9. Identifying The Product/brand To Be Marketed Flashcards
List a product’s life cycle and the strategies can be applied to each stage.
Product can be brand new, fill gap identified from analysis or existing product need improvement.
- Introduction- getting into market gaining reputation, recognition, careful selection of distribution.
- Growth: widely distributed, aiming broader market, encourage growth.
- Maturity and stabilisation: highlight difference with other products.
- Decline: extend product life. Improvement, packaging, discounting, new market.
What is the term “brand” refers to ?
- A set of attributes of a product or a service, together with the believes and expectations surrounding it
- Move away from commodity, consumers are willing to pay more.
What are the factors needed to create a successful brand.
- Substance
- Consumer trust
- Consumer engagement
- Brand story
- Price premium
- Longevity
- Strong brand name
- Brand position
- Private label:
10:Ladder brand: - Soft brand:
- Luxury brand
What is substance, how is it important to a product?
- Constancy
- Same level quality and style
Customer trust
- Base on substance
- Low involvement
- Price sensitive.
- Pro: pay more and buying constantly
Consumer engagement
- Relationship with brand.
- Aim directly to consumer .
- Change of marketing should be careful. Eg. Label design.
Brand story is important to…
- Related and create emotional attachment between consumers and producer.
- History.
- Vineyard, grow, soil, location
4.winemaking: old or morden equipment， process - Meaning behind name
Why price premium is important
- Above generic
- POV Guaretee of quality
Why longevity is important to wine business
- Existence long time
- Newcomer can rely on
Why strong brand name is important to market ?
- Easy to pronounce
2 remember
3 meaning important other country - Trademark
5.longevity and sense of place - Brand Image and brand awareness.
what is ladder brand,how does it work?
- Provide the easy understanding rungs to for consumer to trade up higher price,better quality expression of the brand.
- Accessible: inexpensive, widely distributed,
- Stretch: higher quality, higher price, for special occasions.
- Aspiration, most not willing to pay, cast super premium identity across whole range.
Cons:
1. Less effective to low involvement.
2. Not aware the upper level
3. Consider aspiration overpriced.
What is the soft brand. How does it work?
Soft brand refers to any cue used by consumers when choosing to buy one product in preference to another.
Pros:
1. Important tool for marketers.
2. Country, region GI promotes
3. Small producers beneficial.
Cons.
1. Not every marketer is convinced.
What is luxury brand? How does it works ?
- No agreed definition
- Fine wine
- Promote scarcity. Rare limited, high quality, high priced.
- Promote rich heritage, history, story, quality fruit.
- Served in the fine dinning restaurant.
- Most upmarket
- Exclusive and luxury event.
Why should we identify the target market?
- Point of difference, price, quality to tailor the consumer’s need.
- Aiming for larger group and profitable.
- Especially the market is divided distinctively into 5 subgroup (segmentation)
- Before launching production
- For monitoring and improvement.
7.
What is segmentation?
Market divided into distinctive subgroup and segment. Implement different strategy.
1. Geographic- where, rural or urban.
2. Demographic: age gender, income, education and social status.
3. Phychographic: lifestyle, personality
4. Behavioural: what benefit, where, when, level interest, brand loyalty.
