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In marketing, brand management begins with an analysis on how a brand is currently perceived in the market, proceeds to planning how the brand should be perceived if it is to achieve its objectives and continues with ensuring that the brand is perceived as planned and secures its objectives.
According to J.-N. Kapferer, the brand architecture should define the different leagues of branding within the organization; [1] how the corporate brand and sub-brands relate to and support each other; and how the sub-brands reflect or reinforce the core purpose of the corporate brand they belong to. Often, decisions about brand architecture ...
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2]
Bayesian decision theory can be applied to all four areas of the marketing mix. [11] Assessments are made by a decision maker on the probabilities of events that determine the profitability of alternative actions where the outcomes are uncertain. Assessments are also made for the profit (utility) for each possible combination of action and event.
The original marketing mix, or 4 Ps, as originally proposed by marketers and academic Philip Kotler and E. Jerome McCarthy, provides a framework for marketing decision-making. [6] McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. [22] McCarthy's 4 Ps has remained influential in ...
Both brand recall and brand recognition play an important role in consumers’ purchase decision process and in marketing communications. Brand awareness is closely related to concepts such as the evoked set and consideration set which include the specific brands a consumer considers in purchasing decision. Consumers are believed to hold ...
The decision-making process is still not well enough understood to clarify the distinction between the models used to represent the process and the process of decision-making itself. [3] Many researchers reject the idea of a two-step decision-making process using a consideration set, and instead insist on viewing the consideration set as simply ...
Louviere (marketing and transport) and colleagues in environmental and health economics came to disavow the American terminology, claiming that it was misleading and disguised a fundamental difference discrete choice experiments have from traditional conjoint methods: discrete choice experiments have a testable theory of human decision-making ...