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Branding Challenges
Branding Decisions-Brand Sponsor Brand Name Decision -Brand Strategy Brand Reposition Decision
Branding
Three commonly used research approaches to get at a brand meaning: 1.Word Association 2.Personification 3.Brand Essence through laddering
Branding
Building brand identity and thereby developing a brand bonding with the consumers is very important Name, logo, colours, tagline, symbols. There must be a vision and mission for every brand Brand contract must be honest Bonding develops not through advertising but by the brand experience
Brand Equity
Brand Equity is the positive differential effect that knowing a brand name has on consumers When the brands are identical, consumer preference for one over the other signifies the brand equity The extent to which consumers will pay a premium for the particular brand is a measure of brand equity
Brand Equity
Brand Equity provides a number of competitive advantages : Trade leverage distributors and retailers Command higher price Launch extensions as base credibility is high Defence against price competition
Mobiles
Food
Brand A B, C etc
Consumers Mind
Innumerable products and brands jostling for the consumers mind space
Product Positioning
Slotting the product in the consumers mind Output : Successful creation of a customer focussed value Proposition , a cogent reason as to why the target market should buy the product.
Product Positioning
Acc. To Kotler, arranging for a product to occupy a clear, distinctive, desirable place in the market and in the minds of the target consumers.
Product Positioning
What is positioning ? It is not what you do to a product, but what you do to the mind of the consumers
Product Positioning
Differentiation : Process of adding a set of meaningful and valued differences to distinguish the companys offerings from competitors offerings
Product Positioning
Positioning encompasses the following
Position as a place Position as a rank Position as a mental attitude
Product Positioning
What is perceptual mapping? Draw a map of the overall category benefits Represent the consumer perceptions in a two / multi dimensional space to see where our brand is positioned as against others
Hamam
Margo Lifebuoy HEALTH Neko
LUXURY
Cinthol
Product Positioning
Positioning methods :
Product feature positioning Benefit positioning Specific usage positioning User category positioning Position against other products Positioning by usage By product class
Product Positioning
Positioning is easy for the first mover The human mind cannot rank more than seven items at a time Once your mind is set, difficult to reset
Product Positioning
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Important the difference delivers a highly valued benefit to a sufficient number of buyers Distinctive The difference is delivered in a distinctive way Superior the difference is superior to other ways of obtaining the benefit Preemptive the difference cannot be easily copied by others Affordable - the buyer should afford to pay for the difference Profitable it should be profitable to introduce the difference
Product Positioning
Positioning Errors :
Under positioning Over positioning Confused positioning Doubtful positioning
Pricing
Price A value attached for the services and the inherent worth of a product or service. Not just a number tag on an item
Pricing
Price produces revenue other Ps produce costs Price is by easier to adjust compared to other Ps Price conveys a certain intended value proposition to he consumers
Estimating Costs
Fixed , variable and total costs structures. Costs of RM / PM and other overheads Japanese method of Target Costing
Determine the final product appeal and then cost each element
Analyse Competition
Nearest competitor prices, costs Reactions of competition to a given price
This method does not take into account market realities Works only if the price fetches expected sales
Adapting Pricing
Geographical segmentation Price discounts and allowances Promotional Pricing Discriminatory pricing Product mix pricing
Premium Strategy
Overchargin Medium g strategy value strategy Rip Off False Strategy Economy Strategy
Marketing Segmentation
- Market Groups affected by the product for a specific function with a certain competition - (refer to fig 1. pg. 26 of the block 2, unit 1) - Segmentation is the basis of breaking up these subgroups for a marketing mix
Segmentation
Market segments are : sub classes of the market grouped together on the basis of similarity of wants, behaviour and income parameters Can be called a group of people who seek by far the same aspects of the product In reality , it is a marketers definition and concept of the market
Segmentation
Relationship of a segment to a market Differences of the segment based on demands Mobility of buyers across similar segments
Segmentation
Segmentation vs product differentiation Product differentiation products designed according to appeales of a given segment Differentiation is complete if there are differences in the following :
Physical aspects Services offered Convenience image
Segmentation
Benefits of segmentation:
Clarity about the consumers Exploit market better Better match of product to consumer needs Better loyalty
Segmentation
Doubts :
Not mutually groups not water tight compartments Commercial viability of small segments Competitive practices of rivals Insignificant differences exist between brands
Segmentation
Doubts :
Not mutually groups not water tight compartments Commercial viability of small segments Competitive practices of rivals Insignificant differences exist between brands
Marketing Research
- The systematic gathering , recording and analysing of data about problems related to the marketing of goods and services The American Marketing Association definition
Marketing Research
- Purpose of research :
Decision making tool facilitation Risk reduction Discovering profitable opportunities
Marketing Research
Steps in marketing research Problem definition Research design Field work Data Analysis Report presentation
Marketing Research
- Steps in marketing research - Problem definition define the issue on hand - Give a correct overview of current scenario and future objective
Marketing Research
- Steps in marketing research Research Design - Data collection - Research instrument - Sampling plan
Marketing Research
- Steps in marketing research Field work - Planning and supervision
Marketing Research
- Steps in marketing research Data Analysis - Classifying raw data - Summarising data - Analytical methods to analyse and then make an inference
Marketing Research
Application of research Sales and market analysis Product research Corporate research Advertising research