Byron Sharp’s ‘How Brands Grow’ Business & Marketing Essay (Essay Sample)
Hello, I will attach the file with the main points of the essay and even some material but There should NOT be any citations and references to any material, just to theories and models, examples and definitions etc. Please tell me if something is not clear
Hello, I will attach the file with the main points of the essay and even some material which was collected but There should NOT be any citations and references to any material, just to theories and models, examples and definitions etc. Please tell me if something is not clear
Byron Sharp’s ‘How Brands Grow’ has become an important guide for many brand managers and many of his concepts have been embraced by some of the world’s biggest brands.
a. Explain Byron Sharp’s ‘Double Jeopardy Law’ and what it means for brand managers who want to grow a small brand.
b. Explain the concept of ‘Memory Structure’ and provide an example of a brand that has used a ‘Distinctive Brand Asset’ to help build ‘Memory Structure’
If a large brand (i.e. 800 customers) and a small brand (i.e. 200 customers) retain their market share when 100 customers switch in a period, the big brand gains and loses 12.5% of its customer base, while the small brand gains and loses 50%.
Half of the small brand’s customers are exchanged!
The secret to penetration gain is to develop ‘memory structure’ and be top of mind when the consumer has a ‘job to be done’
Distinctive assets, like design elements, colours, celebrities, activations, etc. all help to build memory structure.
A brand with strong memory structure most likely to be top of mind at the purchase decision moment.
Brands with strong memory structure gain penetration and become larger brands.
BYRON SHARP’S “HOW BRANDS GROW”
Subject and Section
April 30, 2020
BYRON SHARP’S “HOW BRANDS GROW”
Understanding consumer psychology is perhaps one of the most essential skills for any marketing professional. It allows him to be able to understand how a product can be positioned in such a way that would increase customer awareness, sell-through rate, and overall profitability of a product. Accordingly, this article would discuss the different concepts related to marketing, such as (1) double-jeopardy and (2) memory structures.
The concept of Double Jeopardy is primarily a statistical function related to the size of a particular brand. Notably, this concept argues that due to the size differences of brands offering the same product, those with a larger share of the market also benefits by having better customer loyalty. To exemplify this, imagine Big K and Coca-Cola,
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