BRAND MANAGEMENT TERM
Brand management
Overseeing all aspects of a brand, such as advertising, price, and
customer satisfaction... so that the brand remains in a positive light,
making it more profitable.
Brand equity
If a brand is well-received and popular, its power to generate sales and
income is increased.
Differentiation
Differentiation is the way companies show that their brands or products
are different from those of their competitors
Brand strategy is a long-term marketing plan for a brand. All member od
an organization are involved with implementing this strategy.
A market segment is a group of customers that tends to share values,
needs, and purchasing habits. Company often direct their advertising
toward particular market segments.
Positioning is the "place" a brand holds in the consumer's view, in
comparison to other brands.
Brand loyalty
When customers consistently choose one brand over another, they are
showing brand loyalty.
Niche marketing is focused on a small portion of market segment
Re-branding is the process of updating or changing a brand to make it
more appealing to its target audience.
Co-branding is when two or more companies join together and use their
brand to promote one product
Brand stretching
When a new, sometimes unrelated, products are added to a brand, this
is brand stretching.
A market leader is a company or brand that has the largest percentage
of sales and revenues.
1. WHAT ARE THE ADVANTAGES AND
DISADVANTAGES FOR COMPANIES OF PRODUCT
ENDORSEMENT?
Advantages
- Help your brand be able to stand out.
Booking someone well-known in an advertisement may improve
consumer ad recall and allow you to stay at the top of their mind more
often.
- Open up new markets for your business.
A celebrity endorsement allows you to reach out to a different set of
demographics and new markets with the products that you offer.
- Speeds up the time required to establish a market footprint.
When there is a recognizable celebrity, someone who would be
considered an A-List person, then you can speed up the process of
bringing a new product to the market.
Disadvantages
- The image of an endorsement changes over time
If the person you book for endorsement has scandal, your brand image
may effect.
- It is expensive to hire people to endorse products
If you want to put a famous face with your product to pitch it, there is
going to be a cost associated with it that some businesses may not be
able to afford.
- The endorsement may one day eclipse the product
When the endorser takes more time or space in the advertisement from
the product or service that is being promoted, the viewers will just pay
attention to him/her instead of the product/ service.
2. HOW CAN COMPANIES CREATE BRAND
LOYALTY?
- Building a community - creating a Facebook group or using a brand
hashtag on Instagram to get users talking to your business as well as to
each other.
- Providing personalized experience - for instance provide personalized
emails, discounts and benefits.
- Keep the quality of the products or service high. Customers will
definitely come back to you if your brand fulfills their requirements.
- Engage with the customers as much as possible. The companies can
use Social Media as a platform for reaching out to their customers.
3. EXAMPLE OF SUCCESSFUL BRAND
STRETCHING?
Google's core business is a search engine, but it has an assortment of
other non-advertising related products and services including the Play
Store, Chromebooks, Google Apps, and the Google Cloud Platform.
4. A CHEAP IDEA FOR A PRODUCT LAUNCH.
Write main content about the new product on thick cardboard and let
staff put it up on the road can easily attract people's attention, some of
them even take photos and post it on social media. This is a cheap and
unique marketing campaign.
5. OTHER MARKETING SEGMENT I CAN IDENTIFY
Demographic, psychographic, behavioral and geographic segmentation,
value segmentation, firmographic segmentation, generational
segmentation, lifestage segmentation, seasonal segmentation
6. ACTION COMPANIES CAN TAKE IF THEY START
TO LOSE MARKET SHARE
- Lower prices to compete
- Innovate a new or existing product
- Diversify into another market
- Merge/acquire a competitor or a company with some form of relevant
integration
- Advertise more
- Expand current customer base
- Create a strong advertising campaign about the company to grow
market share
