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Brand Management (Product Strategy
Based on 4P:
Product
Place
…
Brand Management
Product Strategy
Based on 4P:
- Product
- Place
- Promotion
- Price
Personalization (done by company)
E.g. Coca-Cola puts names on bottles
vs.
Customization (done by customer)
E.g. IKEA turning children’s drawings into stuffed animals
--> Mass customization (limited options for customization)
E.g. Havaianas, Nike ID, Pandora, Domino’s, Subway
Participatory Marketing
Collaboration between consumer & company, where input from consumer is just as valuable as that from company (co-creation, crowd sourcing, consumer-generated content, co-development)
E.g. IKEA turning children’s drawings into stuffed animals
E.g. Apple’s #shotoniphone campaign
Engagement marketing
Directly engages consumers & invites them to participate in the evolution of a brand or brand experience
Goal: transform consumers from passive to active
Innovation
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Innovation booster "Technique 9"
- Define 8 smart keywords
- Add further possibilities
- Add extra features (#9)
- Connect new further possibilities (but keep some keywords from definition), include #9 features to create innovation
1. Disruptive Innovation
Developing new products/services to replace existing ones and gain a competitive advantage
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Co-branding
Two firms working together to market a good / service. 2 logos for 1 offer
Example: H&M and Jimmy Choo, Prada and Hyundai,
Co-development
Two firms working together to co-develop a packaging. 1 logo for 1 product with a common packaging.
Example : Rexona, Dove
Co-packaging
Two firms working together to develop one common product or service answering to one single need. 2 logos on 1 common product.
Example : Bonduelle and
Use of Trends
(Movie, Games,etc)
- Fidget Spinner for Lush
- Lion King for T-shirts
Planned Obsolescence
Deliberately outdating in order to encourage the consumer or the user to abandon the current owned itm in favor of the upgrade one. Ex: Light bulbs, Colons, etc...
Brand strategy:
It’s the long-term marketing support for a brand, based on the definition of the characteristics of the target consumers. It includes understanding of their preferences, and expectations from the brand.
Mission statement
Also called company mission, corporate missions or corporate purpose.
Vision statement
an aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future
Positioning
a marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.
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Brand definition:
unique design, sign, symbol, words, or a combination of these
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Core values
concrete actions, its relationship with the external world
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Differentiation strategy :
Has to be easy to understand and memorize, has to be connected to the brand identity, but has to be different of competitors, and something infinite, universal (time and product).
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8 factors of success
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2. Build brand equity: Brand com' delivers a clear, relevent and competitive consumer benefit
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4. Be highly visible: money well spend, communication have an impact
- Be relevent to core target: catch the eye by planting a relevent idea in the consumer's mind
6. Be likeable: all communication should be contemporary, both incontent and tone
7. Be excellent: help create appetite appeal, differentiate our products and motivate purchase
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Targeting strategy:
The selection of potential customers to whom a business wishes to sell products or services
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Targeting broadly
------------------------------------------------------------------------------------------------------------------------------------------------------------------------> Targeting narrowly
Undifferentiated (mass) marketing)
Whole market with one offer (ignores segments)
e.g. water, printer paper, Kleenex
Differentiated (segmented) marketing
Decide to target several different market segments, separate offers for each
E.g. Coca-Cola (classic, light for women, zero for men, life for ‘healthy’ people)
E.g. Signal (whitening, carbon, children)
Concentrated (niche) marketing
Concentrate on one or a few segments or niches
E.g. Tesla
E.g. solid shampoo hair women
E.g. Bugatti
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4 consumer motivators
1. PRICE (lowest price):
more products, lower quality, lower price
2. QUALITY (less is more):
less products, higher quality, higher price
3. SUSTAINABILITY (sustainable development):
best offer in terms of fair price, fair economy, organic/eco-friendly products
4. TECH (technological aspects):
new technologies used for product, promotion, communication, relationship
Brand manager: What's your job ?
"it's your job to ensure that the appearance and integrity of the brand you work for is the best it can possibly be"
Skills :
- Innovation
- Analytical
- Communication
Challenges :
- Differentiation
- Diffusion
- Expansion : make it grow, expend your brand
How ?
The 3B :
Connect the 3B to be successful !
What tools ? :
-Offline (sponsorship, flyers, posters, cinema, radio, TV...)
- Online (Social media, website, e-news, online TV...)
- Mass media (TV, internet, Radio, Billboards...)
- Alternative (direct marketing, personal selling, street marketing...)
Price strategy
Pricing strategy
Activities aimed at finding products optimum price, typically including ovreall marketing objectives, consumers demand, product attributes, competitor's pricing and economic trends
Example : Nespresso machine
Optional pricing
Method of determining product costs whereby a business sets a low costs for its most basic product and the profits from selling more costly accesories
Prodcut line pricing
Process used by retailers of separating goods into cost strategies in order to create various quality levels in consumer minds.
Example : IPhone 5S, 6, 6+...
Heuristics
Quick and intuitive mental operation
conducting to décisions such as purchasing decisions
Example :Cine popcorn
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