Week 7 Notes (Tuesday, 10/13/15 - Thursday, 10/15/15)
Week 7 Notes (Tuesday, 10/13/15 - Thursday, 10/15/15) 241
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This 4 page Class Notes was uploaded by JacksonB on Thursday October 15, 2015. The Class Notes belongs to 241 at Brigham Young University taught by Swenson in Summer 2015. Since its upload, it has received 27 views. For similar materials see Marketing Management in Business at Brigham Young University.
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Date Created: 10/15/15
BUS M 241 Swenson Tuesday 101315 If you want to review the midterm questions you missed visit the TAs during their office hours sometime in the next two weeks Same thing goes with the standardization vs customization assignment Targeting and Positioning continued Perceptual mapping places and describes customer s perceptions of brands on a spatial map graph The maps allow relationships between brands to be seen Brands that are close together are direct competitors Example Marriott owns several other brands like Fairfield Inn and Ritz Carlton These different brands vary in terms of price and quality of service The ones close together are grouped in the same quadrant of the perceptual map Positioninggap analysis compares hospitality brands based on the importance and performance of various features and benefits USP Unique Selling Proposition making a proposition buy this product and you ll get this in return to the customer that no one else can make Example Little Caesars USP is the affordable meal for parents looking for something the whole family will enjoy They are unique because they offer 5 pizzas Branding Pretty much every product sold today is branded which historically was not always the case Brand name term or symbol that identi es someone s product or service as distinct from anyone else s product Brands can grow to be extremely valuable Coca Cola s brand is worth 78 billion Brand Valuation Approaches Marketbased valuation based on estimations of the amount for which a brand can be sold Incomebased based on the future net revenues directly related to the brand discounted to the present value Formulary based on multiple criteria like stability profitability trend etc Advantages of Branding Allows marketers to distinguish their product from anyone else s Helps consumers identify products we want to buy again and products we want to avoid Useful when introducing a new product Brands should resonate with customers differentiate from competition and motivate employees Developing Brand Equity Brand awareness making sure consumers know about the brand Brand image giving consumers a definite impression about the brand Brand loyalty when consumers purchase only their favorite brand Brand equity when the brand loyalty is transferred to new products Three Types of Brands 1 Functional These brands are related to basic needs like food shelter safety health etc Example Tide laundry detergent 2 Image These brands project a unique desired image Example Apple 3 Experiential These brands focus attention on how it feels to interact With the brand Example Disneyland Assignment 2 is due on Thursday October 22nd 1159 PM Instructions are on the class slides for today BUS M 241 Swenson Thursday 101515 Guest Speaker Michael Hansen senior marketing director at Nike Nike Brand Formula Product Athletes and Stories The product is king Nike s goal is to bring inspiration and innovation to every athlete in the world Anyone with a body is an athlete As people s methods of consuming media have changed Nike has recognized the need to change the ways they engage With consumers Nike s Engagement Methods Digital Content Workout and sneaker design apps Retail Modeling stores after Apple stores retail theater Events Largescale races or unveilings With athlete sponsors P9P Social Media YouTube videos Facebook pages
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