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This 0 page Class Notes was uploaded by Petey Martin on Tuesday November 3, 2015. The Class Notes belongs to MKT 203 at University of Rochester taught by HOPE V in Summer 2015. Since its upload, it has received 17 views. For similar materials see PRINCIPLES OF MARKETING in Marketing at University of Rochester.
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Date Created: 11/03/15
Petey Martin Notes 102715 Business amp Government Markets Commercial Behavior Consumer vs Business DecisionMaking 0 Consumer B2C Markets Concluding Thoughts Stages in the buying decision process 0 Needs recognition Information search Evaluation of alternatives 0 Purchase decision Postpurchase behavior 0 Behavioral Economics DecisionMaking Heuristics Emotional Bias Framing Irrational Economic Behavior Human Outcomes 0 Applied Behavioral Theory ACSI American Customer Satisfaction Index 0 100 s of Top Brands Key ProductsServices Economic Sectors 3fold methodology exploring gaps o Anticipated Product expectations 0 Actual Product experience 0 Ideal Product target 0 Price elasticity 0 Key Messages IndustrialCommercial Markets B2B Marketing Industrial markets larger than consumer markets Consist of all businesses that buy or rent equipment materials supplies and nished goods in their various stages which is then either 0 Used to produce products or services OR Resold to others in the value chain B2B Bottom Line Creating Value Industrial markets are characterized by fewer larger buyers often working in partnership with other vendors Purchase Decisions Many parties involved Process normally more structured than consumer decisions Teams frequently involved professional buyers purchasing depts Lean production has changed the face of industrial buying Instantaneous web communications have truncated B2B processes 0 Discussion IndustrialCommercial Markets Buyer Behavior B2B Marketing 0 Fundamental Differences Consumer vs Industrial Mkts Factor Consumer Industrial Focus of customers transaction size Suppliercustomer relationship Geographic location Demand elasticity Shortterm demand uctuation Professional purchasing Buying process Other 0 Major In uences in Business Buying Process Environmental Relationship JIT amp Lean Mfrg Web 0 The Purchasing Procurement Process Process Stage Industrial M Problem recognition I Product speci cation l Supplier search I Pr0posal solicitation Supplier selection I SpecifvNedotiate l Performance review o The Players Roles Marketing Implication 0 Purchase Dept Choose supplierspaperwork 7 o E n g i n ee ri n g Specscomponen tscapabiitytech eval o M a n ufa ct u ri n g Userprocess focusma y initiate 0 Quality Control Probem solvingspec cops veto power 0 Marketing Enduse focusfeaturebene tma y initiate o AdminAccts Payable Gate keepers Cops veto power o Other ExecsConsultantsCompetitors Goodbadugy 0 Institutional and Government Markets quotWordAl It s Own Hope 0 0 Scope Notpro t schools hospitals prisons White House Pentagon localstatefedera agencies GSA General Services Administration federal vendor relations 0 Institutions and Government Continued 0 O O 0 Buying processes Low cost open bid RFQ negotiated contract Mktg Implication Think quotexperiencerela tionshipscases Petey Martin Notes 102915 0 Building Brand Value 0 Key Messages Branding New Millennium Marketing The most successful brands offer something unique from the Customer s View HaagenDazs vs Ben ampJerry s VW quotBugquot vs the MiniCooper Ford Tough Truck vs Land Rover Brands however are managed from an Internal Corborate View quotTrust built by the spoonful lost by the bucketquot Cliff Smith No common agreement on theory behind quotBrand Equityquot USP 1950 s quotUnique Selling Propositionquot Single mindedness o What is a Brand AMA name term sign symbol or design ora combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from their competition David Oleson Sr VP Starbucks quotA product is a thing But a brand is a promise Customers are the focus of our promises our goal is to earn their trust every time they visit us quot o quotMoments of Truthquot Creating Trust Creating Value Touchpoints When a brand is talked about the brand must maintain their continuity and consistency Value of a brand is the sum of its moments oftruth over time Longterm trust to build loyalty 0 De ning CustomerBased BRAND EQUITY Uniqueness USP l Underlying product must be different from the rest of the world in a tangible way 0 Product must deliver on that difference Consumer Response 0 Positive or negative 0 Negative response works Any press is good press No such thing as bad press 0 Except for Neutral bland response Brand Knowledge Buildup of experience 0 Leads to Consumer Expectations Built by the spoonful Lost by the bucket Resulting Behavior Lifelong consumers 0 History of positive memories 0 Brand Equity Models YampR s Brand Asset Valuator Differentiation Relevance Esteem Knowledge Strength vs Stature Brown s BrandZ Hierarchy WPP o Bonding Advantage Performance Relevance Presence Aaker s Additive Model Loyalty Awareness Quality Associations quotKitchen Sinkquot Core Identity Extended Identity 0 quotKitchen Sinkquot Everything else Keller s Hierarchy to quotResonancequot o Resonance FeeHngs Judgments Imagery Performance SaHence 0 Strong Brands Common Features Keller s quotBranding Report Card Desired Bene ts Relevant amp Current Price Aligned to Value Positioned Consistent Reinforcement 0 Portfolio Campaigns 0 Brand Management Corporate Support Brand Equity Measured amp Managed 0 Branding The Value Proposition Why Do Brands Add Value 0 Prestige quotCoolness Factorquot 0 Brands Become Products What IS Value Anyway 0 Real brand value l hard assets amp intangibles Sum of all future earnings How Do Brands Hold Value 0 Brands hold value in their hard assets amp intangibles Brand Value Resides in its Culture Perceived Quality Value of Reputation Perceived Trust Value of Relationship Expectations Value of Experience 0 Personal Identity Value of Symbols Brand Elements logos slogans symbols 0 Nike Swoosh 0 Original Cost 35 0 Logo Priceless 0 Target 0 Simplicity o Obvious Measuring Global Brand Value 0 Value of the Target or the Swoosh were extremely important in value of developing the brand 0 BIG TAKEAWAYS on Branding Most important aspect of a brand is its single mindedness To build brand equity the organization must generate a valued product differentiation The most powerful brand concept in marketing is owning a word or phrase in the prospectcustomer s mind Brands are built over years based on many experiences Which together create a foundation of trust
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