Marketing Flashcards
Defn?
mix of
- branding
- building customer relations
- COO
- market research
- market planning
7P
- Place
- Price
- Promotion
- People
- Physical Environment
- Process
- Product
Place
Retail wholesale mail order internet direct sales peer to peer multi channe
Price
skimming penetration psychological cost plus loss leader etc
promotion
special offers advertising endorsements user traits direct mailing leaflet/posters free gifts competitions joint ventures
People
Employees
management
culture
customer service
Process
How consumed?
Physical Environment
smart run-down interface comfort facilities
Product
design tech usefulness convenience value quality packaging branding accessories warranties
3 Brand P
s
brands are PROMISES which frame the POSITIONING in minds of stakeholders and which structure their expectations. Ideally these expectations match the promises which are realized and experiences through brand PERFORMANCES
Effective brands deliver consistently on their promise by meeting or exceeding expectations thereby reinforcing the positioning and the credibility of the promise.
Brand Promises
famous grouse - Reminder ads ( character, music, story )
Tag lines like Lidl wines - Big on Quality, Lidl on price
3BPs
Promises
Positioning
Performance
Promises
what promises your brand makes to the customers
Positioning
Current, how do you position your brand
Performance
What performance can customers expect
Brands?
-distinguished name -&/or symbol -intended to identify goods/services - purpose : for seller/differentiate from competitor ( Pepsi, coca cola)
Brand functions/benefits
- Identification
( aids buyer recognition and eases comparison) - Reduced level of perceived risk ( psychological reassurance, signify quality)
- Signify brand personality ( coca - cola , if person patriotic , optimistic , family oriented and also encapsulates americal value system)
Key brand concepts
- Identity
- Position
- Image
- Equity
Identity
How marketers want the brand to be perceived
what the brand stands for
Position
That part of identity and proposition that the marketers want to communicate.
Image
how customer perceives brand
- user image, occasion image, personality, salience and product image)
Equity
Assets and liability linked to brand
brand name, perceived quality, loyalty and associations
Brand Identity Prism
Physique, Personality, Relationship, Culture, Reflection and self-image
Physique
Main physical strength of the brand and core added values
Personality
Human characters that best represent identity ( use of celebrities)
CUlture
Set of values central to the brand
Relationship
How brand behaves and acts towards others . It’s relationship with consumers
Customer reflection
the way consumer sees the brand
Self-image
consumer uses brand for self reflection of these personality traits
Digital Marketing
- Content , design and data
- organisational culture
- personalisation
( eg - Burberry )
COO
origination
willingness to buy the product ( Scotch)
COO effects
Can add or defract from brand image ( Scotch and Indian whisky)
can be confusing
tangible for evaluation
( german engineered, swedish made in china etc.)
Laws against misleading ( Scotch whisky assoc.)
Also strong association in the wine sector ( French wines ) Price is directly prop to COO
Market Research
Customers? Their needs? Market env? Current trends? Future trends? level of customer satisfaction? future customer needs? how communicating?
Marketing Metrics
- Sales ( value/vol)
- gross margin
- awareness
- market share vol
- no. of new products
- relative price
- customer satisfaction/dissatisfaction
- availability/distribution
- profit/profitability
Performance measures
- customer satisfaction
- customer loyalty
- customer retention
- new customer acquisition
-Repeat purchasing frequency
product quality - new product success
