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L1 and Exam (Case Caterpillar (Have been undercut by price, Make use of…
L1 and Exam
Case Caterpillar
Have been undercut by price
Make use of local resellers to exploit local knowledge
Make use of SMBs which are backbone of economy
Differentiation by strong network of dealers (long-established members of community. They are source of market information and intelligence
Investments into hard and soft assets ( training and development, customer service)
Integrated manufacturing and distribution systems (Replacement anywhere in the world within 48 hours)
Transparent contracts, partnership termination in only 90 days (annual conferences, daughter/son invitation of dealers to spark interest
4 out of 5 questions will ask you to put yourself into the shoes of a marketing consultant
Discuss the advice you give to the client
Advice can be whatever as long it has examples and makes use of material from class
Questions will ask about specific companies or brands
Make use of lectures and brand admiration book (not ch 10 & 11), no additional reading
Make use of different examples for each question. Also: You can use complementary brands for each question
Take all key concepts and think of examples
Introduction
H2H: Human to Human instead of B2B/B2C
Relationship Strength Indicators
Attitudes
Link Attitude vs future is weak
Expressed Satisfaction
Link expressed satisfaction and future is weak
Expressed intent
Link expressed intent and future is weak
Psychological Self
Individualised unique identity of a person containing affective and cognitive memories about past/present as well as future plans/goals
Psychological distance between brand and self
Diagnostic indicator of relationship: psychological distance between brand and self
Relationship
Self-Expansion/Contraction
Close relationship with brand in order to expand/enhance oneself and facilitate goal accomplishement
Contraction: Hindering one's ability to accomplish goals, consumers are motivated to avoid/fight and resit contracting the self
Relationships based on self-expansion/contraction are
Strong and long-lasting
Highly motivational
Systematic influence on judgment and decision making
Brand Self Gap: -4 to 4
Brand Prominence: How often come thoughts naturally about brand?
Brand Admiration
Emotions such as passion are likely to wane with time. Are captured by the two factors of brand self-gap and prominence
Admiration can increase over time (Achieved through three ways)
Enablement Benefits
Enabling customers by providing solutions to problems
E.g. Lidl: Cutting prices, enable customers with small budget to have sufficient food on the table
Enticement Benefits
Entices customers by engaging their senses (touch, sound, smell, taste), thoughts, hearts --> customers will feel gratified, stimulated, engaged and warmhearted.
E.g. Toys R Us, big lavish shelf with huge toys create great emotions among children
Enrichment Benefits
Brand enrichment resonates with customer's values/sense of self: customers will feel inspired, proud, connected and validated
E.g. Patagonia: In times of mass consumption reasonates with people who value sustainability, durability, life-time value, environementalism
Brand relationship
Brand admiration by
Brand trust
Brand Love
Brand Respect
Leads to
Brand loyalty
Answer 2 out of 5 questions