Brand Management Class Notes- Nov 15

Brand Management Class Notes- Nov 15 - Brand Management...

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Brand Management Class Notes- Nov 15 Introduction Another issue that comes up is what is your competition. In some cases, competition is very direct and in other cases, it is less direct. So Powerade and Gatorade, if you think there is a sufficient overlap in demand… Similarly, if you are Burger King or Wendy’s, you are in direct competition with McDonald’s. Pay attention to trends in the environment that may impact the growth in different settings. You may have economy or price consciousness impact your brand. I guess finally, it is very important to focus on the major weaknesses of your competitors, so if you are Burger King or Wendy’s, you should be thinking where does McDonald’s perform badly at. Two groups go up to describe their brands. First to go up is the Levi’s group. Brings up the question of how does my brand differ across the different segments. The next step is to take segmentation of the category, and then to assess your brand’s prospects for each. The 2 nd group to go up talks about a yogurt. Criteria for projects addressed. Let’s take another look at the segmentation idea. So when we ended the class last time, the first point was that people have different needs, and the way that we go through this segmentation is not just demographics, we do it on need based segments. How do people differ in the need based aspect, where they go shopping and what category, they need not only be functional. Clearly in some categories, the needs differ by occasions, but not in all categories. Let’s go to the Levi’s slides. What is the location when you wear the jeans? What do you value more-style, value etc. You then end up with the sales, and the segments are in the sales. Some people want something relaxed, other people want head turners, other people want stuff that is stylish but not completely out there. So people want things depending on occasions. Let’s suppose you try to meet this need based segmentation idea. How might one do this? Car companies segment based on demographics, and by size of the vehicle, the price point, so that is a typical functional approach that the car companies use. Let’s take a look at how we might approach this as a car market on a more need based point. Think of people buying Hummers, or Volvos, or Priuses. The needs are different for these people. So let’s put down the functional needs, what does it feel like and what does it look like, so looking at the columns, we can come up with some segments. Let’s begin with the Volvo brand. What is going on with them? Functionally, what are they looking for? Safety features, they want to feel protective and safe, we want to buy these cars for families, want to feel responsible and mature. Want to look smart and sensible. Let’s take a look at someone who is buying the Prius. What is going on functionally? Something that reduces pollution and emissions. You want to feel special, we can go on for a while, but if you think of the market in this way, slice it very differently, this is so much more useful. You can do fun
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This note was uploaded on 02/09/2012 for the course MKT 303 taught by Professor Rajeevbatra during the Fall '11 term at University of Michigan.

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Brand Management Class Notes- Nov 15 - Brand Management...

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