Final Study Guide
Entire Book, but focus on Chpt 8-15
Reading: The Anatomy of Buzz- How to Create Word of Marketing- (Has taken significance due to 3 reasons: noise, information overload, skepticism-don’t believe message from companies and connectivity-internet). Takes a network approach. The importance of Buzz depends on the 1. Nature of your product (paperclips vs. movies) 2. The people that you’re trying to reach (younger people are more influenced by peers) 3. Your Customer’s connectivity 4. Your marketing strategy (if you have a contract, buzz is less important) 1. Buzz is an invisible network-You will never really see how buzz moves from person to person. You just need to understand that people need to communicate with one another, and figure out how to get them talking. 2. There are thousands of networks through which buzz flows-These networks are loosely connected with one another. Buzz can start one, but might not jump to another without a push. 3. In every network, there is a person who is the hub-Opinion Leaders(Regular Hub, Mega Hub-celebrity, press, Expert Hub, Social Hub)that person needs to be cultivated so he can spread the work about your product or service. Learn how to identify and engage this person. Reach the hub early! 4. A great product is essential- Contagious products- products that evoke an emotional response (blair witch), products that advertise themselves (wheeled luggage bags), products that leave traces, products that become more useful as more people use them (phones), products that are compatible, products that do the rest. There is no reason to spread buzz if the product isn’t compelling. 5. Networks must be seeded-Before word-of-mouth can take off, each network must be seeded with suggestion, maybe through first-time or free offer, put the product in their hands, reduce price barrier, listen for silence Rules of Networks- networks are invisible, people link with others like them, similar people form clusters, buzz spreads through common nodes, information gets trapped in clusters, network hubs and connectors create shortcuts, we talk to those around us, weak ties are surprisingly strong, the net nurtures weak ties, networks go across markets. Ads and Buzz can work together- be careful because the wrong kind of advertizing can kill buzz. Distribution and Buzz can work together- seed retailers, or create mystery
Reading: Brand Asset Management (–In phases)
1. Develop a Brand Vision- a statement of overall goal for the brand, the target market, the POD, and financial goals, all of which involves senior management approval and that fills in a financial growth gap. 2. Determine Your Brand Picture-determine your brand’s image (association and persona), create your brand’s contract (promises the brand makes to the customer), craft a brand-based customer model (why do they chose one brand over another, how does your brand stack up, what are the opportunities for growth) 3. Develop a Brand Asset Development Strategy- positioning your brand for success, extending your brand, communicating your brand’s position, leveraging your brand to maximize channel influence, and pricing the brand at a premium. 4. Supporting a Brand Asset Management Culture- measuring the ROBI and establishing a brand-based culture
Building Customer-Based Brand Equity
Tools and ObjectivesChoosing Brand Elements(Must be memorable, meaningful, favorable, transferable, adaptable andProtectable)Marketing ProgramsProduct-tangible/intangible BenefitsPrice-value perceptionDistribution Channel- Communications-Leverage Brand Association(company, country of origin,event, etc)| Knowledge EffectBrand AwarenessDepth-Recall and RecognitionBreadth- Purchase and ConsumptionBrand Associations (ex. country of Origin)Strong-relevant/consistentFavorable-Unique-POD, POP| 9 Brand OutcomesPossible outcomes are-Loyalty -Less vulnerable to competition and...