BU470 Lecture Notes - Lecture 1: Heinz Tomato Ketchup, Brand Loyalty, Bubbly
Document Summary
Need to make product more than just functionality (tangible attributes) Marketing can make product differentiate with intangible value. No, consumers buy macbook because of the strong brand value of apple. Higher margins: consumers are willing to pay higher price for brand trust / value. Easier to hire skillful employees: regardless job substance, people send a resume. Associative networks: ideas come in mind when you hear a brand. Coca cola: santa claus, red, happiness, bubbly, unhealthy . Weather consumer buys or not, it"s not just about product quality, it"s brand value. Habitual behavior: repeated purchase of a brand. Buys heinz ketchup because it"s popular / mom always buys . Brand loyalty: it"s an emotional component value. Regardless price / discount promotion, consumers buy french because of emotional attachment. Signaling strategy identification for the products. Confidence strategy reliability of the supplier. Product-focused strategy properties and functions communicated. Symbolic strategy development of brand meaning vs. product.
