MKT 510- Final Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)

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29 Mar 2018
Department
Course
Professor
Ryerson
MKT 510
Final EXAM
STUDY GUIDE
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Week 1: Introduction
Key Take Away:
- What is a brand? --> Benefit of branding and structure of how to get it done
- Tangible Assets: Building- Capital, Inventory
- Intangible Assets: Goodwill, Intellectual Capital of its Employee/Students/ Faculty
What is a Product?
- A product is anything we can offer to a market for attention, acquisition, use or consumption that might satisfy a need or want
o Humans can be products. Ex. Justin Trudeau satisfied something that we needed during the time of voting
o Charity Sporting event is a form of a product: conquer cancer
o May be a physical good, service, retail outlet, a person, an organization, a place of even an idea
The Total Product Concept
- Products broadly defined all satisfy a core need
o Maslow’s Hierarchy of needs: starts from basic necessities to self actualization
Shelter as a core need (Ex. Protection from the rain- umbrella or raincoat)
o Core Benefit Level: is the fundamental need or want that consumers satisfy by consuming the product or service
o Generic Product Level: Basic version of the product containing only those attributes or characteristics absolutely necessary for its function but
with no distinguishing features. This is basically a stripped down, no frills version of the product that adequately performs the product function
(Ex. Legal safety structures, Electricity)
o Expected Product Level: Set of attributes or characteristics that buyers normally expect and agree to when they purchase a product
o Augmented Product Level: includes additional product attributes, benefits or related services that distinguish the product from competitors (Ex.
Houses in Thornhill being close to subway stations to travel downtown)
o Potential Product Level: all the augmentations and transformations that a product might ultimately undergo in the future
Buying a product based on what potentially could be offered in the future
Century 21 Commercial: Imagining the open field eventually becoming a home that they want
What is a Brand?
- For the AMA, a brand is a “name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group
of sellers and to differentiate them from those of competition”
o Signifies ownership
- Brand Description
o The components of a brand that identify and differentiate it are brand elements
- Many practicing managers refer to a Brand as more than identifying features- as something that has actually created a certain amount of awareness,
reputation, prominence and so on in the marketplace
o They make a distinction between the AMA definition of a “brand” with a small b and the industry’s concept of a “Brand” with a capital ‘B’.
Brand Value (Blind; Branded; Actual)Willingness to Pay
- Brand blind: Based on taste and experience
- Branded: Purchasing an item based on brands and status
- Actual Prices: From experience and the brand, prices are revealed
- Reposition to increase the price of what people are willing to pay prior to knowing what brand they are consuming
o As a brand manager how to make it work?
Why Brand?
- Why are consumers willing to pay a 119% premium?
- What is the basis of this premium?
o Expectations of quality
o Psychological quality of having it in your cupboard fulfills the feeling of status
- Why are managers willing to invest the resources to make this happen?
o Markups are higher
Branding as Meaning- Meaning as Value
- Value a psychological construct
o Consumer: Who are you and what to expect what the brand (you) can do for them
Self-identification
Potential Product
Augmented Product
Expected Product
Generic
Product
Core Needs
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Importance of Brands to Consumers. Why pay this premium?
- Identification of the source of the product and therefore ‘expectation’ of ‘benefit’ and responsibility of maker
o Risk reducer
o Search cost reducer
- Promise, bond, or pact with product maker
o Symbolic device
o Signal quality
- Source of Consumer Identity “input:
o Raw material of identify “production”
Producing their own identity (not only to show your status but to show knowledge; get the cheaper value with understanding of
production behind the scenes etc.)
Capital “B” Brand Concept
- The value premium of a recognizable name as compared to its generic equivalent
Consider:
- Brand Identification (Brand Elements) Brand Differentiation Awareness
(+WOM) Brand Value (Power, Profit)
o Valuable pieces of legal property
Aaker on Brands “Brands as Assets”
- Strategic view: broad, encompassing, co-ordinated framework of management
- Organization: living, breathing the culture and values that the brand represents
- Basis of competitive advantage: meaning, power, social proof, opportunities
What is Branded?
- Physical goods
- Services
- Retailers and distributors
- Online products and services
- People and organizations
- Geographic locations
- Ideas and causes
- Sports, arts and entertainment
Strategic Brand Management
- It involves the design and implementation of marketing programs and activities to build measure and manage brand equity
- PROCESS:
o Step 1: Identify and establish brand positioning and values
Key Concepts: Mental Maps, competitive frame of reference, points of parity and points of difference, core brand values and brand
mantra
o Step 2: Plan and implement brand marketing programs
Key Concepts: Mixing and matching of brand elements, integrating brand marketing activities, leveraging of secondary associations
o Step 3: Measure and interpret brand performance
Key Concepts: Brand value chain, brand audits, brand tracking, brand equity management system
o Step 4: Grow and sustain brand equity
Key Concepts: Brand Product matric, brand portfolios and hierarchies, brand expansions strategies, brand reinforcement and
revitalization
Return on Marketing Investment is the contribution attributable to marketing (net of marketing spending), divided by the marketing “invested” or risked.
Week 2: Consumer Based Brand Equity: Brand Resonance The Value Chain
Brand as Assets: Brand Equity
- The value premium of a recognizable name as compared to its generic equivalent
o Valuable pieces of legal property
How do you increase ROMI? (It is about that “Value Premium”)
- Increase CM:
o Higher price
o Lower costs
- Increase Revenue
o Higher price
o Higher unit volume
The Process of Value Creation
- Thinking beyond short term ROMI
- Thinking to Long Term Value Creation
- Refilling the Value Creation Model
- The Brand Value Chain
o A structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create value
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