1-1 open floor look at the chevron ad from yesterday’s ny times... there is a clear inaccuracy...
Post on 21-Dec-2015
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TRANSCRIPT
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1-1-11
Open FloorOpen Floor
Look at the Chevron Ad from Yesterday’s NY Times... There is a Clear Inaccuracy in the Ad, What is
it? What Impact Might the Inaccuracy have on
have on Chevron? What Would You do If You Were the Chevron
Person Responsible for This?
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1-1-22
Open FloorOpen Floor
Hand In Midterm III With Group Evaluations (from Website)
Extra Copies Available in Front
Hard Copy to Me E-mail me copy to Me with Group name and
Section (i.e., KEY-001)
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1-1-33
Open FloorOpen Floor
Midterm III… General Comments…
What Went Well? Where is there Room for Improvement?
What Did You Learn? What Was the Element that You Didn’t
Have that You Needed the Most? What Was the Most Helpful Element?
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PreviewPreview
Lecture… Finish Lecture on “Industry Analysis” from Last Time Lecture on…
Competitor Analysis Customer Analysis Sales Forecasting Marketing Strategy
Discussion on “Presentation” Overview and Comments Questions
Comments on John Jolliff Guest Speaker Simon Luthi and Peter Reugger Next Week
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PreviewPreview
Remember… This is an “Overview” Book Covers This Quite Well
Resource for Marketing Plan Resource for Future
Exceptions and Differences in Categories and Products
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1-1-66
BA 590BA 590
Industry Analysis(Continued)
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Projected Change in U.S. Population 1995-2005Projected Change in U.S. Population 1995-2005
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U.S. Income InequalityU.S. Income Inequality
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Category Factors: Energy Bars (Attractiveness Summary)Category Factors: Energy Bars (Attractiveness Summary)
Aggregate Market Analysis
Category Growth
•Average annual growth rate of 57% between 1997 and 2001
Attractiveness++
U.S. energy bar category sales forecasted at $750 mm in 2003 for a continued expected growth of 22%•IIndustry reports suggest current annual growth for the energy bar market 25%-30%
•CCategory expanding: new competitors are entering, existing brands are expanding with new products and flavors, market penetration and usage occasion is increasing
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Energy Bars: Attractiveness SummaryEnergy Bars: Attractiveness Summary
Aggregate Market Analysis
Product Life Cycle
•Both the category and Odwalla Bars specifically are both securely in early stages of growth phase
Attractiveness++
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Energy Bars: Attractiveness SummaryEnergy Bars: Attractiveness Summary
Category Analysis
Threat of New Entrants/Exits
•Strong potential for new competitors given that the category is profitable, fairly easy to enter, and increasingly relevant to consumers.
Attractiveness-
•Further, with the “big three” brands strongly in place [PowerBar, Clif (including Luna), and Balance], it is most likely that small competitors will enter through the natural foods channel, creating more direct competition with Odwalla bars.
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PDA: Category Attractiveness AnalysisPDA: Category Attractiveness Analysis
Aggregate Market Factors Attractivenes
s
Market Size $2.3 billion
Market Growth
Product Life Cycle
0%-40% +
+
+Growth
Profits
Sales CyclicityGood
one
Sales Seasonality
one
+/0
+
+
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PDA: Category Attractiveness AnalysisPDA: Category Attractiveness AnalysisCategory Factors Attractivenes
sThreat of New Entrants
•Moderate; R&D required, distribution
Bargaining Power of BuyersBargaining Power of Suppliers
Low, high switching costs +
0
0Moderate; PCs use similar components
Category Rivalry
Pressure from Substitutes
Intense
High
Category Capacity
Not a problem for now
-
-
+
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PDA: Category Attractiveness AnalysisPDA: Category Attractiveness Analysis
Environmental Factors: Attractivenes
s
Technological •Very sensitive
Political/ Regulatory
Economic
Telecommunications deregulation
+
-
+Relatively inexpensive
Social More work done on the road
+
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BA 590BA 590
Competitive Analysis
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Competitor Analysis SystemCompetitor Analysis System
What are they going to do?
Differential competitor advantage analysis i.e. Who has the competitive product advantage?
Key questions: - Who are they?- What are the
competing product features?
- What do they want?
- What is their current strategy?
Primary dataSecondary data
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Primary Sources of Competitor InformationPrimary Sources of Competitor Information
Sales Force
Investment Bankers
Suppliers
Customers
Employees
Consultants/ Specialized
Firms
PrimaryPrimaryDataData
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Secondary Sources of Competitor InformationSecondary Sources of Competitor Information
InternalSources Local
Newspapers
Annual Reports
PatentFilings
10Ks
BusinessPress
GovernmentElectronicDatabases
NewsReleases
TradeAssociations
PromotionalLiterature
Internet
Trade Press
Consultants
CustomerCommuni
cations
Secondary dataSecondary data
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Other Sources of Competitor InformationOther Sources of Competitor Information
Trade Shows
Help-Wanted Advertisements
Plant Tours
Reverse Engineering
Monitoring Test Markets
Hiring KeyEmployees
PrimaryData
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Sources with Ethical ConsiderationsSources with Ethical Considerations
Aerial reconnaissance Buying/stealing trash Bribing printers Running phony want ads Snooping on airplanes
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Assessing Competitors’ StrategiesAssessing Competitors’ Strategies
Marketing strategy Comparing value chains Marketing mix
Pricing Promotion Distribution Product/Service capabilities
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Value Chain Value Chain
ServiceService
Firm InfrastructureFirm Infrastructure
Human Resource ManagementHuman Resource Management
Technology DevelopmentTechnology Development
Procurement Procurement
Marketing Marketing and Salesand Sales
OperationsOperations Outbound Outbound LogisticsLogistics
Inbound Inbound LogisticsLogistics
Margin
Margin
Support Activities
Primary Activities
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Criteria to Assess Technological StrategyCriteria to Assess Technological Strategy
1. Technology selection or specialization
2. Level of competence
3. Sources of capability: internal versus external
4. R&D investment level
5. Competitive timing: initiate versus respond
6. R&D organization and policies
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Competitor Information to CollectCompetitor Information to Collect
Ability to conceive and design Ability to produce Ability to market Ability to finance Ability to manage
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A Competitive Conjecture ProcessA Competitive Conjecture Process
Customer response
We lower our price
Our unit sales
Their expected price
Our profit
Their price reaction
Customer response
Our unit sales Our profit
Our total
outcome
Second period
First period
Should we cut price?
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1-1-2626
Energy Bars: Competitor Feature/Strategy MatrixEnergy Bars: Competitor Feature/Strategy Matrix
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1-1-2727
Energy Bars: Current & Future Strategy MatrixEnergy Bars: Current & Future Strategy Matrix
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1-1-2828
BA 590BA 590
Customer Analysis
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What We Need to Know What We Need to Know about Current and Potential Customersabout Current and Potential Customers
Who buys and uses the product What customers buy and how they use it Where customers buy When customers buy How customers choose Why they prefer a product How they respond to marketing programs Will they buy it (again)?
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Who Buys and Uses the ProductsWho Buys and Uses the Products
Initiator -who identifies the need for product
Influencer -who has informational or preference input to the decision
Decider –who makes the final decision through budget authorization
Purchaser –who makes the actual purchase User
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Buying Roles and Needs/Benefits SoughtBuying Roles and Needs/Benefits Sought
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Categories for Describing ConsumersCategories for Describing Consumers
1. Demographic
2. Socioeconomic
3. Personality
4. Psychographics and values
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Major Segmentation Variables for Consumer MarketsMajor Segmentation Variables for Consumer Markets
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Major Segmentation Variables for Consumer Markets Major Segmentation Variables for Consumer Markets (cont.)(cont.)
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Major Segmentation Variables for Consumer Markets Major Segmentation Variables for Consumer Markets (cont.)(cont.)
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Lifestyle TypologiesLifestyle Typologies
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List of ValuesList of Values
1. Self-respect2. Security3. Warm relationship with others4. Sense of Accomplishment5. Self-fulfillment6. Sense of belonging7. Respect from others8. Fun and enjoyment9. Excitement
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Major Segmentation Variables for Business MarketsMajor Segmentation Variables for Business Markets
Demographic Operating variables Purchasing approaches Situational factors Personal characteristics
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Multiattribute Model QuestionsMultiattribute Model Questions
1. Which attributes do customers use to define a product?
2. How do customers determine how much of each attribute a brand possesses?
3. How are the importance weights determined?
4. What decision rule is used to combine the information?
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Bank Perceptual MapBank Perceptual Map
Courteous personnel
Convenient ATM locations
A•
D•
B•
C•
E•
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Sources of Customer ValueSources of Customer Value
Economic: The economic benefit a customer derives from using a
product Functional:
Those aspects of a product that provide functional or utilitarian benefits to customers
Psychological: The image of the product, including how the product
“feels” and whether that feeling matches the image the customer wants to project
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Measuring Brand EquityMeasuring Brand Equity
1. Awareness: Being aware of a brand is usually a requirement for its purchase and tends to lead to more favorable opinions by reducing the risk associated with a familiar option.
2. Associations: Images related to overall quality as well as specific product attributes and user characteristics affect the reaction to a brand.
3. Attitude: Overall favorability toward a brand is a critical part of brand equity.
4. Attachment: Loyalty to a brand is the strongest type of equity, and most beneficial for sellers.
5. Activity: The strongest fans of a brand become advocates.
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Manifestations of Customer ValueManifestations of Customer Value
Price. Price is the company’s assessment of the product’s value.
Price sensitivity. A product with constant sales when prices increase generally is of greater
value than one for which demand slumps.
Satisfaction. Survey-based satisfaction measures are standard practice in my business.
Complaints and compliments. The number of complaints or compliments the company receives indicates the
product’s value.
Word-of-mouth. Although often difficult to track, spoken and written comments provide a
useful subjective assessment of a product’s value.
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Manifestations of Customer Value cont.Manifestations of Customer Value cont.
Margin/profit contribution. Generally, higher margins indicates partially monopolistic positions due
to greater communicated value.
Dollar sales. Total dollar sales provide an aggregate measure of the value of a product
as assessed by the market.
Competitive activity. Competitive activity such as new-product introductions indicates that
the total gap between customer value and company costs is sufficiently large to allow for profits even when more companies divide the market.
Repeat purchase rate. High loyalty indicates high brand value.
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Assessing the Value of the Product CategoryAssessing the Value of the Product Category
1. Determine the uses of the product
2. Estimate the importance of the uses
3. List competing products for the uses
4. Determine the relative effectiveness of the product category in each usage situation
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Desirable Criteria for SegmentsDesirable Criteria for Segments
Sizeable Identifiable Reachable Respond differently Coherent Stable
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Cluster Analysis IllustrationCluster Analysis Illustration
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Customer Analysis Illustration: PDAsCustomer Analysis Illustration: PDAs
Who the Customers Are: Primarily upscale mobile professionals Predominately male Analytical and quantitative in nature Well educated Over 21 years of age
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PDA Market SegmentsPDA Market SegmentsSegment Size Characteristics Distinctive AttributeWide Area Travelers:
Globetrotters 10% Age 45-54; mostly male; employed in senior positions
Innovators, have modems installed in their portable PCs
Road Warriors 20% Mostly in corporate management and sales, property management and real estate
High cellular phone usage
Overall computer usage lower than for other mobile pros
Corporate Wanderers
12% Travel less than Globetrotters or Road Warriors; spend most time visiting employees within their own companies
Employ portable PCs least
Heaviest fax users (on PCs)
High e-mail users
Longest owners of cellular phones
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PDA Market SegmentsPDA Market SegmentsSegment Size Characteristics Distinctive Attribute
Local Area Travelers
Collaborators 8% Age 25-44
Well educated young professionals, tend to hold advanced degrees
Team leaders, project managers
Innovators
High use of pagers (20% of segment)
Not very mobile but need mobile products
Corridor Cruisers 15% Similar profile to Collaborators Not as likely to adopt new products as Collaborators
Hermits 8% Least mobile;
Youngest segment (many under 35)
Seldom work with others
Mostly finance and telemarketing
Heavy e-mail users
Virtually all are PC users but not portable users
Solo Practitioners 16% Like Hermits but older
Diverse collection of technical professionals in small to medium-size companies
Typically connect to corporate network when traveling
Highest connect times of any group
Small-Site Bosses 11% Run small business Highest portable PC purchase intention in next 12 months; shifting to portable PC as primary computer
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Customer Analysis Illustration: PDAs Customer Analysis Illustration: PDAs (cont)(cont)
What They Buy: Small size/light weight PC connectivity E-mail communications capability Phone/address book Appointment book/calendar/alarm One-way paging
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Important PDA FunctionsImportant PDA Functions
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Customer Analysis Illustration: PDAs Customer Analysis Illustration: PDAs (cont)(cont)
Where They Buy: Buy lower-priced, low feature devices from
consumer electronics stores and office supply superstores
Higher-end PDAs are purchased from computer stores, through mail order, or via the Internet
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Three Minute Drill…Three Minute Drill…
How Would We Improve Our Customer Analysis for Our Project? Demographic Socioeconomic Personality Psychographics and values
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BA 590BA 590
Forecasting and Planning
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Forecasts vs. PotentialForecasts vs. Potential
Expectations Possibilities
Firm/Brand Sales Forecast Sales Potential
Category Market Forecast Market Potential
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Major Uses of Potential EstimatesMajor Uses of Potential Estimates
1. To make entry / exit decisions
2. To make resource level decisions
3. To make location and other resource allocation decisions
4. To set objectives and evaluate performance
5. As an input to forecasts
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Deriving Potential EstimatesDeriving Potential Estimates
Potential estimatePast sales data
Secondary data
Surveys/ Primary data
Model/Statistical method
Judgment
Secondary sources
Data
Calculations Result
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How Are Sales Forecasts Used?How Are Sales Forecasts Used?
1. To answer “what if” questions
2. To help set budgets
3. To provide a basis for a monitoring system
4. To aid in production planning
5. By financial analysts to value a company
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Judgment-based Forecasting MethodsJudgment-based Forecasting Methods
Naïve extrapolation Sales force composite Jury of expert opinion Delphi method
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Graphical Eyeball ForecastingGraphical Eyeball Forecasting
Time
Sales
• ••
••
•
•• • •
Range ƍForecast
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Customer-Based Forecasting MethodsCustomer-Based Forecasting Methods
Market testing Situations in which potential customers are
asked to respond to a product concept Mall Intercept Surveys Focus Groups
Market surveys A form of primary market research in which
potential customers are asked to give some indication of their likelihood of purchasing a product
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Time-Series Forecasting MethodsTime-Series Forecasting Methods
Moving Averages Exponential Smoothing Regression Analysis
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Potential Customers by Industry and SizePotential Customers by Industry and Size
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Model-Based MethodsModel-Based Methods
Regression analysis Leading indicators Econometric models
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Developing Regression ModelsDeveloping Regression Models
Plot Sales Over Time Consider the Variables that Are Relevant to
Predicting Sales Collect Data Analyze the Data
Examine the correlations among the independent variables
Run the regression Determine the significant predictors
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Bass Model: PDA Actual vs. PredictedBass Model: PDA Actual vs. Predicted
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Sample Format for Summarizing ForecastsSample Format for Summarizing Forecasts
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BA 590BA 590
Marketing Strategy
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A Successful Strategy:A Successful Strategy:
Helps achieve coordination among functional areas of the organization.
Defines how resources are to be allocated.
Leads to a superior market position.
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Elements of a Product StrategyElements of a Product Strategy
1. Statement of the objective(s) the product should attain
2. Selection of strategic alternative(s)
3. Selection of customer targets
4. Choice of competitor targets
5. Statement of the core strategy
6. Description of supporting marketing mix.
7. Description of supporting functional programs
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Hierarchy of ObjectivesHierarchy of ObjectivesCompany Mission/Vision
Corporate objectives
Corporate strategies
Divisional objectives
Divisional strategies
Product/brand objectives
Brand strategies
Program objectives
Tactics
Level I
Level 0
Level III
Level II
Level IV
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Strategic AlternativesStrategic Alternatives
Growth in sales or market share
New segments
Market development
Convert nonusers
New product development
Competitors’ customers
Efficiency, short-run
profits
Reduce costs
Decrease inputs
Improve asset
utilization
Increase price
Increase outputs
Improve sales mix
Existing customers
Market penetration
Long-term
profits
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Criteria for Evaluating Strategic Alternative OptionsCriteria for Evaluating Strategic Alternative Options
Size/growth of the segment Opportunities for obtaining
competitive advantage Resources available to penetrate the
segment
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Total Product ConceptTotal Product Concept
Generic product
Expected product
Augmented product
Potential product
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Five Areas for DifferentiationFive Areas for Differentiation
1. Quality
2. Status and Image
3. Branding
4. Convenience and Service
5. Distribution
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Joint Space for ColasJoint Space for Colas
Diet
Noncola
•Fresca
Diet Pepsi
•
•Tab
Segment 3 •
Pepsi •
RC Cola
•
Segment 2 •
Nondiet
Cola
•Dr
Pepper
•7-Up
•Segment
1
• Coke
Diet Rite •
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Brand EquityBrand Equity
Reduced marketing costs
Trade leverage
Attracting new customers• Create awareness• Reassurance
Time to respond to competitive threats
Anchor to which other associations can be attached
Familiarity-liking
Signal of substance/ commitment
Brand to be considered
Provides value to customer by enhancing customer’s:
• Interpretation/ processing of information
• Confidence in the purchase decision
• Use satisfaction
Brand loyalty
Brand loyalty
Brand loyalty
Brand awareness
Brand loyalty
Brand equity
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Brand Equity cont.Brand Equity cont.
Reason-to-buy
Differentiate/position
Price
Channel member interest
Extensions
Help process/ retrieve information
Reason-to-buy
Create positive attitude/feelings
Extensions
Provides value to firm by enhancing:
• Efficiency and effectiveness of marketing programs
• Brand loyalty
• Prices/margins
• Brand extensions
• Trade leverage
• Competitive advantage
Brand loyaltyPerceived quality
Brand loyaltyBrand associations
Brand loyaltyBrand equity
Competitive advantageBrand loyalty
Other proprietary brand assets
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Some Brand Attribute and Image DimensionsSome Brand Attribute and Image Dimensions
Attributes
•Color•Style•Comfort•Freshness•Construction material
•Availability•Serviceability•Compatibility •Energy efficiency
•Instructions•Automation•Ease of Use
•Flavor/taste•Caffeine content
•Price•Packaging•Size•Calories•Brand name•Sweetness•Weight•Warranty•Durability•Convenience
Image DimensionsReliable—unreliableOld—youngTechnical—nontechnicalSensible—rashInteresting—boringCreative—noncreativeSentimental—nonsentimentalImpulsive—deliberateTrustworthy—untrustworthyConforming—rebelliousDaring—cautiousForceful—submissiveBold—timidSociable-unsociable
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Ten Guidelines for Building Strong BrandsTen Guidelines for Building Strong Brands
1. Brand Identity Each brand should have an identity, a personality. It can be
modified for different segments.
2. Value Proposition Each brand should have a unique value proposition.
3. Brand Position The brand’s position should provide clear guidance to those
implementing a communications program.
4. Execution The communications program needs to implement the identity
and position, and it should be durable as well.
5. Consistency Over Time Product managers should have a goal of maintaining a consistent
identity, position, and execution over time. Changes should be resisted.
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Ten Guidelines for Building Strong Brands Ten Guidelines for Building Strong Brands (cont.)(cont.)
6. Brand System The brands in the portfolio should be consistent and synergistic.
7. Brand Leverage Extend brands and develop co-branding opportunities only if the
brand identity will be both used and reinforced
8. Tracking The brand’s equity should be tracked over time, including
awareness, perceived quality, brand loyalty, and brand associations.
9. Brand Responsibility Someone should be in charge of the brand who will create the
identity and positions and coordinate the execution.
10. Invest Continue investing in brands even when the financial goals are
not being met.
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Basic Customer StrategiesBasic Customer Strategies
1. Customer acquisition
2. Customer retention
3. Customer expansion
4. Customer deletion
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Review of Guest SpeakerReview of Guest Speaker
John Jolliff – Country Insurance and Financial Things to Continue… Additional Requests…
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PresentationPresentation
See Folder for Guidelines… Feedback from Both Class and From Me… “Presentation” Element
100 Points Group
“Marketing Plan” Element (Written) 100 Points Group
Individual Element 50 Points
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PresentationPresentation
Comments Back to First Group by Thursday
Comments Back to Second Group by Next Tuesday
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Next Week…Next Week…
Simon Luthi and Peter Reugger Next Week First Groups Present…