Transcript File - ZTK Resources

Chapter 5
 A known devil is better than an unknown angel
 Awareness refers to the strength of a brand’s
presence in the consumer’s mind
 Consumers instinctively prefer a brand that they
have previously seen to one that is new to them
 Familiar brand has an edge!
 Perceived Quality and Value
 Relationship Marketing
Perceived quality can be defined
as the customer’s perception of the overall quality
or superiority of a product or service
with respect to its intended purpose,
relative to alternatives
 Perceived quality is an intangible and overall
feeling about a brand
 Perceived quality cannot necessarily be objectively
determined because it is a perception
 Perceived quality could be different for the corner
store versus the department store
• Both are judged by a different set of criteria
 Perceived quality differs from satisfaction
 A positive attitude could be generated because a product
of inferior quality is very inexpensive
 In many contexts, perceived quality provides the
pivotal reason to buy
 Could differentiate and be a principal positioning
characteristic of a brand
 Provides the option of charging a premium price
 Could be meaningful to channel members and
thus aid in gaining distribution
Personalizing Marketing
 Experiential Marketing
 Promote the product in a way that connects it with the
audience in a unique and interesting manner.
 Experiences can come in 4 varieties:
 Entertainment
 Education
 Aesthetic
 Escapist
EXPERIENTIAL MARKETING
 75% Market Share
 No benefit of the product
 Focused on customer
 it’s not if you get
this iPod you will
be cool, but rather
you are getting
this because you
are cool
SEMs or ‘strategic experience modules’
 SENSE
 FEEL
 THINK
 ACT
 RELATE
SENSE
FEEL
THINK
ACT
RELATE
One-to-One Marketing
 Focus on individual customers
 Respond to dialogues: “Consumers talk to us”
 Customise products and services
Customisation Advantages
 Reduces inventory
 Has a lot of potential with e-commerce
 Potential with service organisations
AfterMarketing
 Focus on the augmented product
 Premarketing efforts are necessary but not sufficient
conditions for brand success. Marketers may need to use
other means to enhance consumption experiences.
 After-sales service
 Sale of complementary products
 Loyalty/Frequency programs
 Consumer Price Perceptions
 Setting Prices to build brand equity
 Price cuts will effect different brands
differently
 High quality brands can easily “steal” market
share from low quality brands by cutting price
 At the same time, it may not always hold true
 But lower quality brands will not steal share
from a high quality brands by cutting price
 Channel Design
 Indirect Channels
 Retailers
 Tiered Marketing
 Cooperative Advertising
 Direct Channels
 Company Owned Stores
 They can act as advertisements and tourist attractions
 Create own shops in major department stores
 Web Strategies
 Bolsters other marketing efforts
 Makes brand more engaging