customization **after convo done, production done, receive your product (choose any shoe height, size, type, color) -adv: more communication, less error -disadv: cost, delay, time (if done all right, still possible consumer gets product and they don't like it) *potential that communication is not perfect or that consumer changes mind
Adaptive Customization
- firm offers one standard, but customizable, product that is designed so that users can alter it themselves - product features can be individually configured *consumer controls entire process *concerns with mass: - assuming everyone has capability to customize their own product, cannot assume that this is the best strategy, must decide on customization depending on target market
Impediments to Direct Price Discrimination
- it is not easy to observe customer's willingness to pay - customers have incentive to conceal his willingness to pay - different prices to different people create opportunities for arbitrage - social media leads to greater price transparency
Uprising of Mobile Shopping provides more opportunities for personalized pricing
- more customer data collected through mobile devices - customers check prices more often, providing more data to evaluate consumer value - real-time physical location information
Audience DOES NOT equal engagement
- most of the time the number of followers and the engagement level are pretty much aligned - depending on the industry that you are in you can see whether you are lagging behind in terms of followers or engagement *For instance Follower growth vs. Engagement ratio - for hospitality you have low engagement ratio to high % of follower growth - for automakers instead, they have a higher engagement ratio with a much lower % follower growth
ex. Netflix Socks
- netflix paid attention to numerous "complaints" on Twitter about falling asleep during watching shows - made socks that will sense you sleeping and pause your show so you don't miss it *experience offered that customer will enjoy, feels good, creates emotional moment that customers will recall increase brand value and have customers come back
Cementing Brand Value (Level 3)
- offering superior brand experience that exceeds consumers' expectations - because it is "experience-based", usually offered only to current users *already have your consumers doing business with you, so what you want to do is bring your customers back - positive emotional experience that they want to recall is key **in your campaign think about creating memories, positive unforgettable moments that will bring back the customers
Pricing: The Moment of Truth
- price is the only marketing mix element that generates revenues. all other elements entail costs - it is one element that can be changed without having major cost implications... but it's dangerous - the price level you choose can mean success or failure **consumer responses determine how a company prices a product *consumers, competitors, cost factors, government regulations
Benefits of Mass-Customization
- product distinction: a standard product becomes a specialized solution - low cost access to luxury and status of personalized services - survival through differentiation - increased customer loyalty
ex. Enterprise 2.0
- software company uses lnkedin for product requirements - social media is used to gather ideas for product improvements and new product development, also for tracking buzz for our products before launch - use social co-creation process with consumers for innovating new products *co-creation: company involves consumers in product creation process, consumers are more involved in creation of new product than in traditional product development
ex. My starbucks idea again
- solicit ideas (rate, feedback on best) - efficient mechanism in developing new products
Email Automation
- sometimes you see emails reminding us that you have shopping cart items, sales on which list items etc. - sometimes you receive emails saying you ordered this last month and "we" can refill order for you - sometimes questions about reviewing the product - a lot of these emails are sent automatically using an automated system --> good way to build customer relationship - important to actually contact customers on different touch-points, the more frequently you talk to them you are more likely to build loyalty
Cosmetic Customization
- standard product is presented differently to different customers - rather than being customized or customizable, the standard offering is packaged specially for each customer - "personalization" -ex. customer's name may be placed on each item
ex. Sephora Beauty Insider
- tiered reward program - rewards match the brand and customer base - personalized product recommendations *dependent on the tier that you are, receive personalized rewards based on experiences and preferences **another interesting community
Why do we develop Products
- want to sell - generate profit - industry leader - diversify yourself from other firms
Pricing Strategy in the Digital Age
-Cost-based pricing -Competition-based pricing -Customer-value based pricing *digital environment allows marketers to have strategic pricing schemes that is facilitated by data power
ex. #Happytohelp Campaign: KLM Royal Dutch Airline
-KLM identified travelers' issues by checking twitter and during 5 full days they offered help to as many travelers as possible, both on and off line - huge reach of responses over all airlines, powerful campaign that generated experiential benefit for customer and brought new customers through buzz it created
ex. Lego Ideas
-similar to starbucks, can design own lego products, get a lot of support and if you collect a lot, lego will produce it ** social media platform where consumers are given the chance to voice and give their opinions
Henkel's Crowdsourcing campaign
-started a design contest for dish soap -50,000 designs via online platform, discussed and rated - slogan "tastes as good as chicken", not good for dish soap *not good for all companies
Creating Brand Awareness (Level 1)
1. Building your own website 2. Display advertising 3. Email marketing 4. SEO/paid search *different ways of building brand equity and building different levels of brand equity
Tips for Running Effective A/B Test
1. Have a hypothesis - believe that the second subject line will have a better response rate (start with argument as to why it's that way) - test because you want to support or decline your hypothesis 2. Prioritize ICE score - impact: if i change the subject line will it actually improve the click rate - confidence: how confident am i that my hypothesis is correct - ease: is it too difficult to implement, is it worth the effort/trouble to implement this test 3. Build on your learnings - build a lot of knowledge and then you won't need to a/b test the same things again and again *you can learn from previous tests/or other people
Stages of Brand Development
1. Identity: Who are you? 2. Meaning: What are you? 3. Response: What about you? 4. Relationships: What about you and me?
What makes people follow brands on social media
1. Interested in their product/service 2. Interested in Promotions 3. They're entertaining 4. Offered an incentive 5. Interested in their industry 6. Communicate with brand 7. Friends follow/like their content *ideas used to generate gollowers - good products, promotions, fun content, friends of followers (amplification) **incentive, interest in industry, communication with brand, friends follow
What Should You A/B Test?
1. Subject Lines - font style - length - word order 2. Content - image or no image - tone: positive language increases conversion rate
What makes people unfollow brands on social media?
1. Too many promotional messages 2. Information not relevant 3. They tweet too much 4. Slang/Jargon doesn't fit brand 5. Too quiet 6. They don't reply to interaction *wait longer, reduce frequency and increase consumer engagement
Email Marketing
58% inc. spending for email marketing, still one of the most effective marketing activities sending highly targeted, highly personalized, relationship-building marketing messages via email
A/B Testing in Email Marketing
A/B testing is experiment paramount - randomly assign email recipients to groups and give different versions of email (only one thing different) --> helps you evaluate which strategy is better than the other *allows you to test effectiveness of different components of your email
Active vs. Passive Loyalists
Active loyalists - not only stick with decision but also recommend it Passive loyalists - stay with a brand without being committed to it - open to messages from competitors who give them a reason to switch
Step 4. Post purchase Experience
After purchasing a product or service, the consumer builds expectations based on experience to inform the next decision journey *happy = loyalty loop and go straight from trigger of initial consideration to moment of purchase --> repeat purchase *unhappy = back to consideration set to actively re-evaluate
Social Capital as Currency
Allium's Flash Lunch - modern day power lunch for working professionals (invitation only) - 3 course prix fix priced at $28 - by redeeming through mobile app, the social posting generated by the app would be the only form of required payment "let the post settle the bill" *restaurant now in the position of being cool, hip because people who endorsed them promoted this image
House of Brands
Branding advantages: - avoids confusion, dominance in product category, reduces or minimizes channel conflict Online advantages: - focused content, simplified imagery, better measurement of brand-specific campaigns Online challenges: - hinders cross-selling opportunities, "content fatigue" reduces likelihood of frequent customer visits URL choices: - separate URLs per brand (tide.com/pantene.com)
Branded House
Branding advantages: - efficient use of resources, lower cost of product introductions, brand extensions, focus on key users Online advantages: - traffic steered to single page, easier user tracking Online challenges: - complicates content choice, potential navigation problems, difficult to measure adv. effectiveness per individual brand URL choices: - homepage as umbrella; .com/x, .com/xx
2. Indirect Price Discrimination
Charging different prices based on customers' different behaviors (ex. coupon, quantity discount) Type of Indirect Price Discrimination: Dynamic Pricing
1. Direct Price Discrimination
Charging different prices based on observable characteristics of customers Type of Direct Price Discrimination: Personalized pricing
Idea Funnel for New Products
Combine Technological Possibilities and Customer Needs and put it through the funnel: 1. Concept generation and selection 2. Product Design, Prototyping and Testing 3. Pilot Design, Manufacturing 4. Ramp-Up and Release
Different Marketing Activities
Company-driven Marketing - traditional advertising, direct marketing, sponsorship, in-store product experience, salesperson contact Past Experience Consumer-driven Marketing - word-of-mouth, online research, offline and/or print reviews Store/Agent/Dealer Interactions
Step 2. Active Evaluation (information gathering, shopping)
Consumers add or subtract brands as they evaluate what they want *change adapt consideration set
Consumer Decision Journey
Consumers purchase decision is not a one step thing, they go through multiple stages as they approach the purchase point and even after they go through more 1. Initial Consideration Set 2. Active Evaluation (information gathering, shopping) 3. Purchase Point (moment of purchase) 4. PostPurchase Experience (ongoing exposure)
Ex. of Competition - Based Pricing
For LeapPad1 Explorer, Walmart purposely undercut Amazon - before Thanksgiving 2012, AM priced it at 59.99, Walmart priced it at 59.97 - on sunday after thanksgiving, AM raised price to 69.99 and walmart priced it at 69.97
Identity: Who are you?
General knowledge, awareness of existence branding obj.: - deep, broad brand awareness -
Building Brand Community (Level 4)
Last level of brand equity development is building brand community (exist for long time) 1. Brand Developed via Mass Communication - customers are all connected individually to brand and not to each other *traditional marketing context 2. Brand Community: Brand Dominant - Brand takes dominant role in relationship with consumers but consumers communicate with each other on a small level 3. Brand Community: Member Dominant - Consumers take the dominant role where they have events, share, communicate with one another *brand is still there to support customers and answer questions but consumers are the proponents of the community
Indirect Price Discrimination
Major Advantages - not necessary to observe consumer characteristics - arbitrage is prevented by the design of the pricing scheme ex. coupon, quantity discount
Product Customization
Mass-Customization: - enabling a customer to decide the exact specification of a product or service at or after the time of purchase, and have that product or service supplied to them at a price close to that for an ordinary mass produced alternative - manufacturers customize products for consumers to satisfy their needs - consumers customize products to satisfy their own needs **price a little higher, NOT a luxury - similar to mass but able to customize (make unique)
Customer acquisition and retention through web 2.0
Most effective way of acquiring customers: 1. Organic Search 2. CPC 3. Email then, you have affiliate banner ads, facebook and twitter (closer to the 1-0.5%) how you acquire customers on IG, facebook & twitter not efficient at acquiring customers *doing a lot of social media campaign may not be the most efficient way, it is good to build brand but gap from brand to purchase ***Social media does not generate lifetime value (best is organic, then cpc, then email)
Online Retailing Intensifies Price Wars
Online retailers can collect info about competition - pay close attention to comp. online prices and in-store specials - collect info on comp. cost, availability of inv., sales goals Sophisticated online retailers set algorithms to change prices in response to competitors - software lets retailers establish rules on the pricing of certain products (ex. furby's always 5% below Kmart, price goods at an average of amazon's and walmart's prices) - pricing managers also manually adjust prices
Including coupon in Email
Open rate for email messages are very very low, only small % of people will open email and fewer click link to go to website - to increase promotion, include coupon --> open rate increases from 21% to 38%, purchase rate increases from 3% to 10%, click rate increases 4% to 7%
Price Discrimination
Practice of charging different consumers different prices for the same good Two types of Price Discrimination: 1. Direct Price Discrimination 2. Indirect Price Discrimination
Personalized Pricing
Price differently based on individual consumers' different willingness to pay - is a type of direct price discrimination - facilitated by data access and information technologies - could cause legal or ethical issues
Dynamic Pricing
Price differently overtime based on complicated algorithms - is a type of indirect price discrimination *multiple price points, different prices and different levels of dymand ex. dynamic pricing in travel industry and dynamic pricing in retail pricing
Aligning Marketing with Consumer Journey
Prioritize objectives and spending - need to be more specific about touch points used to influence consumers as they move through initial consideration to active eval to closure Tailor Messaging - one addressing weaknesses at a specific point, such as initial consideration or active eval Invest in Consumer-Driven Marketing - digital assets such as Web sites about products, programs to foster word-of-mouth, and systems that customize adv. by viewing the context and the consumer
Benefits of Building Brand Community
Reduced Support Costs - direct contact via this channel results in less investment in call centers/support staff Customer Retention and Engagement - communities have been proven to build trust and familiarity among customers Simple, cost effective marketing channel - communities are effective to present info on current and pending products to customers and prospects Customer feedback on product direction - get direct feedback; customer knows best, focus groups are expensive this is cheaper
Aligning Digital Tools to Assist Consumer Decision Journey
Step 1: Allow to Attract - SEO, Paid Search, E-Catalogue, Location-based service, Pinterest, Instagram Step 2: Help Gather Information - product descriptions, images, ratings and reviews, cross selling suggestions, online chatting, virtual fitting room, social shopping Step 3: Facilitate good experience - easy check out process, efficient reordering systems Step 4: Motivate to share experience and join - order confirmation, shipping notice, prepaid return labels, easy returns, user sharing *depending on which stage you are trying to target, you can choose marketing tools that help your scenario the best
Step 1. Initial Consideration Set
The consumer considers an initial set of brands, based on brand perceptions and exposure to recent touch points
New Product Development
The idea funnel for new products: - dual goals of identifying unmet needs and weeding out costly ideas early in process - few ideas make it through the funnel, but process still can be costly
Step 3. Moment of Purchase
Ultimately, the consumer selects a brand at the moment of purchase
Customer-Value Based Pricing
Use data on the perceived customer value of the product - customer needs, customer perceptions of value, price elasticity, customers' willingness to pay - considered by scholars and practitioners as the most preferred pricing approach Advantage - Direct link to the needs of the one constituency paying for the respective goods or services: Disadvantage - data on customer preferences are usually hard to find and interpret - may lead to relatively high prices, which may spur market entry by new entrants or create a risk-free zone for competitors offering comparable products at slightly lower prices
Enterprise 2.0
Use of social software platforms within companies, or between companies and their partners or customers Aims to help employees, customers and suppliers collaborate, share and organize information via Web 2.0 technologies - expertise location - corporate blogging - corporate wikis - internal community platforms - idea generation/ideation
Display Advertising - Online Display Ad
Various banner sizes; display images only or image/text combination
Social Product Strategy
a successful social product strategy motivates customers to conduct activities that 1. help consumers establish or strengthen social relationships and consequently 2. either reduce the cost for the firm to offer its product/service, or increase customers' willingness to pay for the product/service
Choosing Social Media Platforms based on Your Industry
choosing platform dependent on your industry - a lot fo times we think facebook, BUT not necessarily best or most efficient platform - a lot of visuals --> IG is better and more desirable platform ex. Airbnb use IG bc visual images of locations *choose platforms that will be better received for the content that you are putting out
ex. my starbucks idea
community forum - can enter forum, present idea and if members of the community support it enough then starbucks will launch it *reduces research that starbucks needs to do in introducing new products bc they can see the amount of support/responses received by customers and community members)
Profiling your consumers' brand association based on online activities
consumer aligned activities to figure out what level of brand building you are in: - there are 4 levels of engagement that go side-by-side with brand pyramid - 1. observing (identity) 2. following (meaning) 3. endorsing (response) 4. contributing (relationships)
Relationships: What about you & me?
customers have strong feelings of the brand, number of people that have strong emotional commitment to brand branding obj.: - intense, active loyalty -
Mass Customization
customization of how a product is represented or of a product's specific attributes through four approaches: 1. collaborative 2. cosmetic 3. transparent 4. adaptive
Effectiveness of Marketing Activities at Different Stages of Consumer Decision Journey
different level of market activities have different importance in different stages of consumer decision journey - in each of these 3 stages , the 4 different types of marketing actually influences consumers actions (some activities are more important than others) *different levels of effectiveness across different stages of marketing activities is very important - need to think at which of journey you are targeting consumer and then change the tactic/marketing activity that you use **helps you form a social media/digital marketing effort
Meat Pack: HiJack
ever time consumers with installed app entered geofenced competitor store it showed them a countdown timer and an offer for money off shoes - the discount started at 99% off and reduced by 1% for every second that passed - timer stopped when user reached a Meat Pack store
Allium Restaurant and Bar Chicago
example of how marketers of this brand established image through social media influencers and marketing - wanted to launch bar as hip, connected and affluent (point of difference)
Deliverability
factors that affect deliverability (of email) - sender reputation - email content - send volumes *improve deliverability to consumers
Transparent Customization
firm provides individual customers with unique goods or services without letting them know explicitly that those products and services have been customized for them
Building brand in the digital world
four stages of establishing customer-based brand equity: 1. establishing the right identity (creating brand awareness) 2. creating appropriate brand meaning (establishing brand image) 3. eliciting the right brand responses (cementing brand value) 4. forging appropriate customer brand relationships (building brand community)
Lower frequency for emailing
frequency of sending emails has an inverse relationship to open rate and conversion rate - the less frequently you send emails the more likely they will be opened and the link will be clicked (1x/month --> 25% open, 0.27% conversion) (9+x/month --> 12% open, 0.12% conversion)
Relevance
marketers are granted access to inboxes by securing permission (good rep, good content, good volume) and maintain it by sending relevant emails facts that affect relevance - desired - user-friendly - valuable
Meaning: What are you?
meaning is different through brand image - let people know how we are different branding obj.: - points-of-parity & difference -
Building Websites for Multiple Brands
multi-brand companies must determine whether each brand stands alone or is linked by the common firm - a branded house treats all products as an integrated brand - a house of brands emphasizes product-specific marketing with few ties to other company brands
Engagement level 4: "Contributing"
nature of engagement: - commitment (highest level of brand equity, very loyal) communication with brands: - repeated purchases; blogging about the brand; organizing brand communities; participating brand events engagement metrics: - number of high-level memberships; number of regular buyers; number of content contributors *brand treasures this consumer, want to create long relationship with them
Engagement level 3: "Endorsing"
nature of engagement: - trust the brand and willing to endorse (tried brand, pos. experience, become endorsers, speak positively and spread w.o.m) communications with brand: - following brand's social media accounts; forwarding emails; low-level membership NOTE: fb/twitter blur lines btwn levels 2/3 bc public nature of following is also form of endorsing engagement metrics: - number of low-level members; public endorsers; attendees of a brand event
Engagement level 1: "Observing"
nature of engagement: - aware of the brand communications with brand: - hearing about the brand via w.o.m., social media or traditional media. Person may visit the firm's website but does not provide contact information engagement metrics: - website traffic, media impressions
Engagement level 2: "Following"
nature of engagement: - paying attention to the brand (know meaning/differentiation of brand compared to others) communications with brand: - subscribing to an email distribution list, print newsletter or an RSS feed engagement metrics: - email subscribers; RSS subscribers; Twitter followers; Facebook fans
Takeaway: Branding
not every brand can reach the final relationship stage of the brand building pyramid *only the brands that are able to emphasize the overall experience can reach the top level of community **depending on who you are, you have to think about the level that you are at, the level you can go to and if you can reach the top - who are you, what things can you do and what level of brand equity can you achieve
Using Online Tools to Improve the Idea Funnel
online market research screens concepts virtual setting facilitates consumer-assisted design early feedback - alpha release: trusted lead users, such as company employees - beta release: wider public sampling at lower price or for free *allows for marketers to reach out to consumers, direct involvement in designing the product - PRO: quick (focus group online much easier)
Personalized Pricing Examples
online sellers decide a product's price for you using a complex formula based on the condition of other shoes you've bought, how much you've spend on shoes in the past and what you're likely to spend for the shoe now - computer cookies track past interactions - click-stream technology discerns how users arrive at a given site, and what other sites they visit before and after - databases that store information on previous purchases A flight ticket purchasing experiment shows - price using a browser cleared of cookies: 1,770 to $1,950 -price using a browser with a robust history of purchasing flights $2,116
Social Product strategy
overall outcome and benefits - acquire, retain and maintain good relationships with customers *gain social value from community - taking advantage of social media, including social interaction to benefit
Cost-based pricing
pricing decisions are influenced primarily by accounting data, with the objective of getting a certain return on investment or a certain markup on costs ex. -pricing approaches are cost-plus pricing, target return pricing, markup pricing or break-even pricing advantage - data needed to set prices are usually easy to find disadvantages - aspects related to demand (willingness to pay, price elasticity) and competition (competitive price levels) are ignored
Reputation and Relevance
reputation, make sure it's delivered relevance, make sure its opened
Yelp's social product strategy
social product strategy - content produced by "yelpers" volunteers in 20s/30s - each year most active yelpers invited exclusive events benefits to "yelpers" -meeting other interesting and young "yelpers" (build rel.) outcome - reduced cost - social benefit of elite, makes yelpers contribute - yelpers produce 100 more than non elite yelper
ebay's social product strategy
social product strategy - gift online app - pool funds among facebook friends to buy benefits to customers - help people purchase better-targeted/more-expensive gifts -strengthen relationships outcome - average price of group gifts is 5x higher than avg. ebay sale - 1/3 of group gift participants sign up for new PayPal accts - 1/3 return to eBay within a month to buy other items
Why use email-marketing
unparalleled use/reach - 2.76 billion email users worldwide by 2017 - 91% of consumers check their email at least once a day - checking email is no. 1 activity on smartphones consumers prefer to receive promotional messages via email vs. other channels - 44% prefer email, 29% mail, 4% SMS, 3% social media, etc. low cost and strong 1:1 capabilities - 4,300% return on investment
Competition-based pricing
uses data on competitive price levels or on anticipated or observed actions of actual or potential competitors as a primary source to determine appropriate price levels advantage - competitive situation is taken into account disadvantage - aspects related to the demand function are again ignored - a strong competitive focus in setting prices can exacerbate the risk of a price war *how much do you want to charge for your prod when you are entering a market where one similar product is priced at $100 - price less to sell more than competitors **when you think about pricing, think about your competitors as well
Social Media Helps improve Product Innovation process
web 2.0 and. Enterprise 2.0 web 2.0 --> public networks - self-forming, focused public forums and groups ex. external wikis and blogs, fb, linkedin, twitter, portals enterprise 2.0 --> Partner/Supplier Collaboration and Internal Teaming & Collaboration - secure collaboration portals and technologies to support "Communities of Practice" ex. internal wikis and blogs, video conf./web cams, shared workspace and apps like sharepoint 2010 *web is general, enterprise is when firms use it for the business purposes
Marketing Activities and Closure
when consumers are at the point of purchase: - store agent dealer have greatest influence *consumers feel that if a store has the best promotion on a product they are more likely to purchase especially if they are unsure
Marketing Activities and Active Evaluation
when consumers are deciding what they think/feel about brands: - majority of influence comes from consumer driven marketing (online research, reviews) *think more about third party opinions than what firms say about their own products
Marketing Activities and Initial Consideration Set
when consumers form set: - company driven marketing is MOST important because they want to place themselves within the consideration set
Response: What about you?
when you think about your experience you ask about your response, personal emotional response --> provide level of positive experience to consumers branding obj.: - positive, accessible reactions -
