Identifying Product/Brand to be Marketed

Question 1

Life cycle of a product

Answer 1

1. Introduction - gain recognition and reputation. Carefully select a few sales channels to focus on
2. Growth - Increase distribution and broaden target market
3. Maturity or stabilization - highlight the differences between the product and other competing products that have now entered market
4. Decline - take steps to extend life cycle ie. Improve the product, update the packaging, reduce price, seek new markets

Question 2

What does a product become if it doesn’t have branding?

Answer 2

Just be commodities and people would just buy the cheapest option

Question 3

How do brands create a positive image in the consumer’s mind?

Answer 3

Substance - same level of quality and style consistently
Consumer trust - trust thru consistency
Consumer engagement - consumer has a relationship with the brand. Feel like hte brand’s marketing strategy is aimed direclty at them
Brand story - a story consumers can relate to and develop emotional attachement
Price premium - higher price = higher quality in ppl’s minds
Longevity - how long the brand has been in existence
Strong brand name - easy to remember, a reflection of the product, translates well to other languages

Question 4

Terms describing different types of brands:

Answer 4

Brand position
Private Label
Ladder Brand
Soft Band
Luxury Brand

Question 5

Brand position

Answer 5

Where a brand sits in the market and cues used to indicate that position. Retail price is a huge cue

Categories:
Value
Standard
Premium
Super-premium

A brand’s position is usually set before launch, according to target market. Can move down but hard to move up

Question 6

Private label

Answer 6

Promote customer loyalty
So customers cannot compare prices
Move large volume once supermarket, deep discounter, restaurant chainm etc gains a lot of loyal customers

Question 7

Ladder Brand

Answer 7

Easy to understand rungs to help trade up wthin the brand

Accessible - lease expensive, most distributes, most purchased
Stretch - affordable but only for special occasions
Aspirational - most prestigious. Most will never buy it as it costs far more than they’re ever willing to spend

Works for luxury products and soft brands
Does not work well with low-involvement consumers - most dont realize the ladder exists or image of ladder is based on accessibele wine adn the rest is viewed as overpriced

Question 8

Soft brand

Answer 8

A lable the company does nto own

Question 9

Luxury brands

Answer 9

Super premium wines that only a few customers can afford
Promote the image of scarcity even if they’re not - allows htem to charge a premium
Promote the idea of luxury