brand management

• A strong brand can create customer loyalty and differentiate a product from competitors.
• Multichannel retailers were able to acquire new customers at half the cost of internet-only retailers, citing several advantages for multi-channel retailers.
• Product strategy includes features/functions, variety/portfolio, quality/benefit.
• Pricing is Quality/Price = Value, which is used for positioning.
• Place refers to how convenient it is for the customer to find your product.
• Promotion can be push or pull, and consistency is important.
• The 4 major drivers of this new economy are Digitalization and connectivity, Disintermediation and reintermediation, customization and customerization, and Industry convergence.
• Creative and original thinking is necessary to create a fresh marketing program that breaks through the noise in the marketplace.
• Personalized Marketing means to create deeper, richer, and more favorable brand associations.
• Models of brand equity provide direction and focus to the marketing programs.
• Transaction vs Relationship refers to the preference for instant gratification.
• Personalized Marketing Concept includes experiential and one-to-one approaches.
• Consumer differentiation in one-to-one approach means treating different customers differently based on their needs and values.
• Competitive rationale in one-to-one approach is that consumers help add value by providing information, and firms add value by creating rewarding experiences with customers.
• In permission marketing, the privilege (not the right) of delivering anticipated, personal, and relevant messages to people who want to get them is granted.
• Permission marketing is in contrast to interruption marketing.
• Adaptive customization involves offering one standard product to customers along with a few customization options, ensuring that the product can be customized by the end client with absolute ease.
• Channel strategy involves choosing between a direct channel, which involves selling through personal contacts from the company to prospective customers, and an indirect channel, which involves selling through third-party intermediaries such as agents, brokers, representatives, wholesalers/distributors, retailers/dealers.
• Cosmetic Customization involves advertising a standard product differently to different groups of clients, this approach works well when clients use the same product but want it to be presented differently.
• Mass customization involves collaborating with clients to understand their needs and create customized products following those guidelines.
• Transparent Customization involves providing customized products to individual clients without telling them that the product is exclusively produced for them, this strategy works in cases where the customer does not want to repeat what they need incessantly or when clients' needs are predictable.
• Loyalty program is a strategy to encourage customers to continue doing business with a company, it can be in the form of points, rewards, or other incentives.
• After marketing involves selling products to customers after they have been used, this strategy can be used to generate additional revenue or to recycle products.
• Pricing strategy involves setting a price to build brand equity, value pricing and everyday low pricing are two strategies used in pricing.
• Pull strategy involves devoting marketing efforts to the end consumer, a manufacturer is said to employ a pull strategy.
• Push strategy involves devoting selling efforts to the channel themselves, providing incentives for them to stock and sell products to the end customer.
• In permission marketing, the 5 steps are: offer the prospect an incentive to volunteer, offer the prospect a curriculum over time, teach consumers about products, reinforce the incentive to guarantee that the prospect maintains the permissions, and offer additional incentives to get more permission from the consumer.
• Leveraging permission in permission marketing means changing consumer behavior toward profits.
• Product strategy includes perceived quality and value, which includes brand intangibles, total quality management and return on quality, and value chain.
• Relationship marketing is a part of product strategy.
• Creative and original thinking is necessary to create a fresh marketing program that breaks through the noise in the marketplace.
• Marketers are trying a host of unconventional means of building brand equity.
• Personalized Marketing aims to create deeper, richer, and more favorable brand associations.
• Relationship marketing is a powerful brand-building force.
• Personalized Marketing helps create unique associations and reinforce brand feelings and imagery.
• Models of brand equity provide direction and focus to the marketing programs.
• Personalized Marketing is a concept that focuses on the customer experience and consumption situation.
• Personalized Marketing views customers as rational and emotional elements.
• Personalized Marketing uses electric methods and tools.
• Personalized Marketing involves consumer differentiation, where different customers are treated differently.