MKT 100 Lecture Notes - Lecture 19: Marketing Mix, Auto Detailing, Procter & Gamble

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

Singular idea or concept that you own in the mind of a prospect. Of a promise - commitment to everyone it deals with. Consistently kept - used to set priorities and make decisions. Value of branding for the customer and the marketer. Less money spent on the marketing mix. Less promotion is required bc awareness established. Lower prices not necessary bc consumers will pay more for a product with a name and best percieved quality and dependability. Lower costs ensure protect the brand from a competitor because when going head to head with an established brand, the competitor has to spend more marketing their product and may have to charge more to make a profit. Bc of size, network and consistent role they play in people"s lives. Value of the brand is in the mind of the consumer, not objective: perceived value, brand associations a. i. a. ii. Celebrity association which helps in perception of value.