the benefits of establishing
Here I have uploaded the assignment that needs to be extended totaling to 12-15 pages. 8 pages are already completed. I need help adding the last few pages with keeping in mind answering the statement below to each brand in the paper assignment. If there are any questions please reach out. Under each statement is what was expected to learn from that module, use that along with the statement to expand the paper.
Brand Creation and Development a. Marketing strategies
- Analyze the marketing strategies for their effectiveness in this stage of the brand. [MKT-400-02]
- In Module One, you learned about brand identity and how brands use brand equity to differentiate themselves from their competition. In Module Two, you will explore the role of brand positioning. Brand positioning is a marketing strategy that creates a unique space that the brand occupies for consumers, competitors, and stakeholders.
The idea of “brands as assets” began to take hold in the late 1980s, with brands perceived as long-term assets requiring active management (Aaker, 2014). This critical shift in thinking moved the focus of brand management from tactical communications to generate sales to an understanding that brands as assets support the overall business strategy. This fundamental shift from a tactical approach to a strategic approach for brands gave rise to the importance of brand equity. One of the benefits of establishing strong brand equity is that brand marketers can price their products and services at a premium because they are clearly differentiated in the marketplace and in consumers’ minds. Consider Nordstrom, Apple, and the Ritz Carlton as brands that are so differentiated that consumers willingly pay a premium for those products. The importance of brand equity is also demonstrated with consumer packaged goods like Tide, Dove, and Kellogg’s Frosted Flakes. These brands compete in their respective categories with other brands that are less expensive, but their brand equity is based on consumers’ belief in their superior quality, leading them to be category leaders. They have successfully positioned themselves as brands connected with what consumers want and expect in the category.
Brand positioning grows out of a brand vision or brand identity. Aaker (2014) defines brand vision as “an articulated description of the aspirational image for the brand” (p. 25). To develop brand positioning, the team that leads the brand must consider the following key elements:
- Target Audience: Who will benefit from the product or service?
- Problem: What is the issue that the target consumer needs your product or service to address?
- Solution: What is the solution that the brand provides?
- Market Evaluation (Category): What is the marketplace like for the brand? What other options exist for consumers to solve their problems?
- Differentiation (Brand Promise): What makes the brand stand out from its competitors? How is the brand different and uniquely positioned to solve the consumer’s need?
- Reason to Believe: What are the most compelling reasons consumers will believe the brand can deliver on its promise? This includes unique, defining points to support the brand positioning.
Using these key elements, a brand positioning statement can be developed. The brand positioning statement is an articulation of where your brand fits in its category and what it delivers to consumers. For example, a positioning strategy should clearly and seamlessly integrate these elements, following a similar template: “The [brand] serves the [target audience] and [fits in category] in order to [deliver a benefit/provide a solution] because of [support points/reason to believe].” The brand positioning statement will combine these elements into a singular statement that defines how the brand is positioned. All marketing communications should flow from your brand positioning.
Differentiation is a key factor that brand managers use to develop brand positioning. An important step in the process is identifying the points of parity (POPs) and points of differentiation (PODs). POPs are the factors that make the brand a member of the category. PODs are the factors that make the brand unique. As you complete this module, keep in mind the ways brands may position themselves alongside their competitors to ensure their brand stands above the rest.
ReferenceAaker, D. (2014). 20 principles that drive success. New York, NY: Morgan James Publishing.
2. Discuss any legal or ethical issues that have arisen and how they have impacted the brand. [MKT-400-05]
In Module Five, you have reached the midway point in this class. This week you will focus on the important legal and ethical issues that impact brands and branding. There are legal considerations throughout a brand’s life cycle. In the development stage, considerations include product development, selecting a name, and designing a logo. All of these functions require the coordination of brand managers and legal teams to protect the brand and register for any necessary patents or trademark protection. As a brand approaches launch and creative development for advertising and promotions, legal is engaged again to ensure that the communications do not overstate the product’s capability or offerings.
In addition to legal concerns, brands also need to be aware of ethical issues. These can range from production (e.g., labor conditions in manufacturing) to pricing (e.g., steep increases in sales price not justified by expenses) to internal management (e.g., harassment or discrimination claims from employees). Brands that faced these challenges include electronics sub-contractor Foxconn in China for allegations of poor working conditions, Mylan Pharmaceuticals, which increased prices of their EpiPen, and Uber for an internal culture that was considered hostile. The impact of these ethical issues can be significant and impact brand perception internally and externally, as well as brand equity. Ethical issues may also lead to litigation, which can further erode consumer perception of the brand and create losses in sales and brand value.
In this module, you will also consider the importance of consumer engagement and how brands strive to maintain it throughout the life cycle. Engagement also involves consumer influence on a brand. The prevalence of technology and social media has increased the influence of consumers on brands. Now consumers can provide feedback on their purchases, share experiences with the brand and influence other consumers and brands through social media.
3. Identify and describe two new marketing strategies the brand can employ in this stage. [MKT-400-04]
Here is a resource for the brand Starbucks I used in the second half of the assignment. https://hbswk.hbs.edu/item/starbucks-reinvented
In Module Four, you will explore the growth stage of the brand life cycle. This stage follows the launch, and it can also arise again after maturity for a brand that is reinventing itself.
In the growth stage for a brand, the sales increase, which leads to increased profits. The brand continues to connect with early adopters and to grow them with new buyers. Brands will also face increased competition in this stage as other brands enter the market. Promotions at this stage focus on differentiation to separate the brand in an increasingly competitive marketplace.
Successful brands will move through the growth stage to maturity. The maturity stage is often the longest-lasting stage, marked by slowing sales and competitors leaving the segment. Following maturity, brands will enter the decline stage. This decline can be a sudden or a slow decline in sales and profits.
With strategic management, brands can be reinvented and experience new growth. Notable brands that experienced a renaissance after passing through maturity to decline include Converse, Hostess Twinkies, and Old Spice. All of these brands experienced significant decline that led to their eventual purchase and repositioning by a new company. All share the benefit of investment in marketing to support the brands’ growth. For Twinkies, after the parent company filed bankruptcy and the brand was sold twice, it reestablished itself on store shelves and in consumers’ minds. The new owners are investing resources in the brand and innovating new flavors to grow the brand. In the case of Old Spice, research led to consumer insights for a new advertising campaign that reignited the brand by going viral.
Not all brands will be reinvented. In those cases, they will decline until the brand is delisted or sold to another company. Even brands that have faded away can invoke strong feelings and memories with consumers. This is the long-lasting power of the brand.