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Chapter 5

Ch. 5 - Designing marketing programs to build brand equity

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Department
Marketing
Course
MKT 510
Professor
Ida Berger
Semester
Fall

Description
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
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