Flashcards in 6: Marketing Strategy Toolkit: Branding Deck (12)
Assessing product offering based on a set of physical characteristics
Includes product presentation, past experience and opinions of others
Deciding on positioning
Based on gap in the market
Based on strengths and capabilities: what do I have to deliver to the market?
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
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
Reasons to local brand
Consumer wants and needs
Response to marketing mix elements
Brand and product development and competitive environment
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
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.
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.
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
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
Customer based brand equity
For a brand to have value:
Customer brand knowledge
Customer response to brand marketing