My test review

Market Segmentation Criteria

*Size: Is there adequate sales potential in the segment? • Accessibility: Are specialized distribution outlets and communication media available to reach the segment? • Responsiveness: How favorably will the segment respond to a tailored marketing program? • Identifiability: Can we easily identify the segment?

Segment specific values

However, segment specific values do not explain why you would want to choose Gucci over Prada for your bag purchase.

Mass markets and hyper stores

The major distinction between these stores and other department stores and other department stores is that in addition to a mix of hard and soft merchandise, they sell groceries as well

Variety or breadth of merchandise

The number of different categories of merchandise that a store offers.

Brand attributes

descriptive features that characterize a product or service. For example, a dress might be well fitting, cheap/expensive, red, designer, etc, which are the brand attributes.

Competitive points of parity

designed to negate competitors' points-of-difference Brands should have unbeatable points of difference

Bait and switch

advertised at a low price to lure customers but then customers convinced to buy products of a higher price. Example: A car ad

Mass customization

allows consumers to customize or adapt mass-produced products' features according to their needs.

Target Market

A market is a set of all actual and potential buyers who have sufficient interest in, income for, and access to a product.

4 categories of brand resonance

1. Behavioral loyalty 2. Attitudinal attachment 3. Sense of community 4. Active engagement

Customer- based brand equity

customer-based brand equity is the differential effect that brand knowledge has on consumer response to the marketing of the brand.

Points-of-difference

defined as attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand. DEALS WITH QUALITY, EXAMPLE NORTH FACES LAST LONGER

Customer purchase process

1. need 2.information 3. evaluation 4. buy

Types of private label brands

1.generic (noname) 2.Copy cat brands 3.Private label brands that offer superior quality above manufactures 4.Value Innovators

Brand

A brand starts with an idea to solve a need. name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers

Price penetration

A product is introduced at an attractive low price to achieve a faster market penetration and gain market share. Then the prices are increased after consumer awareness increases and customers get hooked. OPPOSITE OF SKIMMING

Broad/ wide variety

A store that has many categories are said to have a broad/ wide variety. For example, a baby store might have wider variety if they keep onesies, blankets, shoes, toys, personal care items, cribs, etc

Sense of community

Affiliation with other people associated with the brand, whether fellow brand users or customers, or employees or representatives of the company. A brand community can exist online or off- line.

Independent brand

An independent brand is one for which the company or the corporation is the brand and the products are an extension of the company's image. Eg. Nike.

Markdowns/ sales

Any kind of discount or sales promotion

Brand Recognition

Brand awareness consists of brand recognition and brand recall performance.

Brand Awareness

Brand awareness is the ability of a consumer to identify the brand under different conditions. Includes brand recognition and brand recall performance.

Brand benefits

Brand benefits are the personal value and meaning that consumers attach to the product or service attributes.

Brand Elements

Brand elements are those trademark-able devices that serve to identify and differentiate the brand. The main ones are brand names, logos, symbols, characters, slogans, typefaces/ fonts/ colors, and, packages.

Brand Equity

Brand equity consists of marketing effects uniquely attributable to a brand. That is, brand equity explains why different outcomes result from the marketing of a branded product or service than if it were not branded. Example: Michael jacksons glove sale. This glove sold for 330,000 dollars, without such a celeb endorsement this would not have been possible.

Brand feelings

Brand feelings are customers' emotional responses and reactions to the brand. T

Brand Recall

Brand recall is consumers' ability to retrieve the brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue.

Brand Values

Brand values satisfy us emotionally and rationally For example, we might like owning a Michael Kors bag just because it is a higher status symbol or we perceive it to be of higher quality, even though we might be paying a higher price. We believe that the brand is the best in delivering that value to us.

Customer-based brand equity

Customer-based brand equity occurs when the consumer has a high level of awareness and familiarity with the brand and holds some strong, favorable, and unique brand associations in memory.

Attitudinal attachment

Customers should go beyond having a positive attitude to viewing the brand as something special in a broader context. For example, customers with a great deal of attitudinal attachment to a brand may state that they "love" the brand. creating greater loyalty requires creating deeper attitudinal attachment.

Consumer response to marketing

Customers' differential responses, which make up brand equity, are reflected in perceptions, preferences, and behavior related to all aspects of brand marketing. example:choice of a brand, recall of copy points from an ad, response to a sales promotion, and evaluations of a proposed brand extension.

Buying

Decides whether or not to buy. relationship between a brand and its buyer does not end with buying. At this stage the buyer actually experiences the brand and sends feedback to himself/herself for future purchase decisions as well as to others.

Mass distributed

Distribution is available to almost any retailer willing to carry the products. These are usually budget products that generate profit through high sales volume.

Customer

Every brand is built with a target customer in mind. Such targeting can be based on various segmentation criteria, such as demographic, geographic, psychographic, lifestyle, etc.

differential effect

First, brand equity arises from differences in consumer response. If no differences occur, then the brand-name product can essentially be classified as a commodity or a generic version of the product.

Flexible pricing

Flexible Pricing is when the same product is charged a different price for different customers. For example, airline tickets are sold at a higher price closer to the date of travel than a few days earlier

Brand positioning

Good brand positioning helps guide marketing strategy by clarifying what a brand is all about, how it is unique and how it is similar to competitive brands, and why consumers should purchase and use it.

Brand Imagery

It is the way people think about a brand abstractly, rather than what they think the brand actually does. associations include: (1) family/shared experiences/maternal, (2) multipurpose, (3) classic/timeless,

Market Segmentation

Market segmentation divides the market into distinct groups of homogeneous consumers with similar needs and consumer behavior, and who thus require similar marketing mixes.

Marketing Communications

Marketing communications represent the voice of the brand Marketing communications can contribute to brand equity in a number of different ways: by creating awareness of the brand; linking points-of- parity and points-of-difference associations to the brand in consumers' memory; eliciting positive brand judgments or feelings; and facilitating a stronger consume

Types of brands

National-brands are owned by a national manufacturer and distributed through multiple national retailers Private label- brands are manufactured and distributed only through stores that own the brand. Sometimes the store is the brand such as Old Navy. Exclusive brands- are those that are produced as collaboration between national designers/manufacturers with retailers. For example, Simply Vera is a brand solely made for Kohls by Vera Wang.

Premium brands

Premium brands, also known as aspirational or 'new luxe' (new luxury) are at the highest spectrum of the mass market in terms of both price and design/innovation, just below the luxury brands.

Triple bottom line Theory

Refers to a brands ability to be socially, economically and environmentally sustainable. Many brands are making strides in promoting sustainability efforts

Category Killers

The another form of specialty store that offers the largest range of products in a specific category and at competitive prices. Ex. Hobby lobby or Toys R US

Etailing (online)

The biggest growing retail sector, e-tailing or different forms of electronic retailing (internet, mobile, etc) provide convenience to customers to shop at any place and time convenient to them.

Brand building and management

The brand building and management process involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity.

Company

The company creates a brand for financial gain by consistently satisfying customer needs. The company remains the sole legal owner of the brand and all its copyrightable elements such as the name, logo, or technology.

Building brand concept

The concept or idea needs to be fresh and unique enough to convince potential customers of its role and significance in their lives.

Discount stores

These are stores that sell known brands at discounted below-market prices. These no- frills stores offer minimal services and in-store experiences in return for cutting costs and passing these savings to customers

Limited distribution

This approach allows the brand to be sold in one or more stores, chain of stores, or selective department stores that suit its targeted positioning strategy and image.

Price skimming

This policy involves introducing the product at a premium price. This strategy is common with new, innovative, and exclusive products. Before competitors come in, forcing the prices to drop.

Everyday value pricing

This strategy focuses on the concept of value for money, where prices emphasize the amount and value a customer gets. Eg: Walmart Pricing Strategy.

Brand personality and values

Through consumer experience or marketing activities, brands may take on personality traits or human values and, like a person, appear to be "modern," "old-fashioned," "lively," or "exotic."

Establishing brand position

Two key issues in arriving at the optimal competitive brand positioning are (1) defining and communicating the competitive frame of reference and (2) choosing and establishing points-of-parity and points-of-difference.

Behavioral loyalty

We can gauge behavioral loyalty in terms of repeat purchases and the amount or share of category volume attributed to the brand,

Market Segmentation Bases

based on descriptive or customer-oriented (related to what kind of person or organization the customer is), or as behavioral or product-oriented

Product category Structure

brand awareness, brand consideration, and consumer decision making

Integrated marketing communication

choosing the best set of brand communication channels and strategies and managing the relationships between them. Kellogg launched its largest integrated marketing campaign ever in 2011.

Omni- channel

combining the different channels to offer customers a seamless brand experience. Example: you can now purchase your products from JCP or Macy's website, pick it up in store or even return products to the store

Corporate brand

company creates separate brands and promotes each brand individually, as separate entities. example: gap, banana republic, gap, old navy

Brand concept influencers

company, the consumers, and, the culture

Competitive Analysis

considers a whole host of factors—including the resources, capabilities, and likely intentions of various other firms

Brand Knowledge

consumers' knowledge about the brand, that is, what they have learned, felt, seen, and heard about the brand as a result of their experiences over time.

Brand Image

consumers' perceptions about a brand, as reflected by the brand associations held in consumer memory which make up the meaning of the brand

price zoning

creates a price floor and ceiling (for example, minimum and maximum price)

Brand Communications

firms attempt to inform, persuade, and remind consumers about the brands they sell. They inform, that is deliver information about the brand, such as announcing the launch of a new product.

deep assortment

if a store carries only onesies but has many different options in terms of styles, sizes, colors, etc. Store carries only one category but offers multiple choices within that category.

Brand knowledge

key to creating brand equity, because it creates the differential effect that drives brand equity. Brand knowledge is the awareness of the brand name and belief about the brand image. Brand knowledge consists of two components: Brand awareness and brand image.

Brand Salience

measures various aspects of the awareness of the brand and how easily and often the brand is evoked under various situations or circumstances.

Category Points of parity

most likely at the expected product level. Thus, consumers might not consider a bank truly a "bank" unless it offered a range of checking and savings plans; provided safety deposit boxes, traveler's checks, and other such services; and had convenient hours and automated teller machines.

Brand Elements

name, logo, symbol, package design or other characteristic that identify a product and distinguishes it from others

Points of Parity

not necessarily unique to the brand but may in fact be shared with other brands. There are three types: category, competitive, and correlational.

Evaluation

people start to evaluate all the alternative potential purchase options based on the nature of the need and their own priorities.Decisions can be made in rational, objective criteria (such as functionality) or emotional, subjective ones (such as status or prestige).

Active engagement

perhaps the strongest affirmation of brand loyalty occurs when customers are engaged, or willing to invest time, energy, money, or other resources in the brand beyond those expended during purchase or consumption of the brand

Correlational points of parity

potentially negative associations that arise from the existence of other, more positive associations for the brand. One challenge for marketers is that many of the attributes Example:consumers might find it hard to believe a brand is "inexpensive" and at the same time "of the highest quality."

Rational route to brand identity

price service distribution

Product Attributes

product features such as design, color, fabric, etc. are especially important for consumption consideration. utilitarian, aesthetic, and economic customer. Especially important for luxury brands

coverage

proportion of the audience reached by each communication option. Whatever is not reached by one option should be reached by another option.

Specialty stores

retailers that focus on one category of products, such as men's sportswear, women's lingerie, etc.

Boutiques

smaller specialty store with a niche market clientele, carrying trendy and avant-garde merchandise.

Culture

social and cultural changes are instrumental in shaping the needs and aspirations of every generatio

narrow variety/ deep assortment

specialty stores like Victoria's Secret have a narrow variety but deep assortment

problem/ need recognition

state where a person perceives that there is an unfulfilled need. For example, you might need a dress for an interview because you do not have one on hand

SKU

stock keeping unit. Each unique item at the store

Department Stores

stores that are divided into distinct departments such as menswear, womenswear, etc.

Self-owned stores

stores that are fully owned and managed by the brand producer as opposed to being franchised.

increase familiarity and awareness of that brand element.

symbol, logo, character, packaging, or slogan, including advertising and promotion, sponsorship and event marketing, publicity and public relations, and outdoor advertising

vision statement

targets external audience. It is usually long-term oriented. It also presents a framework for future decisions while maintaining flexibility to respond to future changes.

Mission statement

targets internal audience and answers why a brand is in business and what kind of business it is in.

Brand Equity

the power of a brand lies in what customers have learned, felt, seen and heard about the brand as a result of their experiences over time.

Exclusive distribution

this form of distribution can be either through stores owned by the brand's manufacturers or through an exclusive distribution agreement with a specialty retailer.

contribution

unique information carried by each communication option

broad variety/ narrow assortment

usually department stores have a lot of variety with a narrow assortment.

Types of brand feelings

warmth Fun Excitement security self approval self- respect

Information

when people start to search for the best options and solutions to fulfill the need

Odd Pricing

when the price ends in an odd number ($1.99, $2.95)

price lining

where all items are the same price. ( dollar tree)

User Imagery

• Gender: Venus razors and Secret deodorant have "feminine" associations, whereas Gillette razors and Axe deodorant have more "masculine" associations. • Age: Pepsi Cola, Powerade energy sports drink, and Under Armor performance clothing, shoes and accessories have positioned themselves as fresher and younger in spirit than Coke, Gatorade, and Nike, respectively. • Race: Goya foods and the Univision television network have a strong identification with the Hispanic market. • Income: Sperry Topsider shoes, Polo shirts, and BMW automobiles became associated with "yuppies"—young, affluent, urban professionals.