ECON-2006EG Study Guide - Quiz Guide: Brand Equity, Human Behavior, Brand Management
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7 Mar 2021
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The economic approach: theories mainly borrowed from neoclassical economics and classical marketing theory, economic approach builds on one of the most fundamental concepts in marketing. The idea that the right marketing mix will generate optimal sales the marketing mix (the four p"s) is one of the first attempts at categorization in marketing. It put order to the discipline and helped conceptualize it. Based on certain assumptions about how consumers choose products and what marketers can do to facilitate that choice. The assumptions describe the implicit view of the nature of the brand and the premises of the brand consumer exchange. Assumptions of the economic approach: a key assumption is that the brand can be controlled and managed by the sender (company) If management gets the marketing mix right (the four p"s), then the brand will be successful and strong: consumers, who perceive and evaluate brand messages rationally, are perceived to be more or less passive receivers of marketing messages.