1.3.2 Branding and Promotion PowerPoint here.
The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products.
Types of branding:
1. Corporate branding
All company products are sold under one corporate brand name.
Can you think of an advantage or disadvantage of this marketing strategy to the producer and consumer?
2. Individual product branding
A company sells several products with individual brand names.
Can you think of an advantage or disadvantage of this marketing strategy to the producer or consumer?
3. Own label branding
Usually used by supermarkets.
An effective brand strategy gives you a major edge in increasingly competitive markets.
The benefits of strong branding:
1. Added value to the products you are selling.
This enables higher prices (premium pricing or skimming) to be charged.
2. Reduced price elasticity of demand.
To make price elasticity less or even inelastic.
Some products become brandnomers such as Hoover.
Ways to build a brand:
1. Having a unique selling point or differentiation of the product.
2. Advertising
3. Sponsorship
4. The use of social media such as endorsements on Facebook.
Click on the picture:
ASOS: Building a brand through social media.
Changes in branding to reflect social trends:
1. Viral marketing
This could include video clips.
Interactive Flash games / advergaming.
2. Social media such as Facebook.
3. Emotional branding
Emotional branding is a term used within marketing communication that refers to the practice of building brands that appeal directly to a consumer's emotional state, needs and aspirations.
Used in clothing, alcohol and car markets.
Rebranding
Rebranding is the process of changing the corporate image of an organisation.
It is a marketing strategy of giving a new name, symbol, or change in design for an already established brand.
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Methods of promotion / the promotional mix:
You need to consider the advantages and disadvantages of each type to businesses.
Personal selling:
Personal selling is a face-to-face selling technique by which a salesperson uses his or her interpersonal skills to persuade a customer into buying a particular product.
The business of selling products or services directly to the public, e.g. by mail, telephone or selling through the internet, rather than through retailers.
Advertising:
Public relations:
The profession or practice of creating and maintaining goodwill of an organization's various stakeholders.
Usually through publicity and other non paid forms of communication.
Sponsorship
Sales promotions:
1. Buy one get one free.
BOGOF offers are half price deals.
2. Price discounts.
3. Money off coupons.
4. Samples / giveaways.
Click on the picture.
5. Special events.
6. Point of sale.
Digital communications
The promotion of products or brands via one or more forms of electronic media.
Promotional efforts made via online advertising, mobile communications, advergaming, social media, consumer generated content and viral strategies.
More pages for 1.3 Marketing Mix and Strategy below. Click on 'Older Posts'.
