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Lecture 10

mkt lecture 10.docx


Department
Marketing
Course Code
MKT 100
Professor
Tina West
Lecture
10

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MKT lecture 10
Brand Management
- The four Ps, the marketing mix.
- Product, place, promotion and price.
- Customer value and beneficial relationsships
- A brand is a singular idea or concept that you own inside the mind of a prospect
- The power of the brand is inversely proportional to its scope, because we are trying to include
more people and then the power of our brand diminishes as not all of them would favor the
brand as much as others
- In the long run expanding a brand may diminish its power and weaken its image
- Scope is how wide or how narrow we want to focus
The law of contraction
- A brand becomes stronger when we have a narrow focus
i) Narrow focus could be a focus on just one product and a thing we do extremely well
ii) Stock in depth ( could be how we guarantee the product will be in stock)
iii) Buy cheap/sell cheap ( lowest cost provider)
iv) Dominate the category ( leaders In shelve space, high mind share)
G
The law of publicity
- The birth of a brand is achieved with publicity, not advertising
- What others say is more powerful than what you say
- It is better to be first than to be better, because being first generate publicity
The law of advertising
- Once born, a brand needs advertising to stay health
- Advertising dollars keep you from losing share to competitors because it makes it difficult for
them to pay the price
Advertising leadershio
Law of the category
- A leading brand should promote the category, not the brand
- Create a new category and promote It with your brand as the leader
Law of the word
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