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In marketing strategy, first-mover advantage (FMA) is the competitive advantage gained by the initial ("first-moving") significant occupant of a market segment.First-mover advantage enables a company or firm to establish strong brand recognition, customer loyalty, and early purchase of resources before other competitors enter the market segment.
In marketing, "top-of-mind awareness" refers to a brand or specific product being first in customers' minds when thinking of a particular industry or category. [1]Top-of-mind awareness is defined in Marketing Metrics: "The first brand that comes to mind when a customer is asked an unprompted question about a category.
Increased customer retention and loyalty makes the employees' jobs easier and more satisfying. In turn, happy employees feed back into higher customer satisfaction in a virtuous circle. For this final link to hold, the relationship must be profitable. Striving to maintain the loyalty of unprofitable customers is not a viable business model.
In marketing, brand management is the control of how a brand is perceived in the market.Tangible elements of brand management include the look, price, and packaging of the product itself; intangible elements are the experiences that the target markets share with the brand, and the relationships they have with it.
Once a brand has achieved a strong position, it can become difficult to reposition it. To effectively position a brand and create a lasting brand memory, brands need to be able to connect to consumers in an authentic way, creating a brand persona usually helps build this sort of connection. Positioning is one of the most powerful marketing ...
An example of measuring brand engagement is the service-profit chain, a statistical model that tracks increases in employee “engagement drivers” to correlated increases in customer satisfaction and loyalty, and then correlates this to increases in total shareholder return (TSR), revenue and other financial performance measures.
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