6: Marketing Strategy Toolkit: Branding Flashcards Preview

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Flashcards in 6: Marketing Strategy Toolkit: Branding Deck (12)
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1

Physical positioning

Perceptual positioning

Assessing product offering based on a set of physical characteristics

Includes product presentation, past experience and opinions of others

*value proposition*

2

Deciding on positioning

Based on gap in the market
Based on strengths and capabilities: what do I have to deliver to the market?

3

Positioning statement

Overview consisting of brand name, category(product/industry), main segment, key benefit.

Nutrigrain is a breakfast cereal for YA males that are looking for sustained energy

4

Global branding

Can be consumed differently all around the world. E.g. red bull: stay awake, illegal, partying.

Reasons: economies of scale, decrease marketing costs, power and scope, consistency in brand images, ability to leverage good ideas, uniformity of marketing practices

5

Reasons to local brand

Differences in:
Consumer wants and needs
Response to marketing mix elements
Brand and product development and competitive environment
Legal environment
Marketing institutions
Admin procedures

6

Private local branding

Your product and another companies label. Advantages: improved quality of private label products, development of premium private label product, shift in retailer power, expansion to new product categories, economic downturn, internationalisation of retail chains

7

Brand extension

Using established brand name/trademark on new products, so to increase sales.

Can reduce risk perception, decrease costs, increase efficiency of promotion, avoid cost of new names, etc.

8

Strategic market plans

Offensive: invest to grow, improve position, new market entry. Earlier stages of life cycle.

Defensive: protect position, optimise/monetise position, harvest/divest. Later stages.

9

Product life cycle: intro

Pioneer or follower? Pioneers have first mover advantage (100% market share, no competition, high price/margins, educating the market, potential barrier to entry)
Risks: poor market response, expensive, legislative

10

Advantages to brand strategy

Financial advantages - Highest sales, high margins, guarantee of future income

Strategic advantages – position in relation to competition/trade

Relevance of the labour market

Management advantages – extension/endorsement (amazon kindle), global branding

11

Customer based brand equity

For a brand to have value:

Differential affect

Customer brand knowledge

Customer response to brand marketing

12

Brand creation

Brand elements (name, logo, slogan, characters)

Secondary associations (other brands we associate ourselves with)

Standard marketing communications