Exam (elaborations)
MARKETING / MKT 300 Eaton ASU Exam 3
- Course
- MKT 300
- Institution
- Arizona State University
MARKETING / MKT 300 Eaton ASU Exam 3
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MKT 300 Eaton ASU Exam 3 Brand Elements - -Understand essential aspects of a brand -Elements that help distinguish one brand - Brand Names, website, characteristics, logos, slogans, Color Schema Brands - -Are the touch points to consumers -Promise to deliver specific benefits with products of services to consumers Brand Definition - A name, team, sign, symbol, or design, ot 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. Branding - -Core benefit -Value Proposition Core benefit - - What is the customer really buying Value Proposition - - What does the brand deliver hat customers value - Must be competitively superior Attributes of strong brands - 1 Consistent Brand Message 2 Focus on Long -term growth 3 Manage customer experience 4 Meaningful, memorable, likeable Attributes of strong Brands - A strong brand occupies a distinct position in consumers minds based on a relevant benefits and creates an e motional connection between business and consumers. The role of brands (branding components) - 1 Higher perceived quality 2 price premium 3 greater market share 4 financial strength 5 brand extension Brand Equity - What’s the value of the brand to you. - Brand Equity is the marketing and financial value associated whit a brands strength. - components of brand equity include brand name awareness, brand loyalty, perceived brand quality and brand associations. Brand Equity benefits - - Value of a brand ba sed on loyalty, awareness, perceived product quality and brand association - Can be so strong that brand name becomes the category name (master brand) Brand benefits to consumer - - Search cost reducer - Signal of quality - Risk reducer - Symbolic device Categories of New Product Adoption - - innovators - early adopters - early majority - late majority - laggards New Product Development Process - 1. Idea generation: get ideas from customers, competitors 2. Idea screening: review ideas 3. Concept develop ment: become more focused on features and benefits of product 4. Business analysis: outline cost of production and forecast 5. Market testing: limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation (crystal pepsi) 6. Commercialization: launching new product into entire market; population has access Importance of Services - Distinguishing Characteristics of Services - - intangibility - variability - Inseparability - perishability Three Additional P's of Services - 1. people 2. process 3. physical evidence product, price, place, promotion Gap Model - 1. consumer and manager 2. mgt and service 3. service quality and delivery 4. service delivery and external comm 5. expected and expe rienced service Service Quality - - managers learn what customers want - responsiveness - assuranceThe benefits of buying summaries with Stuvia:
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