Branding & communication strategy
What is the difference between brand image and brand identity?
Brand image: What is in the mind of our customers
Brand identity: What a company would like to happen. Where they would like to be positioned. What the company do with their marketing mix to hopefully get the position that they aim for.
What is value pricing?
Re-engineering the company’s operations to become a low-cost producer without sacrificing quality, to attract a large number of value-conscious customers.
What is a perceptual map?
A perceptual map is a visualization of how consumers view products or brands within a market
Steps in service?
1. Avoid dissatisfaction
2. Create satisfaction
3. Link between satisfaction, dissatisfaction and different customers
Strategies for market coverage?
Intensive distribution (coverage), selective distribution (coverage) and exclusive distribution (coverage)
What does a strong brand do?
Define these four pricing objectives: survival, maximum current profit, maximum market share and maximum market skimming.
Survival: A last gasp measure. The intent with this objective is to select a price that covers costs while permitting the firm to remain in the market.
Maximum current profit: To earn as much as possible. A concern with this potential approach, however, is that it is short sighted in nature. (Typical when low market growth, high market share)
Maximum market share: Attempts to maximize the total number of units sold or customers served. The thinking is that by selling large quantities of the product the company will eventually put itself in the position to decrease long-term costs. Decreased long-term costs serve to ensure our competitiveness and provide a base for increased profitability
Maximum market skimming: A high price for a new high-end product (such as an expensive perfume) or a uniquely differentiated technical product (such as one-of-a-kind software or a very advanced computer). Its objective is to obtain maximum revenue from the market before substitutes products appear. After that is accomplished, the producer can lower the price drastically to capture the low-end buyers and to thwart the copycat competitors.
Which steps does the positioning process consist of?
1. Analysis of the customer-relevant factors
2. Analysis of competitors
3. Selection of the benefits of own product
4. Developing positioning/percetual map
5. Choiche of positioning platform
6. Communications of the company’s position
Three decision making areas when planning the service strategy?
Service process design: technology utilised, visibility, accessibility and customisation.
Service pricess delivery: service duration, reliability, efforts of employees.
Service product: customer experience.
Steps in distribution planning?
Always start with customer needs.
1. Develop distribution objectives
2. Evaluate internal and external environmental influences
3. Choose a distribution strategy (number of channel levels, vertical or horisontal marketing system, intensive, exclusive or selective)
4. Develop distribution tactics (channel partners, manage the channel, logistic strategies (warehousing, materials, transportation)
What does omnichannel mean?
The customer does not today distinguish between whether they see the product online, pysically, indoor/outdoor and so on.
What different stages does the PLC (product life cycle) consist of?
The introduction stage, growth stage, maturity stage and decline stage. The PLC is different depending on the industry.
What are the definition of POD and POP?
POD: Attributes or benefits consumers strongly associate with a brand, positively evaluate and believe they could not find to the same extent with a competitive brand
POP: Associations that are not necessarily unique to the brand but may be shared with other brands
Name examples of company service strategies?
DIY
Full service
Co-production
co-creation
Factors influencing channel width?
Product type, PLC stage, product price, brand loyalty, purchase frequency, product uniqueness, selling requirement, technical complexity and service requirements.
1. Identify target audience
2. Determine objectives
3. Design communication
4. Select channels
5. Establish budget
6. Decide om media mix
7. Measure results
8. Manage integrated marketing communications
What can the BCG model be used for?
It can be used to determine what priorities that should be given in the product portfolio of a company.
To ensure long-term value creation, a company should have a product portfolio that contains both high growth inputs (the star) and low- growth products that generate a lot of cash (the cow).
What does market modification strategy consist of?
Finding new users, convert non-users, increasing use among existing users, creating new use situations, use in more occasions
What is the definition of brand extensions?
”A strategy where the company uses an existing brand name to launch products in the existing or new category”
What should a brand be?
What should a brand be?
Continuous media scheduling: advertising runs steadily throughout the period.
Flighted media scheduling: advertising runs heavily every months or two weeks.
Pulsing media scheduling: advertising combines the two above.
Seasonal media scheduling: advertising runs only when the product is likely to be used.
When making a (product) strategy, the decision should be based on?
- Target group
- Objectives (based on (ST)P)
- Value proposition
- The product mix
- PLC
- Labelling and packaging
What are the different types of responses? (communication strategy)
Cognitive response(put something into mind, think)!affective response (change an attitude, feeling)!behavioural response (get someone to act, do)
What does successful customer management strategies consist of?
Consist of:
- Understanding the customers (who, what, why, when, values, segments)
- Programs with clear objectives (Loyalty, value-added, service and support, warranty, direct marketing, new product or service launches) - Systems and infrastructure (market research, customer communications and feedback, data mining, service and distribution, monitoring and corrective action)
- Mindset (top-down involvement, bottom-up-buy-in, corporate culture changes, training in individual behaviour etc)
What can you do, if a product is in the late maturity or decline stage?
You can either:
- Modify the product/service (differentiation – service or product)
- Modify the market (new users, convert non-users, increase use among existing users, create new use situations, or use in more occasions)
- Repositioning the product/service (change the ”place" aproduct occupies in the consumer’s mind)
- Or of course, get the hell out of the market if loosing a ton of money.