F11MKT300_Brands_PreLecture

F11MKT300_Brands_PreLecture - Product (Part 2): Brands...

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Product (Part 2): Brands Agenda Activity: Rate the Products Brand Strategy
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Brands Brands = useful way for customers to summarize a specific set of features, benefits, services, and experiences delivered Brand = Important asset that can outlast specific products Key is to increase brand equity the differential effect that know the brand name has on the customer response to the product or its marketing Brand Equity = Customer Rating (with brand name) – Customer Rating (no brand name or nearest alternative product) Higher brand equity = Higher WTP and/or Higher
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Building Strong Brands How do we want the customer to view our brand? What place does it occupy in the consumer’s mind? Control this through differentiation Do you use your own brand or someone else’s brand? What does the brand care about delivering to me? What does associating with the brand say about me?
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This note was uploaded on 01/23/2012 for the course MARKETING 300 taught by Professor Lim during the Fall '11 term at Wisconsin.

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F11MKT300_Brands_PreLecture - Product (Part 2): Brands...

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