D2C09 Identifying The Product/Brand To Be Marketed Flashcards

1
Q

Stages of product life cycle

A

Introduction
Growth
Maturity of stabilisation
Decline

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2
Q

Marketing strategy for the introduction phase

A

Focus on getting product into market, gaining recognition and reputation
Distribution limited to a few carefully selected channels to begin with

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3
Q

Marketing strategy for the growth stage

A

Aim at broader target market, encourage strong growth

Increasingly widely distributed

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4
Q

Marketing strategy for the stabilization stage

A

Highlight the difference between the product and other competing products

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5
Q

Marketing strategy for the decline phase

A

Extend life cycle
Improving product
Update packaging, reducing price to make it more competitive
Seek new markets

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6
Q

The purpose of branding

A

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

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7
Q

Give one definition of brand

A

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

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8
Q

List methods to create a positive brand image in the consumer’s mind

A
Substance
Consumer trust
Consumer engagement
Brand story
Price premium
Longevity
Strong brand name
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9
Q

Explain substance in the context of brand. Give example

A

Consistently deliver same level of quality and style

E.g., Champagne NV

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10
Q

Explain consumer trust in the context of brand. Give example

A

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

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11
Q

Explain consumer engagement in the context of brand

A

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

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12
Q

What stories of wine could be used for marketing

A

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

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13
Q

How does a wine’s story help the brand

A

Create a sense of authenticity

Link wine to a particular place and particular producer in a way that bulk production wines do not

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14
Q

Explain price premium in the context of brand

A

Command higher price than similar generic products

Consumers view high price as a guarantee of quality

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15
Q

Explain longevity in the context of brand. Example

A

Brand in existence for a long time

E.g., leading champagne brands

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16
Q

Explain strong brand name in the context of brand

A

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

17
Q

Discuss several effective strategies for naming a brand

A

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

18
Q

How to measure the value of brand

A

Brand equity: brand awareness (the extent to which consumers are familiar with the brand) and brand image (how consumers perceive)

19
Q

List major terms used to describe different aspects of branding or types of brands

A
Brand position
Private label
Ladder brand
Soft brand
Luxury brand
20
Q

What is brand position? Give one method of categorization

A

Where a brand sits within a market and the cues used to indicate that position
Value, standard, premium, super-premium

21
Q

How can brand position change within the market

A

Usually set at launch
With competition, can lower position to remain competitive
Can raise position with a lot of work over time

22
Q

What is ladder brand

A

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

23
Q

List the three rungs in ladder brand

A

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

24
Q

Give two examples of ladder brand

A

Champagne: Pol Roger non-vintage; vintage; cuvée Winston Churchill
Burgundy: Bourgogne Rough, Gevrey-Chambertin, Le Chambertin Grand Cru

25
Q

On what kind of consumers are ladder brands less effective? Why

A

Low-involvement consumers
Few if any who buy accessible wine will be aware that the aspirational wine exists
Worst situation: entire ladder is viewed based on the accessible and consumer would be reluctant to trade up even to stretch as they believe it to be overpriced

26
Q

What is soft brand. Give examples

A
Any cue used by a consumer when choosing to buy one product in preference to another
Country of origin: Australia
Region: Rioja
GI: Pouilly-Fume
Variety: Cabernet
Style: oaky Chardonnay
27
Q

What is luxury brand. Example

A

No agreed definition
Tend to be super-premium priced wines which only a very few can afford
E.g., Bordeaux Premier Cru Classe; Screaming Eagle

28
Q

Key features of luxury brands

A

The idea of scarcity: perceived though not always the case
Promote other assets such as fruit quality, vineyard, winemaking, rich heritage etc
Promote the idea of luxury: sponsorship of exclusive and luxury events, positioning in the most upmarket retailers and on wine lists of fine dining restaurants

29
Q

List top 10 global wine brands in 2017

A
Barefoot (USA)
Concha y Toro (Chile)
Gallo (USA)
Changyu (China)
Yellow tail (Australia)
Shutter Home (USA)
Robert Mondavi (USA)
Hardys (Australia)
Beringer (USA)
Great Wall (China)
30
Q

List biggest champagne brands in 2016

A
Moët & Chandon
Veuve Clicquot
Nicolas Feuillatte
G.H. Mumm
Laurent Perrier
Taittinger
Pommery
Piper-Heidsieck
Landon
Canard-Duchene