MKT 510 Lecture Notes - Lecture 1: Opportunity Cost, Brand Equity
15 Sep 2017
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Document Summary
Total product concept/levitt"s rings: explains the different dimensions of a product. Some products deliver maximum customer value (benefits, differentiation), while others deliver a minimum amount of value (core needs, expected levels). Differentiation: potential product: all augmentations and transformations that a product might undergo in the future. Could be in cash form to invest in the business, expanding and growing it. The strategic brand management process involves building, managing, measuring and growing brands, by applying key course concepts. Product vs. brand= a product is a basic commodity with no differentiation. A brand is differentiated and contains a complex array of elements, attributes, benefits, and associations. These can all be branded= products, services, retailers and distributors, online p/s, people, Organizations, geographic locations, ideas, social causes, sports, art, and entertainment. Strategic brand management= the design and implementation of marketing activities and programs to: build brand equity, manage brand equity, measure brand equity, grow brand equity.
