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A good brand name should..
- Suggestive of Benefits
- Simple - Easy to Remember
- Distinct
- Extendable
- Translates easily into other languages
- Legally Defensible
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Brand Development chart
- Product Category
- existing New
- brand existing: line extension brand extension
- name new: multibrands new brand
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Brand Design Schematic
visual elements
- picturing
- symbolizing
- animating
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brand design schematics
verbal elements
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brand schematics
visceral elements
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brand schematics
- visual elements
- verbal elements
- visceral elements
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Marketing services
intangibility, variability, inseparability perishability
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intangibility
sercives cannot be seen, tasted, felt heard or smelled before purchase
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variability
quality of services depends on who provides them and when, where and how. due to inseprability
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inseparability
services cannot be separated from their providers. varability people vs things
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perishability
services cannot be stored for later sale or use. how does one even out demand.
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new product development process
idea generation, idea screening, concept deveopment and testing, market strategy development, business analysis, product development, test marketing, commercialization
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brainstorming techniques
- defer judgement (no buts)
- encourage wild ideas
- build on ideas (only ands)
- be visual
- stay focused on the topic
- one conversation at a time
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product adoption curve
risk takers/innovators(2.5), opinion leaders/early adopters(13.5), deliberte adopters/early majority(34), skeptical/late majority(34), tradtion bound/laggards(16)
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Product life cycle strategies
- market modifying
- Product modifying
- marketing mix modifying
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market modifying
finding new uses, and new markets for your product
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product modifying
creating new products with your brand
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marketing mix modifying
changing one of the 4ps
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Gross Margin
Revenue (net sales)-VC(COGS)
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Unit Gross Margin
Price/unit-VC/unit
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Margin
Gross margin as a percent of net sales
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Mark-up
Gross Margin as a percent of VC (COGS)
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Break even
Break even (in Units)= fixed costs/per unit GM
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pricing process
- determine your pricing objective
- estimate demand
- estimate costs
- analyze competitors prices
- select a final price
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calculating elasticity
% change Q/% change P
(Q2-Q1/q1) /(P2-P1)/P1
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pricing strategies
- product line pricing (basketball shoes)
- optional product pricing (computers)
- captive product pricing (movie theaters)
- by-product pricing
- poduct bundle pricing (value meals)
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Illegal Pricing strategies
- Predatory pricing
- Price Maintenance
- price fixing
- 1st degree price discrimination
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Competitive analysis
- identifying the companys competitors
- assesing competitors SWOT
- Selecting which competitors to attack
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How to identify competitors - industry
point of view that looks at the specific products or services a company produces
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How to identify competitors - market
point of view that looks at customer groups that the company services
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Share of Wallet/share of stomach diagram
- Form competition - diet sodas
- category competition - carbonated beverages
- generic competition - all beverages
- budget competition - all food/drink
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How to assess competitors
- what are their objectives?
- how do you match up against them (plan + 4P's, Swot)
- What are their weaknesses? SWOT
- What is their current strategy? Annual plan + 4Ps
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competitive myopia
- tunnel vision
- worrying about product enhancements instead of the problem the product solve
- drill bit=hole
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Competitive Sweet Spot
In the competitvie environment: Maximizes customer's needs with company's capabilities while avoiding competitors offerings
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Customer Driven Marketing process
- Basis for segmentation
- Basis for Segmentation
- Develop Profils
- measure attractiveness
- Choose taget
- choose position aka differentiate
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Ways to segment
- Geographic (Most Used)
- Demographic
- Psychographic: lifestyle, pesonality, attitudes, values
- Behavioral: usage situations, benefits (Most Useful)
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Segmentation Criteria
- Differntiable
- substantial
- identifiable and measurable
- accesible
- responsive
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Differentiable
segments must behave differently
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Substantial
segments must be large enough to warrant special marketing mix, profit potential?
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Accesible
Membes of target segments must reachable with marketing mix (4P's)
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Responsive
unless segment responds to a marketing mix differently, no spearate treatment is needed
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Person by usage occasion segmentation
- Usage situation top
- person: age, gender, income lifestyle side
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Targeting
- Depends on the 4c's
- profitabilty potential
- market size
- anticipate market growth
- current and anticipated competition
- consumer behavior and expectations
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Position
how the product is view by consumers on important attributes relative to the competition.. not how it's viewed by you.
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positioning
the actions a marketer takes to influence a products position
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positioning tactics
- How you are just as good as the competition MOST USED
- how you beat all the competition
- How you are loved by popular people
- how you fit consumers lifestyles
- how you deliver what is most valued MOST USEFUL
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POSITION 101
- stand for something
- stand for something that's different
- stand for something that's different that's important
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Unique Selling Proposition USP
For TARGET MARKET the NAME OF THE PRODUCT is the SINGLE MOST IMPORTANT CLAIM among all COMPETITIVE FRAM because REASON TO BELIEVE
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Perceptual map
- Horizontal: conservative to sporty
- Vertical : classy distinctive to practical affordable with dots in boxes
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Product
anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a want of a need
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Experiences
Represent what buying the product or service will do for the customer
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Levels of Customer care
- Core customer care (center)
- Actual Product: brand name, quality level, packaging, design, features (second ring)
- Augmented Product: Delivery and credit, product support, warranty, after sale service
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Steps in product decisions
- product attributes
- branding
- packaging
- labeling
- product support and services
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Roles of the package
- functional
- protect and informstrategic
- influence choicereinforce brand
- differentiate
- advertise
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Brand
A brand is NOT your brand symbols. Your brand is a PERCEPTION that exists in the MINDS of your of your CONUMERS about your RELEVANCE and promise of VALUE. your brand is the SUM total of impressions formed through exposure to you TOUCHPOINTS.
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Brand Pyramid
- Top
- personality
- value of user
- emotional benefits
- functional benefits
- attributes
- increase in level = increast in brand loyality
- top three are toughes but most important
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