Random Q & A

What is Psychological Satisfaction?

The feeling evoked from using a product/service.  It is the intangible benefit that differentiates one brand from another.  For example, Nike advocates the “just do it” philosophy, implying that users of its apparel and equipment will muscle through to success.  You aren’t just buying sneakers; you are committing to a lifestyle.

What is Brand Rejection?

The customer’s refusal to buy a particular product or to buy from a specific company due to dissatisfaction with the product or the company’s policies/behaviors.  Brand rejection is difficult to reverse because the customer has formed a negative emotional attachment to the product/company.

What is the Promotional Mix?

The 5 techniques used to promote products:  Advertising, Sales Promotion, Public Relations, Direct Marketing, and Personal Selling.

What is CRM?

Customer Relationship Management:  the combination of 1) Marketing, 2) Sales, and 3) Communication Activities used by a company to create and manage customer interactions.  A software package can help you coordinate the tasks involved in those activities.  You still need to develop a CRM strategy to guide those activities.