Session 3 Flashcards
(23 cards)
Relationship marketing is developed from direct response marketing campaigns, which emphasises customer rxxxx and sxxxx, rather than a dominant focus on sxxxx transactions
retention. satisfaction. sales.
The 5 R’s of relationship marketing
Recognition
Relevance
Reciprocity
Responsiveness
Respect
Reciprocity is the mutual exchange of value between business and customers?
Yes
Customer-Based Brand Exxxxx model outlines four key steps to build a strong brand that resonates deeply - what are they?
Equity.
Brand identity (bottom of the pyramid).
Brand meaning (what are you). Performance and imagery.
Brand response (what about you?). Judgements and feelings.
Brand resonance (what about you and me?), loyalty, sense of community, active engagement)
RACE stands for
Reach. Act. Convert. Engage.
Transactional marketing orients messages based on product benefits?
False. It’s product features.
Which places more emphasis on customer service, transactional or relationship marketing?
Relationship
4 types of on-brand content objectives
educate, engage, convince, inspire
Manage ‘high power, high interest’ closely?
yes
High power, low interest - keep informed?
no. Keep satisfied.
Employees have low power and high interest, so they need to be kept informed?
Yes
A local community has low power, low interest. They need to be monitored?
Yes
Mendelow’s Salience Model is a tool used to prioritise sxxxx based on 3 key factors: power, lxxxxxx, urgency
stakeholders, legitimacy
Senior management or investors don’t need to be involved, but have power and legitimacy. They are Dxxxxx stakeholders.
Dominant
A key customer who can influence project spend holds power, legitimacy and urgency. They are a Dxxxxx stakeholder.
Definitive.
A competitor lacks legitmacy, but has power and urgency. They are a dangerous stakeholder, why?
Pose risks and need to be managed carefully to prevent harm to the project.
What’s the starting point to brand development and brand strategy?
Brand awareness
In order for a brand to progress from brand awareness, what 2 elements are required?
Perceptions of differentiation and personal relevance
As customer sees a brand as truly different, 3 beliefs must be developed
the brand is different. This point of difference is unique. The point of difference is distinctive enough that it is worth choosing over other brands, even paying more for.
Stage 3 of creating an emotional bond; 2 perceptions have to be built
social esteem and emotional bond
Brand management is about maintaining and exxxxxxx your brand’s value.
enhancing
Strategic brand management is about creating a strong brand and maintaining its value over time. It involves 4 key steps:
- Identifying and establishing brand position
- Planning and implementing brand marketing campaigns
- Measuring and interpreting brand performance
- Growing and sustaining brand equity
