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Branding > Brand Equity And The Marketing Mix > Flashcards

Brand Equity And The Marketing Mix Flashcards

1
Q

What are the key drivers in building brand equity?

A
  • product
  • price
  • place
  • promotion
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2
Q

What was the old marketing world? (5 things)

A
  1. broadcast media
  2. mass targeting (knowing lots of customers reasonably well)
  3. marketing research
  4. influence and control of channels ( communication and distribution)
  5. industry dominance
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3
Q

What is the new marketing world? ( 5 things)

A
  1. digitisation and connectivity (Internet, IoT)
  2. customisation and co-creation/co-production knowing each customer very well, allowing them to do their bit
  3. marketing intelligence
  4. disintermediation and reintermediation
  5. industry convergence (blurring of boundaries)
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4
Q

What is integrated marketing?

A

Customer touch points:

  • any interaction between business and customers throughout the customer journey
  • touch points provide opportunity to build brand knowledge structures (eg: WOM, online reviews)
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5
Q

What is personalized marketing?

A

Marketing strategy by which companies leverage data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers
- was not possible before, today access to big data and have better knowledge of individual consumer personalization

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6
Q

What is experimental marketing?

A
  • connecting a product/ service with a unique experience (or just providing a unique experience)
  • directly engages the customer and invited them to participate in the brand experience
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7
Q

What is perceived quality within product strategy? And what level does it relate to?

A 
An overall assessment based on customers perceptions, of the products quality. 
Key concepts:
- performance
- features
- conformance quality 
- reliability
- durability 
- serviceability 
- style and design
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8
Q

What are brand intangibles within product strategy?

A

customers may use shortcuts through imagery characteristics

  • Image (reputation)
  • functional benefits
  • process benefits
  • relationship benefits
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9
Q

What is price? ( 5 things)

A
  1. the amount of money charged for a product or service, or the sum of the values that consumers exchange for he benefits of having or unsung the product or service. (Kottler et al 2004)
  2. it is an attribute that provide information
  3. part of IMC strategy
  4. price premium can be a measure of brand equity
  5. important social implications
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10
Q

What is reference prices?

A
  • typical strategy employed by retailers
  • “was 199, now 129”
  • the external reference price guides our decision making by suggesting we are getting a good deal
  • our perception of price changes
  • ethical issues exist (due to consumer deception)
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11
Q

What are price-quality relationships? when does it tend to occur? (4 things)

A
  • in some cases consumers have been seem to perceive higher quality with higher prices
  • effect is rare not consistent

Tends to occur in following circumstances:

  • advertising, packaging, product design
  • occurs when quality is not easily discernible (wine, perfume)
  • occurs when risk of not working is high
  • occurs with less knowledgeable customers
  • occurs with less motivation to process prices
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12
Q

What are price endings?

A
  • when companies price their products with a certain number ( xx,x9, xx,x0) to affect the decision making process of customers. Perceptions of products being cheaper with numbers ending with 9.
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13
Q

What are the different pricing approaches? (MVP-G)

A
  1. Mark up pricing (cost plus): add a standard markup to a products cost (lawyers, construction, accountants)
  2. Going rate pricing: either charge the same or charge + - value differential (petrol station, consumer electronics, publishing)
  3. Perceived value pricing: charging customers what they are willing to pay and communicate a rationale ( hotels, air tickets)
  4. Value pricing: setting low prices by reengineerig the company’s operations (aldi, ikea)
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14
Q

What is every day low pricing?

A
  • signifies a value pricing approach
  • promises customers a low price without having to wait for sales periods
  • communicates value
  • saves money on operations costs
  • enhances brand loyalty among target customers
  • increases barriers for generic brands
  • reduces manufacturing and inventory costs
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15
Q

What is Hi- Low pricing?

A

A pricing strategy adopted by sme’s mainly, where a firm charges a high price for an item and later when the items popularity has passed, sell it to customers by giving discounts or through clearance sales

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16
Q

What are the benefits of hi-lo pricing and every day low pricing? (A DDICC)

A
  1. Attracts customers
  2. Discounts and sales promotions can elicit a favourable response
  3. Delight of good deals
  4. Increased product consumption
  5. Can provide information about customer sensitivity
  6. Can enable price discrimination
17
Q

Define channels?

A

The set of interdependent organizations involved in the process of making a product or service available for consumption ( Kotler and Keller)

18
Q

Differentiate between direct and indirect channels? (5 and 3 things)

A

Direct channels: (One+ phone)

  1. product information needs are high
  2. product customisation is high
  3. product quality assurance is important
  4. purchase lot size is Important
  5. logistics are important

Indirect channels: ( Coca Cola)

  1. broader assortments are important
  2. when availability is critical
  3. when after sales services is important
19
Q

What are retailers?

A
  • direct contact with customers
  • form a customer contact point
  • consistency of retailer store image with product being sold? Retailers brand image can transfer to brand image of product being sold -> need for exclusive distribution
20
Q

What is the difference between push and pull strategies?

A

Pull strategy: consumers influence retailer buying decisions through demand for products, strong brands create an incentive for retailers to stock those products

Push strategy: manufacturers gain acceptance by creating awareness and building brand knowledge (push)

  • power difference in supply chain
21
Q

How do you overcome retailer issues? ( 3 things)

A
  1. Retail segmentation: education and training promotional materials for selected retailers due to great marketing capabilities
  2. Selective distribution: consistency of image, training and product knowledge, consist met pricing) high end products
  3. Incentives aligned with brand objectives

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