BMGT353 Chapter 16 - BMGT353 Chapter 16 Retail...

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BMGT353 Chapter 16 Retail Communication Mix USING COMMUNICATION PROGRAMS TO DEVELOP BRAND IMAGES AND BUILD CUSTOMER LOYALTY: Brand: a distinguishing name or symbol, such as a logo, that identifies the products or services offered by seller and differentiates those products and services from the offerings of competitors The name of the retailer is a brand that indicates to consumers the type of merchandise and services offered by that retailer Convey information to consumers about the nature of the shopping experience- the retailer’s mix Affect consumers’ confidence in their decisions Enhance customers’ satisfaction with the merchandise and services they buy Brand equity: the value that a brand image offers retailers Strong brand names can affect the decision-making process, motivate repeat visits, and build loyalty Strong brand names enable retailers to charge higher prices and lower their marketing costs Strong brand image enables retailers to increase their margins via premium pricing and reducing reliance on price promotion Activities that a retailer needs to undertake to build brand equity for its firm: 1. Create a high level of brand awareness 2. Develop favorable associations with the brand name 3. Consistently reinforce the image of the brand Brand awareness: a potential customer’s ability to recognize or recall that the brand name is a particular type of retailer or product/service Strength of the link between the brand name and the type of merchandise or service in the minds of customers Range of awareness from aided recall to top-of-mind awareness Aided recall: when consumers indicate they know the brand when the name is presented to them Top-of-mind awareness: the highest level of awareness; occurs when consumers mention a specific brand name first when they are asked about the type of a retailer, a merchandise category, or a type of service o Retailers build top-of-mind awareness by having memorable names, repeatedly exposing their name to customers through advertising, locations, and sponsorships, and using memorable symbols Brand associations: anything linked to or connected with the brand name in a consumer’s memory Ex: Apple= iPhone, iPod, Macintosh computers Strong associations influence consumer buying behavior Common associations that retailers develop with their brand name: o Merchandise category: most common association; link the retailer to a category of merchandise (ex: Office Depot and office supplies) o Price/quality: Offering unique, high-fashion merchandise OR low prices and good value o Specific attribute or benefit: convenience, customer service o Lifestyle or activity: Patagonia is linked to an active, environmentally friendly lifestyle Brand image: consists of a set of associations that are usually organized around some meaningful themes o Ex: The associations that a consumer might have about McDonald’s might be organized into groups such as kids, service, and type of food
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