What is marketing?
Segmentation, targeting and positioning are the cornerstones of marketing.
4Ps and 5Cs make up the marketing mix
Product, Price, Place, and Promotion
Consumer, Competitor, Company, Collaborator and Context
What is a brand?
- A promise and a commitment to customers
- What customers believe it to be
- A name, trademark, symbol or design.
Consumer-based Brand Equity (CBBE)
- What's in the customer's head
- Differential effect: people respond differently because of what they know about the brand
- Brand awareness vs. brand associations
Customer Decision-Making Process
- Hierarchy of effects
- "ZMOT" = zero moment of truth. Refers to the moment when a customer/user interacts with a brand, product or service to form or change an impression about that particular brand, product or service
Brand Awareness
The ability of potential buyers to recognize or recall that a brand is a member of a certain product category.
Brand Associations
The concepts that a potential customer has linked in memory to a brand. The things that come to mind in connection to a brand.
Consistency is important in terms of the core things we want people to know about our brand.
Key takeway
Marcom (marketing communiction) addresses consumers in terms of where they are in the decision-making process and reaches them at that point.
Readings
World Wide Ad Spending (2017)
