Term
| 3 Levels of Brand Loyalty |
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Definition
1. Brand recognition
2. Brand preference
3. Brand insistence |
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Term
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Definition
1. Product identification
2. Comparison Shopping
3. Shopping Efficiency
4. Risk Reduction
5. Product Acceptance and Adoption
6. Enhanced Self-Image
7. Increased Product Loyalty |
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Term
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Definition
1. Key branding concepts - awareness, attitude, loyalty, equity - are subjective, hard to measure, and all based on buyer perceptions.
2. Firms need to use buyer information to develop positioning strategies for their brand and its attributes, relative to their competition, and always based on customer perceptions |
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Term
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Definition
- Fosters long term relationship
- Reduces or eliminates promotional redundancies
- Technology allows better targeting of customers |
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Term
| Components of IMC Strategy |
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Definition
| Advertising, Public Relations, Sales Promotion, Personal Selling |
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Term
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Definition
- Awareness
- Interest
- Desire
- Action |
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Term
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Definition
1. Where does social media (e.g. Twitter and Facebook) fir in the IMC/Promotional mix?
2. IMC coordination is extremely challenging because there are often different people and firms executing each part of the IMC mix.
3. Ensuring that each target audience receives a consistent message across all promotional tools used requires constant communication and collaboration across various function within the firm and with outside firms helping to implement IMC strategies. |
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Term
| 4 Service Characteristics |
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Definition
1. Intangibility
2. Perishability
3. Inseparability
4. Heterogeneity |
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Term
| 7 P's of Services Marketing |
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Definition
1. Product
2. Price
3. Promotion
4. Place
5. People
6. Processes
7. Physical Atmosphere - Servicescape |
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Term
| 3 Key Takeaways of Service Marketing |
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Definition
1. Service firms are not all the same. Therefore. the characteristics of services will affect firms will fact firms differently.
2. Critical for service firms to evaluate each service characteristic in the context of its own industry and type of service
3. Firms that make tangible goods should consider service characteristics as well |
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Term
Four Things Frei Article:
4 critical elements of service oriented businesses |
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Definition
1. The Offering
2. Funding Mechanism
3. Employee Management System
4. Customer Management System |
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Term
Four Things Frei Article:
4 Ways to Successfully Execute Funding Mechanism |
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Definition
1. Charge the customer in a palatable way (starbucks charging more for coffee in exchange for hospitality
2. Create a win-win between operational savings and value-added services (progressive insurance sending out representative immediately
3. Spend now to save later (Intuit investing in customer service)
4. Have the customer do the work (airplane kiosks) |
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Term
Four Things Frei Article:
2 Customer Management Techniques |
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Definition
1. Instrumental
• discounts, late fees, etc.
2. Normative
• use of blame, shame or pride to motivate customer |
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Term
Four Things Frei Article:
2 Customer Management Techniques |
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Definition
1. Instrumental
• discounts, late fees, etc.
2. Normative
• use of blame, shame or pride to motivate customer |
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Term
Four Things Frei Article:
Example of firms connecting the four critical elements together: |
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Definition
Cleveland Clinic
- removed productivity-based promotions or pay raises for doctors |
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Term
Four Things Frei Article:
3 Multi-focused firms that are successful |
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Definition
1. Yum Foods
2. Omnicom
3. GE |
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Term
Four Things Frei Article:
5 Key Characteristics of Successful Multi-focused firms |
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Definition
1. Have various service models under one house
2. Share things like finance, purchasing, information technology, human resources and executive training
3. Generate economies of scale and economies of experience across various service models
4. Formalize the process of sharing the services mentioned above
5. Have directive, even autocratic leadership |
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Term
Four Things Frei Article:
Key Takeaways |
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Definition
- Make sure your service business has properly segmented and determined its nice role
- Getting the customers to respond and do some of the work is crucial
- Managers in service-based businesses have to be choosier when choosing whom to hires |
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Term
Barwise and Meehan Article:
3 Main Areas for Marketers to focus their efforts in relation to social media |
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Definition
1. Leverage Social Media
2. Enhance the Playbook
3. Keep Your Eye on the Ball |
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Term
Barwise and Meehan:
2 Good Examples of Social Media Use |
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Definition
• Proctor and Gamble’s beinggirl.com
• Toyota using social media to dispel rumors and create communities |
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Term
Barwise and Meehan:
4 fundamental qualities companies have when incorporating social media into marketing playbook: |
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Definition
1. Offer and communicate clear, relevant customer purpose
• Virgin Airlines example
2. Build trust by delivering on that promise
• Be open and honest with customers. Use different platforms effectively
3. Drive the market by continually improving the promise
• Use social media dialogue to improve sevice
4. Seek further advantage by innovating beyond the familiar
• VAA using Facebook to discover new markets |
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Term
Barwise and Meehan:
4 things to keep in mind when leveraging social media |
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Definition
1. Don’t throw out the playbook
2. Use social media primarily for insight
3. Strive to go viral, but protect the brand
4. Engage but follow the social rules |
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Term
Barwise and Meehan:
Key Takeaways |
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Definition
1. Be genuine with your company’s use of social media
2. Use social media to create a community and then harvest the data provided by users in that community
3. Don’t get overzealous with the use of social media |
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Term
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Definition
| The value of a brand associated with its marketplace position |
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Term
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Definition
| Strategies that involve close relationships with other firms (co-branding, brand licensing) |
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Term
| IMC: Push vs. Pull Strategy |
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Definition
On markets the consumers usually "pull" the goods or information they demand for their needs, while the offerers or suppliers "pushes" them toward the consumers. In logistic chains or supply chains the stages are operating normally both in push- and pull-manner.
Push production is based on forecast demand and pull production is based on actual or consumed demand. The interface between these stages is called the push–pull boundary or decoupling point. |
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Term
| Porter's Five Forces of Competition |
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Definition
1. Power of Suppliers
2. Power of Buyers
3. Threat of Substitutes
4. Threat of New Entrants
5. Threat of Rivalry |
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