Identifying the Product/Brand to be Marketed Flashcards
List the different stages in a products life cycle?
- Introduction
- Growth
- Maturity or Stabilization
- Decline
What is the strategy for introducing a new wine to a market?
The strategy for introducing a new wine should focus on getting the product into the market, and then gaining recognition and reputation.
Initially, distribution may be limited as well.
How do you achieve growth in the market?
The product is more widely distributed and is aimed at a broader target audience
What is the strategy for reaching maturity or stabilizing?
It should aim to highlight the differences between the product and it’s competition in the market.
When a product is on the decline, what are some options to help extend its life?
- Improving the overall product and updating the label
- Reducing the price to make it more competitive
- Search out new markets that the product may thrive in
What is the end goal of branding?
Branding seeks to move a product away from being a commodity to the extent that consumers will buy that product even if it cost more than similar products.
How does the CIM define what a ‘brand’ is?
It is 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 logo of the product or service should evoke in the mind of the audience.
What are the ways that a brand can create a positive image in the consumers mind?
It can be achieved in the following ways:
- Substance - Successful brands consistently deliver the same level of quality and style.
- Consumer Trust: As a result of the consistency, consumers have come to trust a brand to always give them what they want.
- Consumer Engagement: The consumer should have a relationship with the brand and will ask for it by name.
- Brand Story: Successful brands have a story that people can relate too. Which creates an emotional attachment to the brand.
- Price Premium: Many consumers view higher prices as a guarantee of quality.
Many of the leading wine brands have been around for a long time which has lead to consumer loyalty.
Give some examples of those brands
- Robert Mondavi
- Hardy’s
- Gallo
- Moet and Chandon
- Veuve Clicquot
Why is choosing a brands name important?
Because the name must be something easy to remember.
Also, something that sounds innocent in its region of origin, may come off as vulgar in another language.
What are some wineries doing in Foreign Markets when it comes to brand names?
They are renaming their wines completely, not as a translation, but as a new name.
Some examples in china are:
- Penfolds is Ben Fu
- Lafite is La Fei
- Casillero del Diablo is Hong Mo Gui
What are Ladder brands? Give some examples
Ladder brands are intended to give consumers easy to understand rungs/tiers to help them trade up to a higher-priced and better-quality options. Usually they go Accessible to Stretch to Aspiration
Some Examples of that could be seen as:
Bourgogne Rouge to Gevrey-Chambertain to Le Chambertain
or
Pol Roger NV to Pol Roger Vintage to Cuvee Winston Churchill
List all of the different components that go into branding
- Substance
- Consumer Trust
- Consumer Engagement
- Brand Story
- Price Premium
- Longevity
- Strong Brand Name
- Brand Position
- Ladder Brand
- Soft Brand
- Luxury Brand
Define what Brand Position is, and what are the 4 main categories for Brand Position?
Brand position is where the brand ‘sits’ in a market, and the cues used to indicate that position (usually this is linked to price)
The 4 categories for brand position are:
- Value
- standard
- Premium
- Super-Premium
