answer the following questions based on the learning and your personal knowledge
ID: 350328 • Letter: A
Question
answer the following questions based on the learning and your personal knowledge – with the concept of Best Practices at mind. You are working on new marketing strategies for your brand and need to determine the following:
1. How is your brand differentiated in the market? What is your value proposition (you will write this)?
2. Create a Perceptual Positioning Map for your brand versus their competitors (dimensions: price vs. quality).
3. Go through the major brand strategy decisions and determine if your brand is a strong brand and why/why not.
4. Choosing one current product of your brand – map where in the product lifecycle this product is and why you believe this.
5. Develop a new product for the company – why this product?
Explanation / Answer
1.A brand perception matters for its identification in the market. The brand can be differentiated for the value that it offers to the consumer or by the pricing. The two models could be the differentiated product straegy and the cost leadership model respectively.
2.For creating a perception map, the positioning strategy should be determined. The strategy to a very large extent depends on the target consumer group. If the TG is price sensitive then a cost leadership model should work else differentaited product. In addition, it depends on the industry perception as wel.. For eg: the bottled water industry is very much perception driven. For Eg: Aquafina is percieved to have a high quality, and hence they can charge a premium.
So the ideal positioning should be focussed on the TG.
3.To determine if the brand is strong there are four fundamental questions that need to be answered:
a. How does the customer percieve your brand against that of the customers? Is ost the only benefit? Nevere focus only on cost, always focus on bringing a value more than cost which couls also be by offering additonal service/ add-on.
b. How does the competition percieve your brand?- Do the competition feel they can consider your brand for building some of their product lines. That will give you ideas for what you are strong at and continue retaining the same.
c. How your suppliers view your brands- If you have a higher negotiation power, that is indicative that suppliers value you and would want to be associated with you to enable a strong client portfolio.
d. How the government percieves your brand: The government and regulatroy bodies will only support business, which create a deep sense of confidence in government. Hence a strong gov. relations definitely builds up a stronger brand value.
4. The products that are newly launched and are doing well in the market, stand in the growth phase.If more distribution channels are added for the increase in sales, that indicates that the product is growing/ likely to grow.
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