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BU121- Feb 7th.docx

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Department
Business
Course
BU121
Professor
Laura Allan
Semester
Winter

Description
BU121- February 2 2013 COPY SLIDES AFTER ECON MIDTERM AND PRINT NOTES! Powerpoint: “Reaching the Customer” The 5 drivers of brand insistence (copy slides) ARAVE acronym  Accessibility- be able to buy it  Relevant Differentiation- Meets needs of customers; is it unique?  Awareness- must “stand out” in heads of customers  Value- must give customers good value  Emotional Connection- A “gut feeling” that bonds you to the brand! Price  Objectives of pricing o Âpproaches (i.e. penetration, loss leader) o Cost-based – markup (text calculation)  Competitive based- market share (your product vs theirs)  Consumer-based value: what are THEY going to see as value?  Most important o Supports CBP (Core benefit proposition) o Test pricing (to attract people to test drive) o Fortune magazine- came out around Great Depression. Founded by co-founder of Time magazine (waited till partner passed away)…Fortune was priced at $1 just b/c of cover printing while Wall Street Journal cost 5 cents. Within hours, sold outl  Specific Strategies/Tactics (TEXT)- penetrate market, skim market (high price with intent of bringing down- products with lots of upfront costs- Xbox), odd even pricing (2.99 or 3)or…? Competitive Advantage  The two key opportunities with AWAKE Energy Drinks are taste and price:  Awake tastes better than red bull, also priced better Promotion  Advertising (“Any form of non-personal sales presentation of a long-term nature that is paid for by an identified sponsor”)  Personal Selling  Sales Promotion- short term! To grasp attention from new potential customers  Publicity- not sponsored. It’s what people give you when they talk about you…can be good or bad = Integrated marketing Communication (IMC) The 4 P’s must be communicated (Price Product Place Promotion). Advertising Objectives  Create awareness, interest, desire and action  Communicate CBP to position product in consumer’s mind  Creativity must SELL and have a purpose!  Phil Collins “gorilla drummer” Cadbury ad- shows unlikely theme (gorillas) to advertise chocolate; elicits emotion…BUT does not communicate CBP and describe the product  Twinnings gets back to you- Twinnings Tea- moderates a turbulent day- also has a message attached  The message must be clear- can`t be too artsy  Honda Civic Ad: irrelevant  Visuals can be simple! Key is to SELL products Source….(message)….medium…receiver…feedback  The medium must not break  No credibility = no attention paid  Spokesperson must be credible- someone who can potentially use the product!  Using celebs is high risk (i.e. Lance Armstrong)  Pros and Cons: Buckley’s- Tastes Awful and it works o Very credible and powerful  Develop a
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