JOMC 137

JOMC 137 - Symbolic definition o What does the brand...

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Marketing defined Marketing - the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers and clients. The "marketing concept" - first, identify needs. Second, provide products/services to satisfy needs. (example: Apple iPhone) Marketing consists of 4 P's: 1.Product 2.Price 3.Place (distribution) 4.Promotion When we have these 4 P's, marketers look at the interaction of these four elements. (Marketing hierarchy) Marketing l 4 P's l Ad, PR, Personal selling, Direct marketing, Sales Promos The 4 P's example Core Product = automobile Augmented product = warranty, instruction, manual, service packages, (oil changes, repairs, etc.), entertainment options What benefits does the product offer to consumers? Functional definition o What practical problem does it solve?
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Unformatted text preview: Symbolic definition o What does the brand represent? o Symbolic value, social meaning Advertisings role? To define brand benefits Differentiate brand from other product offerings Do people want the cheapest brand? People want value (quality and price) How can advertising impact this equation? Perceptions of quality Influenced by perceived functional and symbolic benefits Positive perceptions build brand equity and vice versa Two meanings in marketing: 1.location of exchange (retail store, specialty store, telephone, online) a. Ads inform: where to buy, how to order 1.Channel of distribution Direct: producer -> consumer Indirect: producer -> retailer -> consumer o Push strategies - encourage retailers to stock the brand o Pull strategies - encourage consumers to buy the brand...
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This note was uploaded on 05/17/2011 for the course JOMC 137 taught by Professor Byars during the Spring '11 term at UNC.

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JOMC 137 - Symbolic definition o What does the brand...

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