D2C09 Identifying The Product/Brand To Be Marketed Flashcards
Stages of product life cycle
Introduction
Growth
Maturity of stabilisation
Decline
Marketing strategy for the introduction phase
Focus on getting product into market, gaining recognition and reputation
Distribution limited to a few carefully selected channels to begin with
Marketing strategy for the growth stage
Aim at broader target market, encourage strong growth
Increasingly widely distributed
Marketing strategy for the stabilization stage
Highlight the difference between the product and other competing products
Marketing strategy for the decline phase
Extend life cycle
Improving product
Update packaging, reducing price to make it more competitive
Seek new markets
The purpose of branding
Seeks to move a product away from being a commodity to the extent that consumers will want to buy that product even if it costs more than the minimum possible price
E.g. Marlborough Sauvignon Blanc - Cloudy Bay compared with others
Give one definition of brand
CIM: the set of physical attributes of a product or service, together with the beliefs and expectations surrounding it - a unique combination which the name or the logo of the product or service should evoke in the mind of the audience
List methods to create a positive brand image in the consumer’s mind
Substance Consumer trust Consumer engagement Brand story Price premium Longevity Strong brand name
Explain substance in the context of brand. Give example
Consistently deliver same level of quality and style
E.g., Champagne NV
Explain consumer trust in the context of brand. Give example
Due to consistency, consumers come to trust a brand to always give them what they want
E.g., supermarket own-brand wine: low-involvement consumers regularly buy favorite brand of wine in preference to cheaper, unbranded alternative which they do not know
Explain consumer engagement in the context of brand
Consumer have a relationship with brand
They feel the brand’s marketing strategy is aimed directly at them
Changes need to be made very carefully
What stories of wine could be used for marketing
Producer story
Where are grapes grown
How is the wine made
Is there a story behind name, label, bottle design
Price, where the wine is sold and how it is sold
What other people say about the wine
How does a wine’s story help the brand
Create a sense of authenticity
Link wine to a particular place and particular producer in a way that bulk production wines do not
Explain price premium in the context of brand
Command higher price than similar generic products
Consumers view high price as a guarantee of quality
Explain longevity in the context of brand. Example
Brand in existence for a long time
E.g., leading champagne brands
Explain strong brand name in the context of brand
Easy to to remember and pronounce
Avoid offensive or obscene meaning in other languages
E.g. Mist (made in Saint-Tropez) means excrement in Germany
Discuss several effective strategies for naming a brand
Different name in different markets which is not merely a translation but resonate with the target market. (Penfolds, Lafite)
Reference to geographical features, e.g. Cloudy Bay, Blossom Hill - give a sense of place
Name of founder gives sense of heritage and longevity. E.g., Champagne Krug, Taylor’s Port
Protect such assets through trademark registration
How to measure the value of brand
Brand equity: brand awareness (the extent to which consumers are familiar with the brand) and brand image (how consumers perceive)
List major terms used to describe different aspects of branding or types of brands
Brand position Private label Ladder brand Soft brand Luxury brand
What is brand position? Give one method of categorization
Where a brand sits within a market and the cues used to indicate that position
Value, standard, premium, super-premium
How can brand position change within the market
Usually set at launch
With competition, can lower position to remain competitive
Can raise position with a lot of work over time
What is ladder brand
Intended to give consumers easy-to-understand “rungs” to help them trade up to a higher-priced and better quality expression of the brand
Whole range benefit from the identity of the most prestigious expression of the brand
List the three rungs in ladder brand
Accessible: least expensive, greatest distribution, consumers buy most often
Stretch: affordable but only for special occasions
Aspiration: most prestigious expression. Most consumer will never buy. Cast super-premium identity over the entire ladder
Give two examples of ladder brand
Champagne: Pol Roger non-vintage; vintage; cuvée Winston Churchill
Burgundy: Bourgogne Rough, Gevrey-Chambertin, Le Chambertin Grand Cru
