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Product and CUEGIS, Key driving forces for global branding strategies -…

- - - - Psychological and feel-good factor behind the purchase of a product
    - - What the product actually does for customers
  - - - Brand extension strategies
        
        Developing and Launching new products under the same brand name
        
        ex: Cadbury's, virgin, Samsung uses brand names to enlarge their product portfolios
- - - - Mass adoption of digital technologies and mobile devices resulted in global competition
      - ex: Introduction of portable 35 mm cameras brought the product to the masses
- - - - ex: core food menu at McDonald's is almost the same throughout the world, but additional products included to cater for local tastes and preferences
- - - - Market segmentation
        
        distinct grouping of customers with similar characteristics
        
        Psychographic
        
        Geographic
        
        Demographic
        
        use DAMAS as criteria (Differential, Actionable, Measurable, Accessible Substantial)
      - Consumer Profiling
    - - Multi-brand strategy
        
        Businesses developing two or more brands in the same product category
        
        However, may lead to product cannibalization
        
        Brands from the same business directly compete with each other
    - - Assses strengths and weaknesses and identify potential market opportunitities or threats before decoiding on best strategy
    - - Boston Matrix
        
        Harvest
        
        Reaping profits of product to turn stars into cash cows
        
        High market share
        
        High Market growth
        
        Hold
        
        Investing enough resources to keep cash cows in their current position
        
        High Market share
        
        Low Market growth
        
        Build
        
        turn question marks into stars
        
        Low market share
        
        High market growth
        
        Divest
        
        Low market share
        
        Low market growth
        
        Phasing out or selling off dogs; frees up resources to be used such as investing in problem children
        
        Problem children: main users of cash
        
        Cash cows: Main generators of cash