Managing Brands Over Time

Question 1

What is the Product Evolutionary Cycle (PEC)?

Answer 1

A visual representation of products in the market over time

Question 2

What are the 3 forces of the Product Evolutionary Cycle (PEC)?

Answer 2

Selective force: dependent on the market environment (social, environment, political factors)

Generative forces: dependent on managerial actions (strategic/tactical)

Mediative forces: dependent on competitor actions and responses to marketing initiatives

Question 3

How do you reinforce brands over time (4)

Answer 3

1. Increase marketing support ensures the brand doesn’t become forgotten, irrelevant, or out-of-date
2. Protect sources of brand equity: key brand associations (imagery) shouldn’t be altered (eg. Maggie noodles, dove soaps/wash)
3. Fortify or leverage brand with new ways to connect with consumers, or capitalise on existing brand equity to reap accruing benefits
4. Fine-tune the marketing support program

Question 4

How do you revitalise a brand? (4)

Answer 4

1. Expand brand awareness: different ways and situations for your brand to be used/bought
2. Improve brand image: go back to the basics or reinvent the brand to overcome negative associations
3. Reposition POPs and PODs
4. Change brand elements (Mountain dew)

Question 5

How do you make adjustments to a brand portfolio? (3)

Answer 5

1. Migration strategy
2. Aquire new customers
3. Retire brands

Question 6

What is the migration strategy?

Answer 6

Bringing customers in at the entry-level stage, then being able to bring forth a premium level through hierarchies, creating a logical structure in consumer minds. How do you provide entry for consumers into your brand without compromising on the quality and positioning of your brand.

Question 7

How do you acquire new customers? (6)

Answer 7

1. Reach out to new consumer groups
2. Reach out to the decision-making segment instead of users
3. Create new market segments based on cultural dimensions (different needs)
4. Multiple marketing programs for different segments
5. Brand extensions and sub-branding
6. New distribution outlets such as pop-up stores to create further accessibility

Question 8

How do you retire brands in order to make adjustments to your brand portfolio?

Answer 8

1. Withdraw marketing support from a brand while still continuing manufacturing to appeal to niche groups (orphan brand, minimise spending)
2. Consolidation: combine two separate brands that are similar to make one brand
3. Discontinue a product (manufacturing, sell the brand to someone else)