MKT 300 Exam 3
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| A name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. | Brand
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| are a promise to deliver specific benefits associated with products or services to consumers. | Brands
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| Brand Elements | Slogans, Brand names, Websites, Characters, Color scheme, Logos
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| is the marketing and financial value associated with a brand’s strength. The major components include brand name awareness, brand loyalty, perceived brand quality, and brand associations. | Brand equity
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| A Strong Brand occupies | a distinct position in consumer’s minds based on relevant benefits and creates an emotional connection between businesses and consumers
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| Brand Equity is | Indicative of “strength” of brand and brand “fit” with consumers;
Can be so strong that brand name becomes the category name
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| Brand Benefits To Consumers | Search cost reducer
Signal of quality
Risk reducer
Symbolic device
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| Can be so strong that brand name becomes the category name is | Master Brand
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| Brand Benefits To Companies | Source of competitive advantage
Predictability and security of demand
Barriers to entry
Financial returns
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| How can we measure this intangible value? | If Market value /tangible assets>1, then we’ve created intangible value
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| Top of the Aaker’s five levels of customer attitude toward a brand of brand equity | Devoted to Brand
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| Brand Asset Valuator (BAV) | Differentiation
Relevance
Esteem
Knowledge
D.R.E.K
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| Interbrand’s Brand Equity Formula | Brand Earnings & Brand Strength (top two strengths are Geographic spread and Leadership)
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| Building Strong Brands start with | positioning
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| Building Strong Brands | Provide Identity
Project the Right Message
Saves Time
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| Building Strong Brand pyramid | Attributes-Benefits-Values(from low to high) Higher Emotional Connection with Consumers, Increasing Difficult for competitors to copy Positioning
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| salient and feeling-related associations | Brand image
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| traits or characteristics ascribed by consumers to different brands | Brand personality
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| Carl Jung suggested that humans are not a “blank slate” but rather a combination of archetypes; “universal, archaic patterns and images that derive from the collective unconscious and are the psychic counterpart of instinct” | Brand Archetypes
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| Can package size accelerate usage volume? | People pour from 15%-40% from large vs. small containers
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| Package Shape | People perceive tall, slender glasses to hold more than short,wide glasses
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| Functions of Packaging | Contain and Protect
Promote
Facilitate Storage, Use, and Convenience
Facilitate Recycling
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| reason why you buy, This is the need that the product fulfills | core product
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| Bonus, not necessary but makes it nicer, All of the extra features of the product that might not be necessary for the product to work, but that can enhance the experience | augmented product
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| Improvement but still in the same category.ex. new colors. Deeping the line | Line Extension ,
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| Current brand to new product class, new category, Widening the Mix | Brand Extensions ,
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| Successful new products: | Offer a strong relative advantage;
Reflect better understanding of customer needs
stronger top management
launched with larger budgets
higher performance-to-cost ratios and higher contribution margins
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| Importance to long-term success: | Strong correlation between new product success and a company’s profitability and sales growth
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| Industry leaders obtain of ______% revenues from products developed in the last 5 years | 49 %
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| Least successful companies:of _____% revenues from products developed in the last 5 years | 11 %
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| The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation. | Test Marketing
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| New Product Failure is Rampant: | 95% of new U.S. consumer products
90% of new European consumer products
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| Why New Products Fail | No discernible benefits
Poor match between features and customer desires
Overestimation of market size
Incorrect positioning
Price too high or too low
Inadequate distribution
Poor promotion
Inferior product
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| The process by which the acceptance of an innovation is spread by communication to members of social system over a period of time. | Diffusion
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| The stages through which an individual consumer passes in arriving at a decision to try (or not to try), to continue using (or discontinue using) a new product. | Adoption
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| The five stages of the traditional adoption process are | awareness, interest, evaluation, trial, and adoption
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| Factors that Influence the Rate of Diffusion | 1. Relative advantage.
2. complexity
3. compatibility
4. trialability.
5. observability
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| Tangible , and must be there for the product | actual product
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| Invention first ever form, new to the world, changes behavior most | Discontinues
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| a new category within something already existed. Like tablet--slightly different from laptop, and online education | Dynamically continues
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| small incremental, change least behavior, very little change | Continues
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| You can buy it everywhere | convenience products
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| you cannot buy it everywhere but multiple locations. Like buy car in Toyota dealership. | shopping products
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| only one option | specialty products
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| Never pick unsought products! | OK
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| new product is perceived as superior to existing substitutes | Relative advantage
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| degree of difficulty to use/understand – the easier to use, the easier to adopt | Complexity
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| matches consumer needs | Compatibility
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| degree to which product is capable of being tried on a limited basis; leads to product loyalty | Trialability
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| product’s benefits, attributes can be seen by others, imagined, or described | Observability
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| D.R.E.K are | Differentiation, Relevance, Esteem, Knowledge
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| Multiplicative is related to | Brand Asset Valuation
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| In BAV, if one of D.R.E.K is zero, then result equals | equals zero
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| start to make money is in | Growth stage
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| Decreasing in increasing rate is in | Decline stage
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| Fad product life cycles means: | be popular for only 10 seconds
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| Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything | Services Marketing
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| In fact. . .all businesses are becoming | service businesses
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| Why do firms focus on Services? | Customer satisfaction and loyalty are driven by service excellence
Services provide higher profit margins than products
Services can be used as a differentiation strategy in competitive markets
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| Adding service aspects to a product often transforms the product from a commodity into a | compelling experience
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| You can't evaluate services, you can't sense it | Intangibility
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| It makes it impossible for a service operation to achieve 100 percent perfect quality on an ongoing basis | Variability
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| you must be there to have the service, simultaneous | Inseparability
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| capacity restraint, and capacity cannot be stored for the future | Perishability
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| perform promised service dependably and accurately, he can fix the problem | Reliability
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| willingness to help customers and provide prompt, timely service, say two days, do two days | Responsiveness
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| employees must be knowledgeable, courteous, convey trust and confidence, you can believe this person | Assurance
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| caring, individualized attention, treat customer like a person | Empathy
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| appearance of physical facilities, equipment, personnel, communication material, like decoration in the five star hotel room | Tangibles
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| If expectations do not equal experience, | a gap exists, can be positive or negative
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| Only select Gap 1 or Gap 5 in exam! | OK
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| The gap between Expected Service and Perceived Service, after the service taking place, I as a customer expect this, I get this | Gap 5: service gap
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| The gap between Management Perception and Expected Service. Before the service taking place, I as a customer don't know what the service will be | Gap 1: Knowledge gap
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| 4 P’s | product, price, place, promotion
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| 7 P's | 4 P’s + people, process+physical evidence
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| refers to the use of physical evidence to design service environments | servicescape
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| The actual or “tangible” product is missing as services are intangible. what two aspects remain | core and augmented
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| Physical changes down to you, like transportation services, health clubs | People processing
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| performances services to the thing I own, like lawn or car repairs | Possession processing
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| seat inside the door to see people perform, you are just experiencing it, like watching movie | Metal stimulus processing
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| paying for knowledge, like accounting, training, financial services | Information processing
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| Promotion Strategy | Stressing tangible clues (make service more tangible)
Using personal information sources (celebrity endorsements)
Create a strong organizational image
Engage in post purchase communication (call to make sure your service was satisfactory)
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| the encapsulation of these benefits in the consumer’s mind | The benefit concept
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| Creating Compelling Experiences is | Economic value progresses from commodities to goods to services to experience
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| Internal Marketing (employees as customers) | Facilitating Promises
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| External Marketing (company to customers) | Making Promises
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| Interactive Marketing (employees to customers) | Keeping Promises
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| A group of individuals and organizations directing the flow of products from producers to customers | Marketing Channel
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| Activities involved in making products available to customers when and where they want to purchase them. | Distribution
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| The element that you cannot control in the market, like size of market, Geographic location | Market Factors
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| All elements of the products, like product life cycle, price | product factors
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| Number of product lines, Producer resources | producer factors
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| Factors Affecting Channel Choice | market factors, product factors, producer factors
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| Your products can buy everywhere | intensive distribution
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| Your products can buy multiple options, not everywhere, for shopping products | selective distribution
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| only one option, for expensive, high-quality products purchased infrequently | exclusive distribution
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| Advertising and promotional strategies geared toward your distribution partners to encourage them to promote your product | Push Strategy
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| Levels of Distribution Intensity | intensive distribution, selective distribution, exclusive distribution
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| Advertising and promotional strategies geared toward consumer to increase desire for the product | Pull Strategy
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| Push Strategy is for | B2B
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| Pull Strategy is for | B2C
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| All the activities involved in selling goods directly to the final consumer for their use | Retailing
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| Connected customers can shop for/purchase the same items across different channels | Omni-channel retailing
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| Direct Retailers sell products: | Door-to-Door, Office-to-Office, Home Sales
Parties
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| Types of Direct Marketing: | Direct Mail, Catalogs & Mail Order, Telemarketing
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| Retailing Strategy | Customer service, Atmosphere
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| the Factors of Physical Surroundings | Crowding (+/-), temperature, safety, spacing, image, parking
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| How music affect the customers | Music liked by consumers increases perceived waiting duration
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| How color affect the customers | Cool color (blue/green) store décor generally seen as more pleasant, Warm color décor (red/yellow) is rushed/hurried/busy
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| How sense affect the customers | When scents are congruent with product class, consumers spend more time on processing product information
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| layout, design, textures, senses | Atmosphere
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| pleasure/displeasure/heightened senses | Emotional Response
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| Time spent in store, affiliation with people, buying actions | Behavior
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| Attributes of Strong Brands | Consistent brand message; meaningful, memorable, likable; focus on long-term growth; manage customer experience
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| The roles of brands | brand extensions, price premium
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| How do marketers strategically attempt to create a stronger brand in the marketplace? Concepts such as brand image, brand personality, and co-branding will be investigated to illustrate this process. | Building Brands
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| In building strong brands, value has | highest emotional connection, and increases the most difficult to copy
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| In building strong brands, attribute has | lowest emotional connection, and increases theelast difficult to copy
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