Developing successful brand strategy in China with practical steps
Developing Product and Brand Strategy
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Transcript of Developing Product and Brand Strategy
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Chapter 5:
Developing Product
and Brand Strategy
Strategy?! Marketing?!
Introduction to Marketing planning
Chapter 1: analysing the current situation
Chapter 2: understanding markets & customers
Chapter 3: planning segmentation, targeting, positioning
Chapter 4: planning direction, objectives & marketing support
Chapter 5: developing product & brand strategy
Chapter 6: planning pricing strategy
Chapter 7: developing channel & logistics strategy
Chapter 8: developing marketing communication & influence strategy
Chapter 9: planning metrics & implementation control
Content
Research &
analyse the
current situation
Understand
markets &
customers
Plan
segmentation,
targeting,
positioning
Plan direction,
objectives,
mark. support
Develop
marketing
strategies &
programmes
Plan metrics &
implementation
control
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1. Planning product strategy Goods, services & other products
Features, benefits and services
Quality & design
Packaging & labeling
2. Product development and management New product development
Product lines and the product mix
3. Planning branding Branding and positioning
The power of brand equity
Content
Product strategy is critical to the success of the overall
marketing strategy.
Value is captured in two key areas:
Product Strategy Existing and proposed products.
Branding
Value enhancement through awareness and image.
Introduction
1. Planning product strategy Goods, services & other products
Features, benefits and services
Quality & design
Packaging & labeling
2. Product development and management New product development
Product lines and the product mix
3. Planning branding Branding and positioning
The power of brand equity
Content
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Products can be:
Tangible Goods.
Services.
Places.
Ideas.
Organizations.
People.
1. Planning product strategy
Designing a Service
Features: Specific attributes that enable a product or
service to perform its function.
Benefits: Need-satisfaction outcomes.
Features and Benefits
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Mass Customization: Creating products,
on a large scale, with features tailored
to the needs of individual customers.
Product Targeted
Segment
Need Feature Benefit
Cordless drill Do it yourselfers Drill holes
without
electricity
Extra battery
pack included
Drill can be used
for long periods
of time
Mortgage loan First-time home
buyers
Obtain money to
buy a home
Low down
payment
Less money
needed up front
to buy a home
Laser printer Small business
owners
Print documents
economically
Draft-quality
printing mode
uses less toner
Toner cartridge
lasts longer,
saving money
Sample Needs, Features, and Benefits
Quality: How well the product
satisfies customers.
Basic functionality is only the price
of entry.
Superior quality attracts business.
Poor quality can lead to negative
word-of-mouth.
Quality & Design
http://www.jouwheineken.nl/http://store.nike.com/be/en_gb/product/blazer-mid-id-shoes/?piid=27453&pbid=10463154 -
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Design: Quality comes from design,
components/ingredients andprocesses.
includes emotional quality the
impact of design on how it makes the
customer feel.
Keeps products safe.
Helps companies enhance their brand imagery and
highlight points of differentiation.
Packaging
Communicates product contents, uses and warnings.
Conforms to national, regional and local laws.
Helps attract attention, stand out from retail clutter.
Labeling
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1. Planning product strategy Goods, services & other products
Features, benefits and services
Quality & design
Packaging & labeling
2. Product development and management New product development
Product lines and the product mix
3. Planning branding Branding and positioning
The power of brand equity
Content
The Product Life Cycle
2. Product development & mgt
Steps in the Product Development Process:
Idea generation.
Screening of new ideas.
Initial concept testing.
Business analysis.
Prototype design.
Market testing.
Commercialization.
Monitoring customer reaction.
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Product Mix: The overall assortment of all product or services offered.
Product Lines: A group of products that are all similar in some way.
Product Mix Width: Number of lines offered.
Product Line Depth: Number of products in a line.
Product Mix and Product Lines
Line Extension: Putting an established brand on a new product and
adding it to an existing product line.
Example: A low fat version of Lays potato chips.
Brand Extension: Putting an established brand on a new product in
a different category for a new customer segment.
Example: Snickers brand ice cream
Example : Pampers Kandoo
Line Extensions & Brand Extensions
DECISION RESULT
New product Lengthens product line
Line extension Lengthens product line
New line Widens product mix
Brand extension Widens product mix
Product deletion Shortens product line
Line deletion Narrows product mix
Product Line and Mix Decisions
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1. Planning product strategy Goods, services & other products
Features, benefits and services
Quality & design
Packaging & labeling
2. Product development and management New product development
Product lines and the product mix
3. Planning branding Branding and positioning
The power of brand equity
Content
Giving a distinct identity using: words, designs, and symbols.
In terms of branding, a product may carry:
Company name and individual brand.
Individual name.
Private-label brand.
Multiple brands (co-branding, ingredient branding).
Planning Branding
Meaningful.
Recognizable and memorable.
Capable of being legally protected.
Suitable for international markets.
Brands Should Be.
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Branding not only identifies a particular product,
but also sets it apart from the competition (both
direct and indirect).
Branding and Positioning
Positioning: What the target group perceives about your
brand relative to how they perceive the competition.
Positioning
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Brand Equity: the extra valuecustomers perceive that enhances
their long-term loyalty to a brand.
Can insulate a company against
competitive threats.
Can help new products achieve
acceptance.
The Power of Brand Equity
The Value of Strong Brands:
Encourages brand loyalty.
Boosts customer lifetime value.
The total amount that a
customer spends on a brand or
with a company during the lifeof their relationship.
The Power of Brand Equity
Pyramid of Brand Equity