9. Identify the Product/Brand to Market Flashcards
What is important about identifying the produt/brand?
Critical to understand product characteristics, and stage (can be new, existing, or updated product)
What are the 4 stages of the Product Life Cycle?
Introduction
Growth
Maturity & Stabilisation
Decline
What happens during the Introduction phase of the lifecycle?
Focus on getting the product to market, gaining recognition and reputation.
Distribution may be limited to select channels at first
What happens during the Growth phase of the lifecycle?
Widen distribution; aim at a broader audience
What happens during the Maturity or Stabilisation phase of the lifecycle?
Highlight differences from other competition (who have now entered market)
What happens during the Decline phase of the lifecycle?
Potentially improve the product, update packaging, or reduce price in effort to extend cycle, then market the changes
What is the aim of branding?
Seeks to move a product beyond a simple commodity or generic product to the extent that consumers will want to buy it above the minimum price. A successful brand will sell above the minimum.
What is branding?
The set of physical attributes of a product, together with the beliefs and expectations surrounding it– a unique combination evoked in the mind of the audience when the name or logo is observed.
What are 7 ways of achieving a positive brand image?
- Substance - consistently delivery the same level of quality and style
- Consumer Trust - fostered via consistency. Repeat buys
- Consumer Engagement - marketing that makes the consumer feel understood and forms relationships
- Brand Story - relates to consumer, creating emotional attachmenet
- Price Premium - higher prices indicate a guarantee of quality
- Longevity
- Brand Name - easy to remember, translates, is non-offensive in foreign languages
What is the effect of Brand Story? Examples? What does it consist of?
Creates authenticity and sense of place. If it relates to the consumer it creates emotional attachment (esp w/ Millenials). ie. History, grape/vineyard origin, production method, philosophy.
Includes the marketing mix (5 Ps) and testimonials
What are some considerations for a Brand Name?
- can Indicate sense of place, or heritage
- Might need to change to better suit foreign market
- Easy to remember, non-offensive, translates
- Trademark is crucial
What is Brand Equity? How is it measured?
A measurement of brand strength or value, comprising of brand awareness and image.
Not easy to measure, but some companies hire consultants to value and add as an asset on the balance sheet.
What are 5 Aspects/Types of Brands?
- Brand position
- Private label
- Ladder brand
- Soft Brand
- Luxury Brand
What is Brand Position? What are the 4 common categories?
- Where a brand sits within a market
- Value - Standard - Premium - Super-premium
What is a Ladder Brand? Who are they suited for?
Typically have 3 rungs that allow the consumer to trade up to a better quality and higher priced expression of the brand.
Good for luxury and some soft brands. Not low involvement consumers as they won’t be aware of the next rung and products might not be purchased
