Branding Part 1 Flashcards
What is a brand?
something intangible but we choose to accept it as symbolic and differs from products
Explain the purpose of brand positioning
plays role in achieving mission and vision. defines what makes brand unique motivating and true to target group.
Why is it necessary to position a brand?
to develop coherent and competitive marketing mix but take competition into account
What is brand positioning?
act of designing company’s offer and image so it occupies a distinct and valued place in target group’s minds.
Brand and product managers should know the 3c’s what are they?
What makes a good brand positioning?
customer Who is the target consumer? (PERSONA)
company What your company / product / brand does best?
competition main competitors? what can you do better? POD and POP
Explain the target consumer and how to find them
set of all actual + potential buyers of a product/brand who display enough interest and have the means to buy and access it. STP process required
What is the STP process?
used to find target consumer by segmenting, targeting, and positioning
What are ways of segmenting customers?
Geographical segmentation (eg. clustering of countries)
Demographical segmentation (eg. by sex, age, etc.)
Psycho-graphic segmentation (eg. by lifestyle, hobbies, needs, …)
Behaviourial segmentation (eg. heavy users)
What is an example of psycho-graphic customer segmentation?
Toothpaste market: research shows that there are 4 main segments
Sensorial segment: taste, mouth feel, freshness
Cosmetic segment: whiteness (white teeth)
Concerned segment: gums, anti-tartar, sensitive teeth
Price segment: no specific needs, going for the lowest price
How do we segment companies?
list strengths
brands most valuable product attributes and characteristics
match to customer
How to analyse the competition using the 3C’s model?
compare your own strengths with that of direct and indirect competition and use POD and POP to write it
What is POD (points of difference)?
Attributes or advantages consumers evaluate as very positive and where they believe they cannot find them to the same extent in competitors’ brands
What is POP (Points of parity)?
not by definition unique for a brand, and can be shared with other brands but not influencing their final choice despite being necessary
What are the drivers behind brand positioning making it important?
Increasing competition
Transparancy of markets & less entry barriers
Power of the consumer (always looking for NEW)
Power of the retailers/distribution
Low involvement & commoditization
Importance of our sub conscience
What makes a brand strong?
consumers by the knowledge and associations they have are reacting more positively to actions taken
