6 Modern Marketing Basics

“From advertising, research, statistics and even how to start a business from scratch; are some of the tools that this career provides you. Studying marketing will help you understand consumers and the public, so you will open yourself up to many possibilities..” – Sandra Rodriguez, 2019 

Marketing is one of the most important areas of any modern business. Throughout the master's degree at INCAE, you see how important it is to know how to reach customers and the market with our products or services. And therefore, it is key that some of the most used and studied terms in modern marketing are known.  

1. Let's start by defining what it is. mark, since this is one of the bases of marketing. Brand, is a name, term, design, symbol, or a combination of them that are intended to identify and differentiate the goods and services of one or more sellers (Maurya & Mishra, 2012). Therefore, consumers think of our brand when they think of us. This means that having credibility, prestige, preference, etc. are extremely important items. But what are these terms? 
2. La brand credibility It is defined as perceived credibility, the ability and willingness to continually deliver what has been promised. It is believed to be made up of two main components: reliability and experience. Brand credibility can lead to the continued purchase of products by customers (Erdem & Swait, 2004b; Erdem, T. ; Swait, 1998; Gilaninia et al., 2012). Further research is required to understand how this relates to other concepts.
3. El brand prestige, is defined as the relatively high positioning of a product or service within the market to which it corresponds; It is important to note that the prestige of the brand is not related to the fact that the brand is luxurious. A brand can have a high prestige and be the cheapest in its market. (Baek et al., 2010; Dubois & Czellar, 2002; Jin et al., 2016; Sataloff et al., 2001; Steenkamp, ​​Baltra; Steenkamp, ​​2003). 
4. Brand prestige is often confused with brand preferenceHowever, this is defined as the positioning that a brand has within the mind of a consumer (Pérez-Acosta, 2004). This is a positioning that is carried out conceptually within the heads of our clients in relation to other brands that are directly or indirectly our competition. In other words, the difference is that brand prestige is an individual analysis of the brand, while brand preference is an analysis relative to the market in which it participates.  Currently, where the consumer is focused on the experience, the quality of the brand has become extremely important, since a poor quality product will deliver a bad experience for the user or customer. One of the most common mistakes is to confuse the quality of the brand with its perceived quality. 
5. La perceived quality It is defined as consumer judgments based on the intrinsic and external constructs of products or services regarding the overall superiority and excellence of brands. (Aaker, 1991; Bouhlel, 2011; Gilaninia et al., 2012; Sirieix, K.; Dubois, 1999). It goes hand in hand with the information saved that can be conceptualized by the reduction of information collected and processing costs that include money, psychological cost, and time spent (Erdem & Swait, 2004; Erdem, T. ; Swait, 1998). . That is, that consumers know without investigating that your product has, for example, a high quality. 
6. Finally, a very important term to define is purchase intention, are attitudes of liking or disliking towards a brand or product on the part of the consumer and these must fully correspond to predicting the probability of purchase. (Torres Valverde, 2013), purchase intention is applied as a method to predict customer behavior, analyzing the possibility that they make a purchase from the brand (Baek & King, 2011). 

These concepts help us understand our consumer, and how we should guide the business strategy. Of course, much more research and study is needed to be able to fully understand marketing, and it should be noted that this is one of the areas of the business that is changing the most, and that it is always adapting to the environment. 

About the author of the article:

Mateo Ullauri Ugalde

Ecuador basin

Graduated in Business Administration from the University of Azuay. My lines of research are Research lines: Marketing and advertising. He has experience as a researcher in the areas of consumer behavior. He is currently a MAIT student at INCAE Business School.

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