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MKT510 Exam Review - Ch. 4, 5, 8.docx

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MKT 510
Ida Berger

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Wk. 3 – Ch. 4 – Choosing Brand Elements to Build Brand Equity Lecture on: September 20, 2012 Criteria for choosing brand elements 1. Memorability Offensive strategy and build brand equity 2. Meaningfulness 3. Likeability 4. Transferability 5. Adaptability Defensive role for leveraging and maintain brand equity in the face of 6. Protectability different opportunities and constraints - Some explained further: - Meaningfulness: o General information about the nature of the product category  Important determinant of brand awareness and salience o Specific information about particular attributes and benefits of the brand  Important determinant of brand image and positioning - Protectability: o Choose brand elements that can be legally protected internationally o Formally register them with the appropriate legal bodies o Vigorously defend trademarks from unauthorized competitive infringement Options and tactics for brand elements - Brand names o Brand awareness  Simplicity and ease of pronunciation and spelling  Familiarity and meaningfulness  Differentiated, distinctive, and unique o Brand associations o Naming procedures:  Define objectives  Generate names  Screen ideal candidates  Study candidate names  Select the final name o URLs o Logos and Symbols  Easily recognizable and transfer well into international markets o Characters o Slogans: short phrases that communicate descriptive or persuasive information about the brand  Helps build brand awareness o Jingles o Packaging Wk. 3 – Ch. 5 – Designing Marketing Programs to Build Brand Equity Lecture on September 20, 2012 New perspectives on marketing 1. Digitization and connectivity (through internet, intranet, and mobile devices) 2. Disintermediation and reintermediation (via new middlemen of various sorts) 3. Customization and customerization (tailored products and ingredients provided to customers to make products themselves) 4. Industry convergence (through the blurring of industry boundaries) - Integrating marketing programs and activities - Personalizing marketing o Experiential marketing  Pine and Gilmore maintain that saleable experiences come in four varieties: entertainment, education, aesthetic, and escapist o One-to-one marketing: focus on each customer, interactive, customization o Permission marketing: practice of marketing to consumers only after gaining their express permission  This is a way to develop the “consumer dialogue” component of one-to-one marketing in more detail - Reconciling the new marketing approaches o Relationship marketing: aims to provide a more holistic, personalized brand experience to create stronger consumer ties o Traditional marketing mix and notion of 4 P’s may not fully describe modern marketing practices Product strategy - Perceived quality and value: performance, features, conformance quality, reliability, durability, serviceability, style and design - Brand intangibles – 3-D marketing: o Functional benefits o Process benefits o Relationship benefits - Relationship marketing: based on the premise that current customers are the key to long- term brand success o Mass customization: products fit customer’s exact specification. Internet age has allowed this to take place on a bigger scale than ever before  Reduces inventory, saves warehouse space o Aftermarketing: marketing activities that occur after customer purchase o Loyalty programs: also known as frequency programs. Purpose it to identify, maintain, and increase the yield from the firms ‘best’ customers through long-term, interactive, value-added relationships - The product is at the heart of brand equity Pricing strategy - Consumer price perceptions o Price bands: range of acceptable prices; indicate the flexibility and breadth marketers can adopt in pricing their brands within a tier o Value based pricing strategies: attempting to sell the right product at the right price - Setting prices to build brand equity o Value pricing: objective is to uncover the right blend of product costs, product quality, and product prices that fully satisfies the needs and wants of a customer, as well as the profit targets of a firm. Should strike the proper balance among the following:  Product design and deliver  Product costs  Product prices o Everyday low pricing: EDLP:  Forward buying: retailers order more product than they plan to sell during the promotional period so that they can later obtain a bigger margin by selling the remaining goods at regular prices after the promo period has ended  Diverting: retailers pass along or sell the discounted product to retailers outside the designated selling area Channel strategy - Marketing channels: sets of independent organizations involved in the process of making a product or service available for use or consumption - Channel design: o Direct channels: selling through personal contacts. Preferable when:  Product information needs are high  Product customization is high  Product quality assurance is important  Purchase lot size is important  Logistics are important o Indirect channels: selling through third party intermediaries.
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