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Feb 6

4 Pages
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Wilfrid Laurier University
Roopa Reddy

February 6, 2013 Brand Name: - Communicate through Core Benefit Proposition - Move the customers through stages of recognition o Stages: o Non-recognition o Brand Recognition – recognizing the brand – don’t have experience with the brand o Brand recall/awareness – you have some experience with the brand and know about it o Brand Preference – wanting that specific brand but you would be okay with another brand o Brand Loyalty – only willing to buy the one brand – must have that brand - Loyalty programs do not necessarily make loyal customers –> but gives people incentive to become loyal --- you don’t always prefer the brand you may just want the gift at the end e.g. point system at Esso gas stations - Net Promoter score – try to measure the effectiveness of loyalty and brand promotions Creating Brand Insistence: The 5 Drivers - Value – does your product have value – do people see this value - Accessibility – is your product convenient and easy to access - Awareness – do people have knowledge of your brand – would the customer think of it and want to go there - Relevant Differentiation – competitive advantage, value proposition, what differentiates you from your competitors, but is it relevant to your customers - Emotional Connection – do people connect with your brand – do they care Price – one of the 4P’s - Objective (details in text) - Approaches o What are costs - Cost based -> based on costs what is the mark-up o Having a Competitive based price – to gain market share o Consumer based -- value o All of these approaches are connected and you should consider them all – they all have different approaches and each give different information – understand them on their own and interconnected o Most important  Does it support CBP (Core Benefit Proposition)  Test the price – sometimes customers are irrational and they don’t agree with the price  Review psychological strategies and tactics – Odd, Even Pricing, Introductory Pricing, Skimming strategy --- these are further explained in the text - etc. Promotion - Advertising – non-direct(non-personal) e.g. print ad, bill-board – broader reach, long term nature(you see them long after they are published), we know who pays for the add – they clearly put their name o Objective: Create AIDA (Awareness, Interest, Desire and Action) -> effective ads o Communicate the CBP to position the product into the customers mind o Goal is to sell products and end at the Action phase where people buy your product - Personal selling – one on one personal connection, e.g. phone calls ---- targeted to 1 person o More effective – but more expensive (advertising is expensive too but it reaches more people) o Combining with advertising is double power - can access the "inaccessibles" those who ignore the phone calls at home or personal messages o the split between Advertising and personal selling is based on your market, and budget o require a higher level of personal sale  Financial - e.g. buying a car or big item  Social - hi
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