Week 5 - Brand Management notes.
Week 5 - Brand Management notes. MKTG 421
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This 5 page Class Notes was uploaded by Erin McGoff on Wednesday September 21, 2016. The Class Notes belongs to MKTG 421 at American University taught by Dr. Sanal Mazvancheryl in Fall 2016. Since its upload, it has received 2 views. For similar materials see Brand Management in Marketing at American University.
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Date Created: 09/21/16
Brand Marketing 9/29/16 7:00 PM Developing Brand Image and Brand Position Sep 28, 2016 • Brand Image o Product vs. Brand ▯ Products ▯ made in factory can be copied by competition, can be quickly outdated, can command only a commodity price, has functional value ▯ Brand ▯ is bought by consumer, is unique, can enjoy a long lifespan, can command a premium price, ▯ Has function and and nonfunctional value (an image) o Who positions brands? ▯ While marketers guide the positioning effort, positions are ultimately decided by consumers ▯ They determine where a brand fits on the map based on their perception and experiences with the brand. ▯ Consumers decide the positioning of the brand ▯ NeXT Computers ▯ confused positioning, where does it fit in our life? *didn’t understand. ▯ Crystal Pepsi ▯ advertising clear cola, but there was no need for this. *rejected ▯ AXE ▯ customer understands, effective. o Brand positioning ▯ It is the consumer who positions the brand and it’s marketers jobs to influence the brands position in consumers minds. ▯ Product positioning: the way manufacturers want consumers to perceive their products vs. competitors ▯ Brand positioning: creating a distinct, clear and meaningful image o f the brand in target consumers mind. It has focus and stands for something. o Effective positioning requires that the marketing ▯ Sacrifice ▯ don’t try to be all things to all people ▯ Beat your competition to the punch, get there first. Avoid “me too” positions. ▯ Understand the roots and foundation of your competition. If Volvo has the “safety” positioning, find something else. o What is a brand positioning statement? ▯ Internal document that reflects strategic thinking and serves as a guiding light for all elements of the marketing mix. ▯ 4 elements of a positioning statements ▯ 1. Target audience • Decides the core user and their needs • Uses demographics to accurately pinpoint: age, gender, race, geographic, occupation, etc. • Use psychographics (girlfriends buy Coors for their boyfriends –that’s important.) • “12-24 year old sports active males” ▯ 2. Frame of Reference • Where does the brand fit in the market place? • Who is your direct competition? • Sometimes it’s chosen for you (ex. Tide and other detergents) or you have to decide it (ex. snicks and other candies or is it a snack?) ▯ 3. Point of Difference • What is it about you that will be able to meet the consumer’s needs? • Snickers satisfy hunger better than any other snack in the market place. ▯ 4. Support • Why is this believable to the target customer? • Closes the sale • Offer proof and credibility to the POD. ▯ Gatorade Position Statement ▯ To active athletes of all ages who love to compete Brand Architecture ▯ Intrinsic elements ▯ product attributes + functional benefits ▯ Extrinsic elements ▯ emotions benefits + brand image o Brand Activation ▯ Process of bringing the brand to life. Every element I the marketing mix should be activated. o EX: Sprite 9/29/16 7:00 PM 9/29/16 7:00 PM
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