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Retail Mkt-Final

Chapter 16

LONG-TERM OBJECTIVES Build brand image and create customer loyalty
SHORT-TERM OBJECTIVES Increase traffic and increase sales
BRAND? A distinguishing name or symbol that identifies the products/services offered by a seller and differentiates those products/services from those offered by competitors
VALUE OF BRAND IMAGE Value to Retailers and Value to Customers
VALUE TO RETAILERS BRAND EQUITY: attract customers, build loyalty, higher prices, facilitates entry to new markets
VALUE TO CUSTOMERS Promise consistent quality, simplifies buying process,reduces time and effort searching for information about merchandise/retailer
BUILDING BRAND EQUITY 1)Create high level of brand AWARENESS 2)Develop favorable ASSOCIATIONS 3)Create EMOTIONAL connections 4)Consistent REINFORCEMENT
HIGH BRAND AWARENESS 1)Aided recall (top-mind awareness) 2)Stimulates visits to retailer (unaided recall)
TOP-OF-MIND BRAND AWARENESS A)Memorable name B)Repeated exposure C)Event sponsorship D)Symbols
RETAILERS DEVELOP ASSOCIATIONS WITH THEIR BRAND NAME: Brand associations-anything linked/connected with he brand name in a consumer's memory: merchandise category, price/quality, specific attribute/benefit, lifestyle/activity
CONSISTENT REINFORCEMENT The retailer's brand image is developed and maintained through the retailer's communication mix.
RETAIL COMMUNICATION MIX Objectives: Inform, persuade, and remind; Ultimate goal: to generate sales to customer's in the retailer's target market
INTEGRATED MARKETING COMMUNICATIONS Present a consistent brand image through all communications with customers: store design, advertising, web-site
Created by: clmartinez13