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Lecture 2

MGT 3500 Lecture Notes - Lecture 2: Joan D. Vinge, Brand Management, Cognitive Load


Department
Management
Course Code
MGT 3500
Professor
Eric Schulz
Lecture
2

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MGT 3500 8/30/2016 8:02:00 PM
Branding comes first and marketing follows.
Learn how to do marketing strategy.
Marketing promotion of product or service, advertising, branding, brand
management
Marketing and strategy social network, packaging, live events, pricing,
website design, location promotion, public relations, advertising. All of these
things start with the marketing strategy and go from there.
Objective of marketing sell products and services.
Marketing is about: consumer insights and what makes people tick,
competitive analysis and market research, differentiation of products,
creating a strong brand that means something to consumers, defining a
target audience, being strategically creative. Marketing begins with brand
strategy.
Marketing is advertising. Most advertising fails. However, marketing is not
price discounting.
Every product isn’t made for everyone.
Brand positioning statement
Target audience: who will buy the product
Benefit
Reason why
80% of people know nothing about the brands they buy.
Loyalty campaigning is with current customers. Penetration campaigning is
to get new customers.
Heuristic: mental short cuts to ease the cognitive load of making a decision
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“Indifference is the strongest force in the universe. It makes everything
meaningless. Love and hate don’t stand a chance against it.” Joan Vinge
What we will do in class:
Increase power of observation
Look at things through the eyes of a marketer
In-store learning
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find more resources at oneclass.com
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