leveraged its well known brand to introduce Diet Coke or when Procter Gamble

Leveraged its well known brand to introduce diet coke

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leveraged its well-known brand to introduce Diet Coke or when Procter & Gamble introduced Ivory dishwashing detergent. Above all, a powerful brand offers the company some defense against fierce price competition. o Every powerful brand really represents a set of loyal customers. Therefore, the fundamental asset underlying brand equity is customer equity . This suggests that the proper focus of marketing planning is that of extending loyal customer lifetime value, with brand management serving as a major marketing tool. Major brand strategy decisions Brand positioning: Marketers need to position their brands clearly in target customers’ minds at several levels . Brand strategy decisions include: 1. Product attributes: - A company can position the brand on product attributes . For example: Mercedes suggests such attributes as well engineered ’, ‘ well built ’, ‘ fast’ , ‘ expensive’ . - Competitors can easily copy attributes . - Customers are not interested in attributes themselves as they are interested in what the attributes will do for them . 2. Product benefits: a brand can be better positioned by associating its name with a desirable benefit . Therefore, attributes must be translated into functional and emotional benefits . For example: Body Shop can talk about the benefit of Tea Tree Oil Facial Wash for clearer skin . 3. Product beliefs and values: The most desirable and effective situation however, is when consumers associate a brand with beliefs and values of the company. Mercedes for example , has succeeded in making people associate the brand to the concept of engineering art (i.e. advanced technical solutions) and a well-organized and effective corporation. 12 هثدحم هخسن 1/31/2012 Building strong brands:
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BE200 Summary Prepared by: Honey Bonny (( دمحموبأ 4. Personality: it is the answer of the question: if the brand is a person, what kind of person we can describe ? - It is attempts to recast consumers’ perception of the attributes of the brand into human-like character by humanizing its characteristics as if the brand were a person. - Research has shown that humanize the brand can be effective but the product must have human attributes. - For example: If Mercedes brand were a person, can we describe them? consumers might see a Mercedes as being a wealthy , middle-aged business executive . Brand name selection: A good name can add greatly to a product's success. However, finding the best brand name is a difficult task . It begins with a careful review of the product and its benefits , the target market , and proposed marketing strategies . The brand name selection can be through : selection and protection . Desirable qualities for a brand name include the following: 1. It should suggest something about the product's benefits and qualities . Examples: Pro-active (a cholesterol-lowering dairy product ), or Time-Out (a chocolate biscuit to go with coffee or tea breaks ).
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