Page 25 - Marketing the Basics 2nd

What is ManageMent? 17
caused by an instinctual behaviour to satisfy their intrinsic
needs.
• Marketing myopia occurs when marketers lose sight of what
the consumer needs.
• Products must be targeted to segments and attempts must be
made to retain these customers.
• Branding prevents the commoditization of a product.
• Building a brand can be summarized in the following four
steps:
• Ensure identification of the brand and association of the
brand in customers’ minds with a specific product-class or
need.
• Firmly establish the brand meaning in the minds of
customers by linking a host of tangible and intangible
associations with certain properties of the product.
• Use marketing programs to solicit the proper customer
responses to this brand identification and brand meaning.
• Convert brand response to create an intense, active loyalty
relationship between customers and the brand.
• Brand equity is the added value that a branded product
contains over a competing generic and unbranded product.
CRITICAL qUESTIONS
1 What is marketing and what are its fundamental concepts?
2 Make a list of products you use every day, place them into their respective demand category. What would you do to
market this product? What would you change?
3 Define marketing myopia and think of companies that might
be suffering from it (here is a hint: Gillette).
4 What is a brand? What factors contribute to a its brand
equity?
SUGGESTIONS FOR FURTHER READING
Jakki Mohr, Sanjit Sengupta and Stanley Slater, Marketing of High- Technology Products and Innovations, 2nd edition, Upper Saddle River, NJ, Prentice Hall, 2005. There are not many good books on high-tech