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MKTG3600 > Week 4-7 - Developing Strategy and Building Brands (Product/ Service) > Flashcards

Week 4-7 - Developing Strategy and Building Brands (Product/ Service) Flashcards

1
Q

Define brand

A

is the name, term, sign or design or a combination of these, that identifies the maker or seller of a product or service

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2
Q

What is brand equity?

A

refers to the marketing effects that are uniquely attributable to a brand
- what the brand is in the mind of the consumer
- uniquely attributable
- branded vs non branded

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3
Q

Brand equity occurs when the consumer has a

A

High level of awareness and familiarity with the brand

AND
3 features: strong, favourable and unique brand associations in memory” (Keller).

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4
Q

What framework: How to build built brand equity AND state the 4 steps

A
  1. Identity = salience
  2. Meaning = performance/ imagery” POD & POP
  3. Response = judgement/feelings
  4. Relationship = resonance - brand loyalty and relationship building
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5
Q

Define brand management

A

All about: Analysis - Brand Strategy (Objectives, targeting and positioning)- Tactics/implementation - Monitoring

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6
Q

Define brand strategy

A

Common functions of brand strategy:
- Positioning (incl target market selection)
- Brand portfolio strategy
- Brand architecture
- visual/ brand identity

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7
Q

Define brand positioning and the 3 elements and what case study is used to support it?

A

refers to what we want the brand to stand for in the minds of our
consumers. If effective should be:
1. Emotionally resonant
2. Distinctive
3. Simple
4. Sustainabl3
Case study = Dove

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8
Q

What is the difference between brand postioning and value propostion?

A

We have in mind how we want our brand to be seen (the value proposition) and the consumers have in their mind how they see our brand (positioning) and we want the two to be aligned/equilibrium.

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9
Q

Brand positioning tools

A

Perceptual map

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10
Q

What is archetype? and name some?

A

is a recurring pattern of human behaviour.
- creator
- ruler
- lover
- Sage (wisdom)

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11
Q

Discuss Dove Case Study

A

First beauty bar launched in 1957. Positioned itself based on its functional claim of 1/4 cleansing cream so doesn’t dry your skin. In 2000s Dove repositioned itself and extend to other personal care categories. To do this you have to have strong brand equity. In 2004 Dove real beauty campaign launched (2004) “real women campaign”

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12
Q

What is brand architecture

A

describes the role of the brand in marketing products, and the relationship between all the brands, sub brands and varinats in the portfolio.

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13
Q

What is brand portfolio?

A

having multiple brands in a category but making sure that each brand occupies its own space as each brand is talking to different target market.
1. Ansoff
2. BGC matrix (market growth) - corporate level
3. Product lifecycle

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14
Q

What is visual/ brand identity? And the selection criteria (Keller)

A

refers to those trademarkable devices that serve to identify and
differentiate the brand. Should bring the positioning to life, primarily visually, but other senses are
also used.
- Protectable
- Likeable
- Adaptable
- Memorable
- Meaningful
- Transferable

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15
Q

What are Typical brand tracking measures?

A
  • Awareness
  • Associations
  • Consideration
  • Preference
  • Attitudes
  • Familiarity
  • Usage
  • NPS
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16
Q

State the conversion funnel and ways it is shows.

A

AIDA
- awareness (web visits, reach)
- interest (click through rate, time on page)
- desire (repeat visits, bounce rates
- action (sales, sign ups, donations)
note: desire and action = go-to market

16
Q

Innovation: state the two ways

A
  1. product mix: entire range by firm
  2. product line: group of related products
    Most firms will have multiple product lines. But the decision to start a new product line is a major, strategic one
17
Q

What are the overall product design goals?

A
  1. Meet a need/solve a problem (customer)
  2. Differentiate (competitor)
  3. Be profitable (cost v price = corporation
18
Q

Name 3 reasons why firms develop new products

A
  1. Adapt to the changing market environment
  2. Replace outdated products in their mix
  3. Help expand into new market
19
Q

How was media and marketing changed over the past 20 years?

A
  • Brand building & building managing didn’t really exist
  • Brand itself was seen as an area of marketing that was quite seperate - idea of brand has developed overtime mainly because consumers really care about the organisations and feel aligned to that organisation.
  • In an organisation there was a sales area which was very important, where marketing at a secondary role to sales
  • What changed was when organisation become to offer a better service in area of i.e. publishing
19
Q

what strategy can they use for universities?

A

open days

20
Q

Why was amazon successful as a service?

A

provide the service that a bookshop had never done before, delivering straight to consumer. Meant all other book shops had to fins their niche

21
Q

What the marketing role according to Yolanda?

A
  • Voice of customer - we need to understand them the best
  • make the loyal users - analyse needs and wants
  • stay relevant
  • create experience so they don’t leave
22
Q

What are the three bubbles for ecosystem design Note: Customer driven section)

A
  1. where to optimise and focus (ie.e brand health or touchpoint analysis)
  2. where to play and how to win (segment priorities or competitor mapping)
  3. customer voice always on - spot problems before they become issues (i.e. social listening, cultural intelligence
23
Q

According to Yolanda, what are the sections

A
  1. Customer driven
  2. Strategy & innovation
  3. Seamless CX
  4. World Class leaders
24
Q

Strategy and Innovation

A
  • Sets the direction
  • enable cross functional alignment
  • Siloed approach and independent work
  • Speed to market and lost value
25
Q

What are Building Blocks of Strategy

A
26
Q

Seamless CX - explain the duality approach

A

How do we build customer experience that ensures that we stay relevant as a brand and business to the merging customer of tomorrow.

27
Q

State the CX framework equation

A

CXoTF = FX + Bx + Px

  • Apply this equation to any business.
  • FX and BX apply to fast consumer goods and PX comes when looking at service.
  • FX = does the thing work? Does it deliver what you say it will? I.e.. washes my clothes and get rids of all stains.
  • BX = does it back your brand proposition, your positioning you differentiators?
    · i.e. if your brand promises organic, does the functional experience deliver in light of your brand promise and brand positioning?
  • PX = people you employ in service are part of the experience.
  • In essence: the functional experience needs to marry up with the brand promise and the brand experience you want to create needs to be lived and executed with the people working in your organisation.
28
Q

Customer driven

A

This requires us to evolve the way we approach insights. And not to just rely on one measurement or one data set but actually looking at multiple data points to help inform where you need to focus. Main challenge was how to move from a data driven to creating a broader ecosystem for the business, to fix this Yolanda created an insights of ecosystem with three key bubbles.

29
Q

What elements do we need to built the future (hint there are 3)

A
  1. customer centricity
  2. global thinking
  3. CX framework
30
Q

What elements do we need to present

A

focus on pain points
- Reece - 24/7 pick up lockers

31
Q

What areas do Hammond care have to offer?

A
  1. independent living units - positve ageing
  2. hommnd care at home - respite care
  3. Residential care - homeleness
32
Q

The role of marketing according to Amanda

A
  • Create awareness.
  • Generate demand.
  • Engage employees.
33
Q

Marketing is about change, how so?

A
  • How people buy
  • Hoe people work.
  • How people live
34
Q

Why did Hammond care create an awareness campaign?

A
  1. Dementia is now the leading cause of disease burden for older Australians (AIHW)
  2. DSA consultants are already engaged with 97% of Australian aged care homes
  3. Around 70% people with the dementia are living at home
  4. Family carers less likely to be aware of the support services available to them
35
Q

Who is Hammond care audience for the campaign and why?

A
  • Primary target: carers (most likely a spouse) middle-aged daughters
  • Secondary: build awareness of health professionals
36
Q

Hammond care marketing mix used.

A

keep in mind, low budgets –> specific and clever about the way to go-to market
- Ads prior to on demand tv shows (at specific times) had to know audience
- Op Ed: Daily Telegraph
- Shopping centre ads

37
Q

Did the campaign generate awareness and demand for Hammond Care?

A

Yes. As its was deeply emotive become could relate - lead to success.
- tracking showed a 7% increase
- increase of knowledge about dementia
- 11% increase in number of calls in the first five weeks
- 100% increase to website visitors
- 93% are likely to take action (Australian advertising benchmark is 47%)

MKTG3600 (3 decks)

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