Implement marketing research to track brand awareness

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Implement marketing research to track brand awareness and image 68
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Reposition brand and educate market: If a brand is not viewed as unique ascompared to others in the market, its future growth is questionable. Emphasizepositioning consistently in brand communication. Correct mismanagement: Quality issues must be addressed. Management mustresist milking the brand and investin updating it and strengthening its brandimage. Pursue a defined target market after critically assessing it.Conclusion:Managers need to constantly watch for signs of brand decline, in the form of problems withbrand knowledge brand differentiation and customer response Numerous brands–—including Harley-Davidson, Apple, and Cadillac–—have demonstrated thatbrand death can be prevented. Using a brand equity framework, we suggest that most brandswith high levels of awareness or positive brand image are candidates for revival. Lecture 9: Brand Extensions “Brand-Product” Matrix:1. Columns(depth) (product-brand relationship) brand portfolio: when you go down, this is aportfolio, having different brands but under the same category e.g. Nestle has different yogurtsub-brands.e.g.: Ford has different brands like Volvo but all under the same category - cars.2. Rows(breadth) (brand-product relationship): it is a brand extension: represent the originalbrand line and category extensions for a given brand; extending the brand to different categories.When the same brand is used to introduce a new product in a different category. represent theoriginal brand line and category extensions for a given brande.g.: Increase the categories; apple phones, apple music, apple TV à different categories,what is the depth or breadth of a brand portfolio? Portfolio + Extension = Strategy69
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Brand Portfolio Types- Low Costing FMCG (e.g. Nestle Yoghurts)- High Costing Durables (e.g. Ford)Managing Brand Portfolio:Multiple brands are often employed in a single category for market coverage:- Target different market segmentsBasic principle of brand portfolios:- Maximise Coverage- Minimize Overlap*A portfolio is too big if profits can be increased by dropping brands and not big enoughif profits can be increased by adding brands.Q: But why would one want to extend the depth or the breadth (i.e. line or the brand extension)?For brand portfolios, we want to minimize the overlap. You don’t want the brand to besimilar to other brands in the same category, it has to be distinctive enough. But in thesame time, it has to maximize coverage - try to reach different target groups who arewilling to participate/engage with your brand but you are missing.* these 2 principles may not go hand in hand, the overlap may increase when youmaximize coverage. So, the managers must choose what is better for their profits.
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