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Lecture

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Department
Marketing
Course
MKT 300
Professor
Armand Gervais
Semester
Fall

Description
Week 3 Chapter 5 Personalizing Marketing: the continued fragmentation of mass media have brought the need for personalized marketing into sharp focus. The modern economy celebrates the power of the individual consumer Experential marketing: promotes a product by not only communicating a producyts features and benefits nut also connecting it with unique and interesting consumer experiences Sense marketing: appeals to conusmers senses Feel marketing: appeals to consumers inner feelings and emotions ranging from Mildly positive moods linked to a brand Think marketing: appeals to the intellect in order to deliver cognitive, problem solving experiences that engage the customers creatively Act marketing: targets physical behaviors, lifestyles and interactions Relate marketing: creates experiences by taking into account an individuals desires to be a part of social context Relationship marketing: is based on the premise that current customers are the key to long term brand success relationship marketing attempts to provide a more holistic personalized brand experience to create stronger customer ties Brand experience scale on page 154** Mass customization: the concept behind mass customization, namely making products to fit the customers exact specifications is and old one but the advent of digital technology enables companies to offer customized products on a previously un heard of scale. Drawbacks: - returns of customized products are more complicated - some items are not meant to be customized either One to one marketing: consumers help add value by providing information to marketers, marketers add value in turn, by taking that information and generating rewarding experiences for consumers. - focus on individual consumers through consumer databases - respond to customer dialogue through interactivity, the consumer talks to us - customize products and services another tenant of one to one marketing is treating different consumers differently and their different current and future value to the firm Permission Marketing: the practice of marketing to consumers after gaining their express permission, was another influential perspective on how companies can break through the clutter and build customer loyalty Reconciling the different marketing approaches page 159 Product Strategy ; the product is at the centre of brand equity Perceived quality: is a customer perception of the overall quality or superiority of a product or service compared to alternatives and with respect to its intended purpose. Research has come up with these general dimensions that make up quality: 1. primary ingredients and supplementary features : product reliability durability and serviceability and style and design quality also depends on features such as accuracy speed etc. After marketing those marketing activites that occur after the customer purchase. (160) - user manuals - customer service programs - loyalty programs Pricing strategy Consumer price perception, dictates how consumers categorize the price of the brand, and how firm or flexible they think the price is Price bands: indicate the flexibility and breadth marketers can adopt in pricing their brands within a tier. Costs are not only monetary values, but the opportunity costs of time, energy and psychological involvements in the decision that consumers might have. Value based pricing strategies: attempting to sel
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