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8/8/2019 Branding and the Marketing Mix
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S hifts in Marketing
Digitalization and connectivityDisintermediation and reintermediation
Customization and customerizationIndustry convergenceNew customer and company capabilities
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S hifts in Customers/Companies
ConsumersIncrease in consumer power Greater variety of goods and servicesInstant access to informationIncrease order placing efficienciesBots, chat rooms, customer feedback sites
CompaniesIncreased geographic reach promotional and transactionalcoverageCollection of fuller and richer customer information
Two-way interactionPermission marketingCustomize offeringsRecruiting, purchasing, training, internal and externalcommunication improvements
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Integrating the BrandInto S upporting Marketing Programs
Supporting marketing mix should beSupporting marketing mix should bedesigned to enhance awareness anddesigned to enhance awareness andestablish desired brand image.establish desired brand image.
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Retail Mix-refresh
Price structureLocation
S tore atmosphere/ambienceProduct offerings/assortment
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Product
Product is at the heart of brand equityIt is the primary influence
consumers experience with a brand
Hear from othersWhat the seller can tell the customer about thebrand
Design and deliver what the consumer needs
and wantsTo create loyalty, expectations must be met,exceeded
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Product
Product S trategyDeliver tangible and intangible benefits
Add value through customer information
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Perceived Value and Quality
V alue ~ determined by the consumer P erceived quality is a global assessments on what isa quality produce and how well the brand rates onthose dimensionsP erceptions of quality
PerformanceFeaturesConformance qualityReliabilityDurabilityS erviceabilityS tyle and design
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Brand Intangibles associated withproduct
S peed accuracy care of deliverer Information
Promptness courteousnessImageryMcKinseys 3-d model
FunctionalProcess benefits
Relationship
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Relationship Marketing
T ranscend the purchase exchange to makemeaningful connectionsP remise (Frederick Reichheld, The Loyalty Effect
Acquiring new customers can cost 5x more thanthe costs in retaining current
Average company loses 10% of its customers ayear
A 5% reduction in the customer defection rate canincrease profits by 25-85 percentThe customer profit rate tends to increase over thelife of the retained customer
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Personalizing Marketing
Current issuesMass customization-make the products to fit consumer exact specificationsCRM
After-marketing & loyalty programs-activities after purchase
Instruction manualsCustomer service departmentComplimentary replacement parts/ingredients:loyalty-newsletter premiums other incentives
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N ew approaches to relationshipmarketing
Experiential MarketingPermission MarketingOne-to-One Marketing
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One-to-One Marketing:Competitive Rationale
Consumers help to add value by providinginformationFirm adds value by generating rewardingexperiences with consumers
Creates switching costs for consumers
Reduces transaction costs for consumersMaximizes utility for consumers
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One-to-One Marketing:Consumer Differentiation
Treat different consumers differentlyDifferent needsDifferent values to firm
currentfuture (life-time value)
Devote more marketing effort on most
valuable consumers (and customers)
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One-to-One Marketing:Five Key S teps
Id entify consumers, individually andaddressably
D ifferentiate them, by value and needsI nteract with them more cost-efficiently andeffectively
Cus tomize some aspect of the firm
sbehavior B ran d the relationship
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Experiential Marketing
Employ multiple touch points &multiple sensesOften involves special events,contests, promotions, sampling, on-line activities, etc.
Combine brand education &entertainmentDistinctive and relevant
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Permission Marketing(S eth Godin)
Permission marketing encourages consumers toparticipate in a long-term interactive marketing campaignin which they are rewarded in some way for payingattention to increasingly relevant messages.
AnticipatedPersonalRelevant
Permission marketing can be contrasted to interruptionmarketing
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Price
Pricing S trategyUnderstand perceptions of valueBalance price, cost, & quality
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S etting Prices to Build Brand Equity
Determine the method for how current price is setTarget pricingEDLPCost based
Competition basedDemand basedProfit based
Value-pricing-balance cost, prices, design anddeliveryS et policy for other incentives and promotions over time
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Place
Channel S trategyBlend channel push with consumer pull
Develop & brand direct marketing options
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Channel members as customers
Channel designDirect
IndirectMulti-channel or dual distribution
Channel supportRetail segmentationCooperative advertising and tradepromotions
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Brand equity created by channeldesign
D irect Allows customers to better understand the depth breadth advariety of products associated with the brand: Nike Town,Disney S tore
IndirectEquity created through actions and support of intermediaries:marketing research, communications, contact, matching,sorting, assorting, negotiating, physical distribution, financing,risk taking, service
A
lway s
d
es
ign a thing by cons
i d
ering it in it s
next larger context-a chair in a room ,a room in a ho us e, aho us e in an environment, an environment in a city
plan. Frank Lloyd Wright
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Promotion
Communication S trategyMix & match communication options and or create an IMCBlend push and pull