Professional Documents
Culture Documents
Brand Strategy
Brand Strategy
BRAND VISION
A clean articulation of strategic, financial & brand goals that management has created for the brand. A first step to strategic success as to where the brand can & cannot go. Provides a vision that forces management to articulate what they want the brand to do for the organization over the next five years , relative to brand value ,revenue & profit contributions.
BRANDS POSITIONING IS
The place in the consumers mind that you want your brand to own the benefit you want them to think of when they think of your brand.
A strong position means the brand has a unique , credible , sustainable ,& valued place in the customers mind. Good positioning gives you the direction required to focus the organization & focused your strategic moves. A good positioning is a single idea to be communicated to your customers. It revolves around a benefit that helps your product or service stand apart from the competition.
Disney- family fun entertainment Wall Mart low price & good value McDonalds food & fun Apple innovation Google simplicity Toyota -- reliability
A well crafted brand positioning has three primary components A definition of the target market you wish to pursue A definition of business your company is in or the industry or category it competes in. A statement of your point of difference & key benefits.
It has the advantage of making it easier for the company to evaluate brand performance and worth and allows better resource-allocation decisions. The major drawbacks are product cannibalization if consumers cannot differentiate clearly among product brands and involves higher advertising and promotion budget and is totally selfsupporting with little or not brand name assistance or assurance from the parent.
Advantages therefore are economies of scale in advertising and promotion and each new line extension strengthens the position of the brand and therefore its image. The line helps defend the category from predatory attack. Hence, individual product brands can move across to line brands as companies find ways of extending the brand to different consumer groups or segments.
The second approach which is becoming popular whereby the product brand name has a high profile but is endorsed by the parent company which gives the product a stamp of quality and credibility. Here the product brand is self supporting in practically every respect but retains the assurance of the corporate brand endorsement. This type of corporate branding is also called house or endorsement branding. Nestle uses this approach to protect and guarantee the performance of their multitude products.
Also suitable for companies engaged in service industries as their products are more intangible in nature. When consumers cannot see the products, the company name helps to give them an assurance of quality, heritage and authenticity
What is a brand?
A brand is a name, term, sign, symbol, design or a combination of the above to identify the goods or service of a seller and differentiate it from the rest of the competitors
A brand comprises of
Tangible attributes Product Packaging Labeling Attributes Functional benefits Intangible attributes Quality Emotional benefits Values Culture Image
Brand Identity
It is the marketers promise to give a set of features, benefits and services consistently
Brand Building
Involves all the activities that are necessary to nurture a brand into a healthy cash flow stream after launch
Brand Equity
When a commodity becomes a brand, it is said to have equity What is brand equity? The premium it can command in the market Difference between the perceived value and the intrinsic value
Commodity
Brand
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Personality
Likes the brand. Considers it a friend Satisfied buyer. Would incur costs to switch Satisfied buyer/no reason to change Switchers/Price sensitive
Brand Associations
owned word Slogans Colours Symbols and logos
Brand Status
E S T E E M Step up advertising Cash Cow.Need to Sustain brand building activities
FAMILIARITY
Brand Ambassadors
Giving a face and personality to the brand that is expected to be rubbed off from the brand ambassador
Brand Vitality
Differentiation in consumers need Differentiation relevant to consumers need
Brand Pitfalls Brand experience must match brand image Calls for managing every brand contact