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Developing a new brand strategy Business & Marketing Essay (Essay Sample)

Instructions:

Hello, I will attach the file with the main points of the essay and even some material which can help 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
When developing brand strategy, a brand manager needs to carefully consider the context in which their brand is operating.
Imagine that you are the brand manager of one of your favourite brands, name the brand and outline the various contextual challenges that you should analyse before developing a new brand strategy.
if you can please tell me the brands that you can and want to use so we can choose 1 before you start
it can be anything, just so its good and right for you to write about
thank you

 

 

 

QUESTION

When developing brand strategy, a brand manager needs to carefully consider the context in which their brand is operating.

 

Imagine that you are the brand manager of one of your favourite brands, name the brand and outline the various contextual challenges that you should analyse before developing a new brand strategy.

 

 

 

 

 

Brand strategy – long-term plan that allows a brand to achieve specific goals.

 

Brand management – activity concerned with the planning, development and implementation of the tactics that execute a brand strategy.

 

Brand tactics – product and service changes, design changes, advertising campaigns, new customer experiences, improved store layouts, service procedures or pricing decisions

 

●       Brand Strategylong term plan that allows a brand to achieve a specific set of goals

○       defines core purpose, the unique emotional and functional benefits and the ideal customer responses that the brand wishes to evoke

●       Brand platform → normative blueprint of the brand the company wants to build, summarising brand identity and brand positioning (Kapferer)

●       Brand management → an activity concerned with the planning, development, and implementation of the tactics that execute a brand strategy

○       Tactics: product and service changes, design changes, advertising campaigns, new customer experiences, improved store layouts, service procedures or pricing decisions 

○       →  pepsi is an example of a company where this triangle is intverted and bad because brand strategy is not at the forefront

●       Brand Challenges Today

○       Product - too many of the same

■       Brands offering very similar functional benefits

●       Not just t-shirts, but also high involvement brands offer almost identical functional (enabling) benefits and face fierce competition

■       Increasingly the role of the brand manager is to drive Brand Distinctiveness (rather than Differentiation)

●       Distinctive Assets can be developed in many different ways to allow a brand to build stronger ‘memory structure’ than the competition

●       Distinctive Assets are critical when System 1 thinking determines so many of our purchase decisions

●       Distinctive assets build through consistent use at multiple touchpoints

○       Process - more complex customer journey

■       Customer journeys have become more complex as the customer demands attention at ever more touchpoints

■       Unilever brand development model has customer journey at its’ heart

 

○       Competition - threat of own label or disruptor brands

■       Retail brands (‘own-label brands’) compete increasingly against  brands

●       60% of shoppers saying the quality of most own-label brands is as good as that of name brands

■       Challenger brands can rise quickly by acknowledging cultural change and exhibiting purpose

●       Ie. Victoria Secret losing to Aerie

■       Brands emerge based on enticement benefits (gratified) in commodity categories offering enabling benefits and competing on price

●       Ie. Voss water high quality luxury and has social mission

■       Brands emerge based on enticement benefits (influence) in categories that previously relied mostly on enabling benefits

●       Ie. people used to buy cars based on functionality but now have switched to product and brand feel

○       Consumers - less loyal, more interested in “why”

■       Brand loyalty and relevance is low for most consumers (not just among millenials0

■       Superconsumers are rare -- Coca Cola customer average purchase 2 units a year

●       The 80 (sales) :20 (customers) Pareto share is rare in practice. Most brands, e.g. fuel, shampoo, the heaviest 20% of buyers will account for only 35% of customers within 3 month, and about 50% of sales in 1 year, so its not 20% who account for 80% of sales in those periods

■       Consumers are becoming more (in)dependent and (dis)connected at the same time, as well as more conscious & ageless

■       Companies slowly responding to Gen Z and millennial demands - Greta Thurnberg

○       Culture

■       People more interested in brands with social mission

■       Brands more conscious of cultural shifts

■       Brands pursuing a higher purpose beyond making more money is becoming more relevant for consumers (and employees)…

○       Media - fragmentation, dilution of trust in advertising

■       Brands must comply with rules imposed by FANG (Facebook, Amazon, Netflix, Google) organizations

■       Overheated attention economy can lead to fake brands

●       The Shed at Dulwich

Brand Strategy in today’s context → competent brand strategizing is even more important

 

source..
Content:

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Brand construction
Samsung is a South Korean multinational conglomerate that encompasses various products united under the Samsung brand. In 2018 and 2019, the company’s profits reduced because of uncertainties in the global microeconomic environment. The following is an outline of the contextual challenges that Samsung must address before reviving its brand.
Brand strategy
Samsung has a brand position of innovation, high class design, and cutting edge technology. Therefore the brand strategy is to employ a total market strategy that targets a diverse set of customers.
Brand management
To manage the brand, executives and employees will be required to establishing the identity of the products, analyze the Cost involved in the repositioning of the products, evaluate reactions from competitor and undertake a continuous research and development related to products.
Brand challenges

...
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