COMM 103 Chapter Notes - Chapter 11: Brand Loyalty, Brand Awareness, Pricing Strategies

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

Marketing mix: business" strategic/tactical decisions relating to its product/service offerings, pricing, distribution, marketing communication efforts, and approaches. Positive performance gaps (over competitors): tangible product attribute + intangible product. Predetermined purchase: ranking of product/service that purchasers develop all the options available when making a purchase decision. Create distinction: brand awareness, commitment through delivering value propositions, and relates emotional/psychological ownership with costumers. Setting price: maximize ros ensures competitiveness and lies within customer price range (recognized value advantage between competitors and contributes to long-term wealth of organization) Purchaser decision criteria: ability to differentiate minimizes price as a major point comparison and reduces its influence on the decision-making process. Channel intermediaries: helps make connections, lowers costs, identifies profit leaks, improves performance (viewed as a key stakeholder/partner in overall demand generation and selling process) Message rifling: communicating right value proposition components to the right audience at the right time via the right message mechanism.