5 mktg strategy
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This document discusses how marketers can design marketing programs to build brand equity. It covers new perspectives in marketing like digitalization and customization. Marketers are trying unconventional means like relationship marketing and personalizing experiences. Experiential, one-to-one, and permission marketing are discussed as ways to actively involve consumers. The marketing mix of product, price and distribution strategies should support the brand to increase awareness and shape the desired image.
5 mktg strategy
- 1. CHAPTER 5: DESIGNING MARKETING PROGRAMS TO BUILD BRAND EQUITY 5.1
- 2. Overview How do marketing activities in generaland product, pricing, and distribution strategies in particularbuild brand equity? How can marketers integrate these activities to enhance brand awareness, improve the brand image, elicit positive brand responses, and increase brand resonance? 5.2
- 3. New Perspectives on Marketing The strategy and tactics behind marketing programs have changed dramatically in recent years as firms have dealt with enormous shifts in their external marketing environments: Digitalization and connectivity (through Internet, intranet, and mobile devices) Disintermediation and reintermediation (via new middlemen of various sorts) Customization and customerization (through tailored products and ingredients provided to customers to make products themselves) Industry convergence (through the blurring of industry boundaries) 5.3
- 4. Integrating Marketing Programs and Activities Creative and original thinking is necessary to create fresh new marketing programs that break through the noise in the marketplace to connect with customers. Marketers are increasingly trying a host of unconventional means of building brand equity. 5.4
- 5. Personalizing Marketing All of these approaches are a means to create deeper, richer, and more favorable brand associations. Relationship marketing has become a powerful brand-building force. Can slip through consumer radar May creatively create unique associations May reinforce brand imagery and feelings Nevertheless, there is still a need for the control and predictability of traditional marketing activities. Models of brand equity can help to provide direction and focus to the marketing programs. 5.5
- 6. Personalizing Marketing Concepts Experiential marketing One-to-one marketing Permission marketing 5.6
- 7. Reconciling the New Marketing Approaches One-to-one, permission, and experiential marketing are all potentially effective means of getting consumers more actively involved with a brand. 5.7
- 8. Experiential Marketing Focuses on customer experience Focuses on the consumption situation Views customers as rational and emotional elements Uses electronic methods and tools 5.8
- 9. One-to-One Marketing: Competitive Rationale Consumers help to add value by providing information. Firm adds value by generating rewarding experiences with consumers. Creates switching costs for consumers Reduces transaction costs for consumers Maximizes utility for consumers 5.9
- 10. One-to-One Marketing: Consumer Differentiation Treat different consumers differently Different needs Different values to firm Current Future (lifetime value) Devote more marketing effort on most valuable consumers (and customers) 5.10
- 11. Permission Marketing (Seth Godin) Encourages consumers to participate in a long- term interactive marketing campaign in which they are rewarded in some way for paying attention to increasingly relevant messages. Anticipated Personal Relevant Permission marketing can be contrasted to interruption marketing. 5.11
- 12. Integrating the Brand Into Supporting Marketing Programs Supporting marketing mix should be designed to enhance awareness and establish desired brand image. Product strategy Pricing strategy Channel strategy 5.12