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Marketing

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whenever an individual or organization has a choice to make

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Brand

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a "name, term, sign, symbol, design or a combination of them intended to identify the goods and services of one seller/s and differentiate them from those of competition

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Brand Strategy

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a combination of vision, objectives (marketing and business) and tactics

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Product

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anything that can be offered to a market for use, attention, acquisition, consumption that might satisfy a need or want

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Brand (vs product)

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a product/service, but one that adds other dimensions to differentiate it in some way from other products designed to satisfy the same need

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Core Benefit Level

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the fundamental need/want that consumers satisfy by consuming the product/service

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Generic Product Level

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a basic version of the product containing only those attributes/characteristics absolutely necessary for its functioning but with no distinguishing features. (Stripped-down, no-frills version)

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Expected Product Level

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a set of attributes/characteristics that buyers normally expect and agree to when they purchase a product

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Augmented Product Level

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includes additional product attributes, benefits, or related services that distinguish the product from competitors

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Potential Product Level

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includes all the augmentations and transformations that a product might ultimately undergo in the future

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10 Commandments of Emotional Branding

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1. From Consumers to People 2. From Product to Experience 3. From Honesty to Trust 4. From Quality to Preference 5. From Notoriety to Aspiration 6. From Identity to Personality 7. From Function to Feel 8. From Ubiquity to Presence 9. From Communication to Dialogue 10. From Service to Relationship

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Brand Equity

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Represents "added value" endowed to a product as a result of past marketing investments; Common denominator for interpreting marketing strategies and assessing value of a brand

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Brand Audit

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comprehensive exam to assess health of brand, sources of equity and improve/leverage that equity

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Brand Tracking

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monitor strength, favorability, and uniqueness

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Brand Equity Management System

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a set of organizational processes designed to improve the understanding and use of the brand equity concept within a firm. Three major steps: brand equity charter; brand equity report; brand equity director

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Customer-based brand equity

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the "differential effect" that brand knowledge has on consumer response to the marketing of the brand

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Three key ingredients to customer-based brand equity

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Differential Effect - if no differences occur, then the brand is a commodity; Brand Knowledge - marketing activity impacts what "resides in consumers brains"; Consumer Response to Marketing - perceptions, preferences and behavior related to all aspects of marketing a brand (I.e., recall of copy points, action to brand extension or promotion)

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Brand Awareness

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the Ability of a Potential Buyer to Recognize or Recall That a Brand Is a Member of a Certain Product Category

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Brand recognition

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consumers' ability to confirm prior exposure to the brand when given the brand as a cue

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Brand recall

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consumers' ability to retrieve the brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue

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Brand loyalty

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the measure of attachment a customer has to a brand

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Brand salience

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measures various aspects of the awareness of the brand and how easily and often the brand is evoked under various situations or circumstances. To what extent is the brand top-of-mind and easily recalled or recognized

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Brand resonance

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Extent to which consumers are in "sync" with the brand

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Brand Positioning

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What You Do in the Mind of the Customer / Prospect.

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Brand Positioning Process

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Must define and understand: Target Audience Competitive Frame of Reference Benefits (rational/emotional) Point-of-Difference/Point-of-Parity Brand Values Brand Personality Brand Essence/Character

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Market segmentation

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divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior, and who thus require similar marketing mixes

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Key Target Market Selection Criteria

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Identifiability —can it be easily determined? Size —is it big enough? Accessibility —can we reach this target (distribution and communication media)? Responsiveness —how will the segment respond (favorably)?

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Points of Parity

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Minimum level to compete in your category

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Points of Difference

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Relevant benefits owned by you that provide you a SUSTAINABLE competitive advantage

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Points of Difference Criteria

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Desirability Criteria: Relevance; Distinctiveness; Believability Deliverability Criteria: Feasibility; Communicability; Sustainability

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Brand Core Values

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Key values that capture the important dimensions of the brand's meaning and what the brand represents. Core Brand Values Brand Mantras

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Brand Elements

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Components of a brand (name, logo, symbol, package design, etc) that identify and differentiate it. Core elements to build brand equity and enhance awareness and image. BRand name, URL Logo, Symbols, characters, Slogan, Jingles, Packaging

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Criteria to Choose Brand Elements

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first three are brand building 1. memorable- facilitates recall and recognition 2. meaningful-descriptive and persuasive 3. likable- fun and interesting, rich in visual and verbal imagery and aesthetically pleasing Next 3 are defensive, how brand equity in a brand element can be leveraged or preserved 4. transferable- mobile within and across product categories, geographies and cultures 5. adaptable- flexible enough to be updated and made contemporary 6. protectable- legally secure and competitively well-guarded

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Brand Naming options

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name often captures the central theme or key associations of a product in a very compact and economical fashion. effective shorthand means of communication descriptive- describes function suggestive- of benefit or function compounds-combo of two or more unexpected words classical-based on latin, greek or sanskrit arbitrary- real words with no obvious tie in to company fanciful-words with no obvious meaning

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Logos and Symbols

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visual elements play a critical role in building brand equity and especially brand awareness

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Characters

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represent a special type of brand symbol, one that takes on human or real life characteristics. introduced through advertisements and play a central role in ad campaigns and package designs

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Slogans

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Short phrases that communicate descriptive or persuasive information about the brand. they often appear in advertising but can play an important role on packaging and in other aspects of the marketing program. efficient and shorthand means to build brand equity

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Jingles

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musical messages about the brand

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Packaging

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activities of designing and producing containers or wrappers for a product. objective: 1. identify brand 2. convey descriptive and persuasive information 3. facilitate produc transportation and protection 4. assist at home storage 5. aid product consumption

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Aesthetic considerations

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Relate to a packages size and shape and material, color, text and graphics

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Unique Characteristics of Marketing Uncertainty in Technology Markets

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-customers are uncertain about technology's potential uses and benefits -customers are skeptical -ability of a company to deliver new high tech product is uncertain -short product life cycles -market is turbulent

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Factors affecting adoption rate of new tech

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relative advantage, compatibility, complexity, triabability, observability, network externalities, all vs perceived risk-uncertainty about consequences

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Visionaries

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intuitive, support revolution, contratian, break away from the pack, non conformist

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pragmatists

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aalytical, support evolution, conformist, stay with the herd, consult with colleagues, manage risks

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product centric business model

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performance, price, marketing is necessary evil, slogan and ad campaign

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promise centric business model

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successful brand management attracts and keeps customers, customer needs, industry trends, understanding disruptive technologies, marketing and brand development are an investment, foster good communication among employees, better focus resources, need to figure out what promise of value is, refine that promise, determine functional roles to make good on promise, institute measures of brand performance

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Brand competition

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consumer brand resonance, consumer judgements, consumer feelings

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Product Competition

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Brand salience, brand performance, brand imagery

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Chasm Model

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gap between early and mainstream customers that can lead to product failure

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Technology branding barriers and misconceptions

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Brands/bran image is irrational and emothional not suited to technology- Brand management is best left to marketing or sales dept, not central to the technical direction of the company

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New environment (traditional marketing less effective)

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rapid technological developments, greater customer empowerment, fragmentation of traditional media, growth of interactive and mobile marketing options, channel transformation and disintermediation, increased competition and industry convergence, globalization, new customer company capabilities, heightened environmental community and social concerns, economic recession

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new capabilities for consumers

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customer power example social media, purchase a greater variety of available goods and services, more information, ease at buying and interacting with marketers, compare experiences with strangers

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New capabilities for companies

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collect rich information-customers markets and competitors, improved transaction capabilities, two way communication with customers and consumers, customize offerings and services to individual customers, operate new sales channels to augment geographic reach

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Personalized Marketing

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increased consumer desire for personalization and marketers have embraced concepts such as experiential marketing and relationship marketing

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Experiential marketing

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promotes a product by not only communicating a products features and benefits, but also connecting it with unique and interesting consumer experiences. -focuses on customer experience, consumption situation -views consumers as rational and emotional -uses eclectic methods and tools

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5 Types of experiential marketing

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1.sense- appeals to consumers senses 2. feel- appeals to customers inner feelings and emotions-from mildly positive moods linked to a brand to strong emotions of joy and pride 3. Think-appeals to intellect in order to deliver cognitive problem solving experiences that engage customers creatively 4. Act- targets physical behaviors, lifestyles, and interactions 5. Relate marketing- creates experiences by taking into account individuals desires to be part of a social context

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Relationship Marketing

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based on premise that current customers are the key to long term brand success. more holistic, personalized brand experience to create stronger consumer ties, cheaper to keep customer than acquire new.

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3 Ways to implement relationship marketing

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1. Mass customization- addresses need of individualization 2. ONe-to-one marketing- focuses on consumers via databases, respond to customer via interactivity, impact-create switching costs, reduce transaction cost, loyalty building, customize products and services 3. permission marketing- practice of marketing to consumers only after gaining their express permission, break through clutter and build customer loyalty- offer prospect an incentive to volunteer (sample), offer interested curriculum over time, reinforce incentive to guarantee prospect maintains his permission, offer additional incentives, over time leverage permission to change consumer behavior toward profits, build long term relationship

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Heart of brand equity

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the product, must meet or exceed consumer expectations

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perceived quality

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influences attitude, behavior and perceptions of product superiority 7 dimensions: performance, primary ingredients and supplementary features, conformance quality (no defects), reliability, durability, serviceability, style and deisgn

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aftermarketing marketing

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the "second moment of truth", marketers need to enhance the consumer experience after purchase, during consumption objective:drive not only trial but repeat, user manuals customer service programs, loyalty programs

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Product strategy: perceived quality and value

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Brand intangibles and value chain?

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Brand Intangibles

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speed, accuracy, care of delivery and installation, product care, promptness, courtesy, helpfulness, quality of repair

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value chain

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leverage 5 value creating activities or four support activities to create competitive advantage, improve performance and reduce costs

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value chain creating elements

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improve performance, and add points of difference they are: inbound logistics, operations, outbound logistics, marketing sales, service

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Value chain support elements

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reduce cost they are: firm infrastructure, HR management, technological development, procurement

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Value pricing

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price/value that meets customer needs, balances product design/delivery, product costs, and product prices (consumer perceptions)

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Every Day Low Price

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limited or no trade promotions, finds right price balance, addresses other issues, forward buying and diverting, goal-keep retailer margins whole, restore price integrity, build rational consumer expectations

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skimming (pricing)

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capture top consumers, high price

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penetration (pricing)

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leverage position as low cost supplier

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Marketing channels

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sets of interdependent organizations involved in the process of making a product or service available for use or consumption. strategy includes design and management of intermediaries such as wholdsalers, distributers, brokers, retailers

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Direct Channels

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mail, phone, in person, electronic, product information needs are high, product customization is high, product quality assurance is important logistics are important

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indirect channels

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brokers, retailers, dealers, a broad assortment is essential, availability is critical, after sales service is important.

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Private Label Strategies

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products marketing by retailers- store brands good quality lower price, generics- functional at lowest price. private label products threaten brands that are overpriced, under supported and undifferentiated branded Response to PL- decrease costs, cut prices, increase r&D, improvements, ad and promo budgets, track growth, supply private label makers

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Evolved 4 Ps

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product is still the underpinning of a strong brand, successful programs create strong favorable and uniqe brand associations, pricing now equals value, relationship marketing vs mass marketing, channel strategies should match brand and store image

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Common mistakes when working with agencies

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selecting the wrong agency for the job, dont understand real marketing reative needs or provide right objectives, dont know how to evaluate agencies, dont know how to provide strategic direction and comment on creative

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what to expect from your agency

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being a partner, value added thinking, making you think outside comfort zone, provide you best resources available, relentless commitment to excellence, understand business and customer, need to have acess to right level, educate on latest trends

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What your agency expects from you

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not treating them as a vendor, treating them as a partner, they want you to own the marketing and brand strategy, constructive feedback, provide deep orientation, pay on time

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Agency Selection process

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define marketing objectives, develop the brief, identify and invite agencies to participate, determine selection process (credentials, strategy, creative), evaluation criteria, compensation agreement before final selection, check references, final selection

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information persuasion process

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exposure-person sees hears communication attention-person must notice the communication comprehension-person must understand message yielding-person must respond favorably intentions-person must plan to act in desired manner behavior- person must actually act

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Creative strategy

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informational- benefit driven transformational- imagery portrayal-typical or aspirational usage situation or user, brand personality and values motivational- humor, warmth, sex appeal

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Creative Brief Key Elements

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brand background and strategic framework summary, copy considerations-insights on customer, talk value, reasons to believe, creative considerations-brand personality, demographic and psychographic brand description

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Television Advertising

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mass coverage, impact of sign sound and motion, high absolute costs, high production costs works better when there are changes or iterations of same ad

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Radio Advertising

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local coverage, flexible, audio only

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Magazine Advertising

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Segmented potential, high information content, quality reproduction, lacks flexibility, long lead time

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newspaper advertising

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short lead time, timely, coupons, but shorter life

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Direct Response Advertising

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high selectivity, high information content, poor image (junk mail)

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interactive/mobile advertising

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customized and personalized, often lacks emotionality

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outdoor advertising

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location specific, short exposure

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Paid Media

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all forms of paid advertising, tv, radio etc

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Owned Media

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media channels, websites, social media

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Earned Media

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Consumers communicate about brand themselves

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Sales Promotiosn

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Are short term incentives to encourage trial or usage of product or service, advertising is the reason to buy, promotion is incentive to buy pros- change choice, timing of consumer choice, secure shelf space, secure distribution cons- decreased brand loyalty, decreased quality perceptions Objectives- pursuade new category users to try category and brand, persuade existing brand x users to continue purchasing and not swutch, persuase existing category users to try brand

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Event and experience marketing

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allows you to be relevant at a special moment in consumers lives

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Developing Integrated marketing and communications programs

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Old Approach- stage of brand life cycle, objectives and budget, size of budget, media strategy of competition goal is to create most effective and efficient communications program

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6 Relevant criteria

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coverage-audience reach and overlap Contribution- create desired response Commonality- create consistant and cohesive brand association/image complementary- communications are most effective when used in tandem versatility- how versatile a communication is for different customer segments new vs unaware cost

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