Brand Value Chain & Equity

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Brand Value Chain & Brand Value Chain & Brand Equity Brand Equity Dr. Veena Tewari Dr. Veena Tewari

Transcript of Brand Value Chain & Equity

Page 1: Brand Value Chain & Equity

Brand Value Chain & Brand Value Chain & Brand EquityBrand Equity

Dr. Veena TewariDr. Veena Tewari

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What is a brand ?

A traditional scenario of market

Company AConsumer

Product / services

In a traditional market scenario, the company is catering to the consumer.The number of competitors are small.In these markets the companies can come with advanced technologies and other strategies to capture more market share.(The size and power of the players is important.)

Company B

Company C

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What is a brand ?

Company A

ConsumerProduct / services

In complex markets, the differences between companies are not much.The companies can not differentiate much themselves from others on the basis of quality and technology etc. factors as all the companies are competent enough.This scenario explains the need for the differentiation for the companies.

Company B

Company C

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What is a brand ?

Branding is an effort to give a unique identity to the company’s products and create emotional associations with consumers.It is a form of marketing.

A brand is a set of associations that are linked to a product range, a division, or company. These associations reside in the memory of customers.These associations help customers understand

what the brand or company is, why it is potentially relevant to them,how it is different or similar to other products made by the company,and how it is similar or different from competitor’s

products.

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Evaluating the Mayo ClinicEvaluating the Mayo Clinic 600k + in- and out-patients/yr600k + in- and out-patients/yr Founded in 1800 by Dr William Woral Mayo & Founded in 1800 by Dr William Woral Mayo &

two sons.two sons. Pioneered “group practice” = Two heads are Pioneered “group practice” = Two heads are

better than one better than one Two “extension” facilities in 1980s Two “extension” facilities in 1980s

(Scottsdale,Jacksonville) (Scottsdale,Jacksonville) Mayo Graduate School of Medicine – one of Mayo Graduate School of Medicine – one of

largest graduate education centerslargest graduate education centers

Brand Value Chain & TestingBrand Value Chain & Testing

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Evaluating the Mayo ClinicEvaluating the Mayo ClinicWorldwide leader in patient care, research Worldwide leader in patient care, research

and educationand educationRenowned for world class specialty careRenowned for world class specialty careEarned a reputation as world class specialty Earned a reputation as world class specialty

carecareMost medical staff participate in researchMost medical staff participate in research1950 Nobel Prize winners, Drs Kendall and 1950 Nobel Prize winners, Drs Kendall and

Hench discovered CortisoneHench discovered Cortisone

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Use The Brand Value Chain to determine Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Measurement Tactics and Resulting Marketing StrategiesStrategies

Value Stages

Marketing Program Investment

Customer Mindset

Market Performance

Shareholder Value

-Product-Communication-Trade-Employee-Other

-Awareness-Associations-Attitudes-Attachment-Activity

-Price Premiums

-Price Elasticities

-Market Share

-Expansion Success

-Cost Structures

-Profitability

-Stock Price

--Market Capitalization

Brand Value Chain & TestingBrand Value Chain & Testing

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Evaluating the Mayo Clinic ‘96 Brand Evaluating the Mayo Clinic ‘96 Brand Equity StudyEquity StudyAwareness Awareness 84.3%, 90+% among 45+84.3%, 90+% among 45+Specialty rankingSpecialty ranking Top ranked at 15.4% Top ranked at 15.4%

(next at 5.3%) “..go anywhere in US for (next at 5.3%) “..go anywhere in US for serious condition which required highly serious condition which required highly specialized care..” specialized care..”

Strongest Brand AssociationsStrongest Brand Associations 1) Scientific 1) Scientific Research, 2) Cancer Treatment, 3) Cardiac Research, 2) Cancer Treatment, 3) Cardiac CareCare

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Evaluating the Mayo Clinic ‘96 Brand Equity StudyEvaluating the Mayo Clinic ‘96 Brand Equity Study Associations (Thoughts & Feelings) Associations (Thoughts & Feelings)

IntegrityIntegrity (longevity, heritage, wisdom of staff, trust in (longevity, heritage, wisdom of staff, trust in institution), institution),

LeadershipLeadership (modernity, premium quality, international prestige) (modernity, premium quality, international prestige)ProfessionalismProfessionalism (staff held high standards, were intellectually (staff held high standards, were intellectually

sophisticated and efficient) sophisticated and efficient) Commitment to health & healingCommitment to health & healing (reputation for medical (reputation for medical

discoveries, preventative medicine, tangible results)discoveries, preventative medicine, tangible results) No Negative AssociationsNo Negative Associations

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Evaluating the Mayo Clinic ‘96 Brand Evaluating the Mayo Clinic ‘96 Brand Equity StudyEquity StudyProduct Perception ISSUEProduct Perception ISSUE

Outside Midwest perception of “only for Outside Midwest perception of “only for rich/famous”rich/famous”

Known for Tertiary Care (Not primary family Known for Tertiary Care (Not primary family care)care)

Thus, “not like me”Thus, “not like me”

Brand Value Chain & TestingBrand Value Chain & Testing

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Use The Brand Value Chain to determine Use The Brand Value Chain to determine Measurement Tactics and Resulting Measurement Tactics and Resulting Marketing StrategiesMarketing Strategies

Value Stages

Marketing Program Investment

Customer Mindset

Market Performance

Shareholder Value

MultipliersProgramQuality

MarketplaceConditions

InvestorSentiment

-Clarity

-Relevance

-Distinctiveness

-Consistency

-Competitive reactions

-Channel Support

-Customer size & Profile

-Market Dynamics

-Growth Panel

-Risk Profile

-Brand Contributions

Brand Value Chain & TestingBrand Value Chain & Testing

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Use The Brand Value Chain to determine Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Measurement Tactics and Resulting Marketing StrategiesStrategies

Value Stages

Marketing Program Investment

Customer Mindset

Market Performance

Shareholder Value

-Product-Communication-Trade-Employee-Other

-Awareness-Associations-Attitudes-Attachment-Activity

-Price Premiums

-Price Elasticities

-Market Share

-Expansion Success

-Cost Structures

-Profitability

-Stock Price

--Market Capitalization

Brand Value Chain & TestingBrand Value Chain & Testing

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Evaluating the Mayo Clinic ‘96 Brand Evaluating the Mayo Clinic ‘96 Brand Equity StudyEquity StudyCommunicationCommunication

Word of Mouth is influential in selecting Word of Mouth is influential in selecting specialty carespecialty care

1/3 know at least one Mayo patient1/3 know at least one Mayo patient

Brand Value Chain & TestingBrand Value Chain & Testing

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Evaluating the Mayo Clinic ‘96 Brand Equity Study Evaluating the Mayo Clinic ‘96 Brand Equity Study CONCLUSIONS CONCLUSIONS Mayo’s Brand Equity is Powerful and PreciousMayo’s Brand Equity is Powerful and Precious As perceived by patients and consumers, Mayo’s As perceived by patients and consumers, Mayo’s

Essence:Essence:ExcellenceExcellence The best medical, personal and technical expertise The best medical, personal and technical expertise

in patient care and educationin patient care and educationCareCare Compassionate patient care and education resulting in Compassionate patient care and education resulting in

physical, mental and emotional well-beingphysical, mental and emotional well-beingCooperationCooperation Care and education in cooperative and inclusive Care and education in cooperative and inclusive

relationships among colleagues and with the patient, the relationships among colleagues and with the patient, the patient, the patient’s family and consumerspatient, the patient’s family and consumers

Enlightenment (Wisdom)Enlightenment (Wisdom) Commitment to pioneering Commitment to pioneering knowledge, insight, and truth through research and educationknowledge, insight, and truth through research and education

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Evaluating the Mayo Clinic ‘96 Brand Evaluating the Mayo Clinic ‘96 Brand Equity Study CONCLUSIONSEquity Study CONCLUSIONSMayo’s Brand Equity is Powerful and Mayo’s Brand Equity is Powerful and

PreciousPrecious““By living out these standards fully and By living out these standards fully and

consistently, the Mayo clinic had consistently, the Mayo clinic had engendered in patients and consumers engendered in patients and consumers a sense of confidence, safety, hope and a sense of confidence, safety, hope and serenity”serenity”

Brand Value Chain & TestingBrand Value Chain & Testing

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Strategies

Tactics

Actions

Brand Development Brand Development

Consumer Driven Marketing Consumer Driven Marketing CycleCycle

•Brand saturation

•High Cost

Map the Marketspace

Select Most Valuable Customers

Choose a Winning Positioning

Create the Tactical PlanBuild

Operational Capabilities

Define Performance Measures

Execute the Tactical Plan

Assess Performance

Succeed And Improve

Mark Kerback, Kerback & Company

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Evaluating the Mayo Clinic ‘96 Brand Equity Evaluating the Mayo Clinic ‘96 Brand Equity Study CONCLUSIONSStudy CONCLUSIONS A Satisfied national patient base is VITAL to A Satisfied national patient base is VITAL to

maintaining preferencemaintaining preference Vital to developing guidelines that protected the brandVital to developing guidelines that protected the brand 1999 created “Office of Brand Management”1999 created “Office of Brand Management”

Responsible for the protection & enhancement of the Mayo Responsible for the protection & enhancement of the Mayo Clinic brand (+ monitoring)Clinic brand (+ monitoring)

Developing Brand Management Guidelines & a Positioning Developing Brand Management Guidelines & a Positioning statementstatement

Implementing a Branding System (include education)Implementing a Branding System (include education)Build awareness of Brand Management within the organizationBuild awareness of Brand Management within the organizationResearch extension opportunities & risksResearch extension opportunities & risks

Brand Value Chain & TestingBrand Value Chain & Testing

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Evaluating the Mayo Clinic ‘96 Brand Evaluating the Mayo Clinic ‘96 Brand Equity Study CONCLUSIONSEquity Study CONCLUSIONSExample of Brand Management Guidelines:Example of Brand Management Guidelines:

Each new/existing Mayo Clinic branded product, Each new/existing Mayo Clinic branded product, service or business relationship meets 4 criteria:service or business relationship meets 4 criteria:

Using name must be owned by Mayo or under full controlUsing name must be owned by Mayo or under full controlUse to solely assure success of service/product not Use to solely assure success of service/product not

appropriateappropriateNot to be used in a manner that trivalizes the Not to be used in a manner that trivalizes the

name/institutionname/institutionNot shared or soldNot shared or sold

Brand Value Chain & TestingBrand Value Chain & Testing

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Get to the Consumer Insight/Core Get to the Consumer Insight/Core Value by Value by Laddering up to itLaddering up to itKeep asking “WHY”, “WHY”, “WHY”Keep asking “WHY”, “WHY”, “WHY”

Is Mayo Resonating with Consumers Is Mayo Resonating with Consumers Central Beliefs/Core Values?Central Beliefs/Core Values?

What Consumer Insight might they What Consumer Insight might they center their equity on?center their equity on?

Brand Value Chain & TestingBrand Value Chain & Testing

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New Brand Development Project (due WK10)New Brand Development Project (due WK10) Work in Four Groups of 2 and select from product categories Work in Four Groups of 2 and select from product categories

providedprovided Develop a new brand marketing plan in an existing category Develop a new brand marketing plan in an existing category

(Use framework attached)(Use framework attached) Develop the key insight, concept & positioningDevelop the key insight, concept & positioning Ensure the following are ALSO included: Ensure the following are ALSO included:

Your VISIONYour VISION Launch Rationale Launch Rationale Business analysis (Competitive and market analysis, SWOT etc) Business analysis (Competitive and market analysis, SWOT etc) Target audience, Key Competitive insights and Core Values (use Target audience, Key Competitive insights and Core Values (use

CBBE Pyramid)CBBE Pyramid) Projected share and financials (supported, P&L examples to be Projected share and financials (supported, P&L examples to be

provided)provided) Proposed Marketing Objectives, Strategies and Tactics Proposed Marketing Objectives, Strategies and Tactics

Strategic Brand ManagementStrategic Brand Management

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RECOMMENDED TIMETABLERECOMMENDED TIMETABLE Select groups and categories Oct18th (data up Oct 20th); assign group Select groups and categories Oct18th (data up Oct 20th); assign group

tasks; conduct research searchestasks; conduct research searches Oct 25Oct 25thth: Out line marketing plan to share with the group; : Out line marketing plan to share with the group; Nov 1st: Having reviewed available data; hypothesize financials, Nov 1st: Having reviewed available data; hypothesize financials,

consumer insights, positioning and concepts (can turn in roughs to consumer insights, positioning and concepts (can turn in roughs to prof for feedback)prof for feedback)

Nov 8th: Draft marketing plan deck and begin conversion to power Nov 8th: Draft marketing plan deck and begin conversion to power point presentationpoint presentation

Nov 15th: Turn in completed plan and conduct presentations.Nov 15th: Turn in completed plan and conduct presentations.FINISHED PRODUCT:FINISHED PRODUCT: One 10-15 Minute presentation (docked a grade if over 15 minutes!!)One 10-15 Minute presentation (docked a grade if over 15 minutes!!) One marketing plan document (main text to be NO MORE than 5 One marketing plan document (main text to be NO MORE than 5

pages.. Appendix with charts, graphs, data and research encouraged)pages.. Appendix with charts, graphs, data and research encouraged) Visuals encouraged. Visuals encouraged.

Strategic Brand ManagementStrategic Brand Management

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Your Marketing PlanYour Marketing Plan

PurposePurpose Define your core objectives, strategies and Define your core objectives, strategies and

tactics in concise summarytactics in concise summary Management selling tool for brand investmentManagement selling tool for brand investment Document and sell or acknowledge resultsDocument and sell or acknowledge results Provide solid, focused direction to corporation Provide solid, focused direction to corporation

and brand supportand brand support Define Brand evaluation objectivesDefine Brand evaluation objectives Live Working DocumentLive Working Document

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Measuring Brand EquityMeasuring Brand Equity

Objective:Objective:To guarantee assets/liabilities are To guarantee assets/liabilities are

nurtured and managed (loyalty, nurtured and managed (loyalty, awareness, perceived quality, awareness, perceived quality, propriety brand assets)propriety brand assets)

Develop Focused Master PlanDevelop Focused Master PlanCreate Long term Strategic Create Long term Strategic

OrientationOrientation

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Brand Marketing ProcessBrand Marketing Process

ANNUAL STRATEGIESHow will the objectives be achieved?

Ann

ual P

lan

& E

xecu

tion

Three Year and ANNUAL ObjectivesWhat do I want to Accomplish

Objectives Should be S.M.A.R.T

Establish Positioning

Concept

Marketing Plan Execution

Functional Objectives &Strategies

And Tactical Plan

Physical ProductPackage

Pricing

Advertising

Media

PublicRelations

Consumer &Retailer Promo

Market Research

Ana

lysi

s &

Lon

g T

erm

S

trat

egy

Measure Brand Equity

BusinessAnalysis

Market & Competitive

Trends

Consumer Insights

SWOTs

MarketingMix

Financial Health

Strategic Implications & Strategy DevelopmentCore Competencies, External Opportunities

Brand Vision

Brand Strategy

Strategic Role

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Brand Marketing ProcessBrand Marketing ProcessA

naly

sis

& L

ong

Ter

m S

trat

egy

Measure Brand Equity

BusinessAnalysis

Market & Competitive

Trends

Consumer Insights

SWOTs

MarketingMix

Financial Health

Strategic Implications & Strategy DevelopmentCore Competencies, External Opportunities

Brand Vision

Brand Strategy

Strategic Role

Establish Positioning

ConceptAna

lysi

s &

Lon

g T

erm

Str

ateg

y

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ANNUAL STRATEGIESHow will the objectives be achieved?

Brand Marketing ProcessBrand Marketing ProcessA

nnua

l Pla

n &

Exe

cuti

on

Three Year and ANNUAL ObjectivesWhat do I want to Accomplish

Objectives Should be S.M.A.R.T

Establish Positioning

Concept

Marketing Plan Execution

Functional Objectives &Strategies

And Tactical Plan

Physical ProductPackage

Pricing

Advertising

Media

PublicRelations

Consumer &Retailer Promo

Market Research

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Brand Marketing ProcessBrand Marketing Process

ANNUAL STRATEGIESHow will the objectives be achieved?

Ann

ual P

lan

& E

xecu

tion

Three Year and ANNUAL ObjectivesWhat do I want to Accomplish

Objectives Should be S.M.A.R.T

Establish Positioning

Concept

Marketing Plan Execution

Functional Objectives &Strategies

And Tactical Plan

Physical ProductPackage

Pricing

Advertising

Media

PublicRelations

Consumer &Retailer Promo

Market Research

Ana

lysi

s &

Lon

g T

erm

S

trat

egy

Measure Brand Equity

BusinessAnalysis

Market & Competitive

Trends

Consumer Insights

SWOTs

MarketingMix

Financial Health

Strategic Implications & Strategy DevelopmentCore Competencies, External Opportunities

Brand Vision

Brand Strategy

Strategic Role

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Measuring Brand EquityMeasuring Brand Equity

Market Trends ChecklistMarket Trends Checklist

Volume & Share•Industry definition & served market•Category Size & growth rates•Category Segmentation, trends, importance to category•Share of market by brand & by segment

Market Conditions•Household Pentration•Seasonality•Regionality (CDI/BDI)

Retail Conditions•Channels of Distribution•Product Sourcing/availability•Importance of the category to the retailer•Retailer focus on private label•Retailer influence over category marketing activity

Consumer Conditions•Substitute products

•Changes in tastes/attitudes/needs

Government

Conditions

•Regulations & Reqs.•Legislative issues

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Assessing Competitive Trends Assessing Competitive Trends

Measuring Brand EquityMeasuring Brand Equity

Competitor Identification

• Key direct competitors• Competitive Scope:

• Regional/National/Global

Competitive Strategy• Overall mission/priorities• Target Audience• Brand Turf/Positioning• Class of Trade (COT) importance

Competitor Focus•Importance in portfolio•Level of product activity•Level of marketing focus•Financial resources

Competitive Financials•P&L analysis

•Cost Structure•Spending

•Profitability

Advantage

Page 30: Brand Value Chain & Equity

Brand Value Chain & TestingBrand Value Chain & Testing

Use The Brand Value Chain to determine Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Measurement Tactics and Resulting Marketing StrategiesStrategies

Value Stages

Shareholder Value

Marketing Program Investment

Customer Mindset

Market Performance

-Product-Communication-Trade-Employee-Other

-Awareness-Associations-Attitudes-Attachment-Activity

-Price Premiums

-Price Elasticities

-Market Share

-Expansion Success

-Cost Structures

-Profitability

-Stock Price

-Market Capitalization

Page 31: Brand Value Chain & Equity

Use The Brand Value Chain to determine Use The Brand Value Chain to determine Measurement Tactics and Resulting Measurement Tactics and Resulting Marketing StrategiesMarketing Strategies

Value Stages

Marketing Program Investment

Customer Mindset

Market Performance

Shareholder Value

MultipliersProgramQuality

MarketplaceConditions

InvestorSentiment

-Clarity

-Relevance

-Distinctiveness

-Consistency

-Competitive reactions

-Channel Support

-Customer size & Profile

-Market Dynamics

-Growth Panel

-Risk Profile

-Brand Contributions

Brand Value Chain & TestingBrand Value Chain & Testing

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Measuring Brand EquityMeasuring Brand Equity

SWOTSWOT Purpose: to guide thinking and help distill the Purpose: to guide thinking and help distill the

key issues and opportunities facing the Brand key issues and opportunities facing the Brand AND the categoryAND the category

Can be done in competitive analysisCan be done in competitive analysisSTRENGTH

Inherent source of competitive advantage within the Brand (of genuine relevance to the consumer)

WEAKNESS

Inherent cause of competitive disadvantage within the Brand (of genuine importance to consumer)

INTERNAL to the brand

Caused by the inherent nature of the Brand or our management of it

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Measuring Brand EquityMeasuring Brand Equity

SWOTSWOT Purpose: to guide thinking and help distill the Purpose: to guide thinking and help distill the

key issues and opportunities facing the Brand key issues and opportunities facing the Brand AND the categoryAND the category

Can be done in competitive analysisCan be done in competitive analysis

OPPORTUNITY

Unsatisfied or poorly satisfied need in the marketplace which our company can perform profitability

THREATPotential problem from external source which could undermine our Brand’s competitive position if not addressed.

EXTERNAL to the brand

Markets, competitors, retail, social trends etc

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Consumer-Based Brand Equity Consumer-Based Brand Equity PyramidPyramid

Brand Salience

Consumer-BrandResonance

ConsumerJudgments

ConsumerFeelings

BrandPerformance

BrandImagery

4 Intense, Active Loyalty

1 Deep Broad Brand Awareness

2 Points of Difference

3 Positive Accessible Reactions

Con

sum

er A

ccep

tanc

e C

y cle

THIS is Where the

InsightLives

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Consumer-Based Brand Equity Consumer-Based Brand Equity PyramidPyramid

Salience

Resonance

JudgmentsFeelings

Performance Imagery

Loyalty

Attachment

Community

Engagement

Quality

Credibility

Consideration

Superiority

Warmth, Fun

Excitement,

Security, Social

Approval,

Self-Respect

4 Brand Relationships (WHAT About You AND ME?)

1 Brand Identity (WHO Are You?)

2 Brand Meaning (WHAT Are You?)

3 Brand Response (WHAT About You?)

User Profiles

Purchase and Usage

Situations

Personality & Values

History, Heritage, & Experiences

Brand Characteristics

& Secondary Features

Product Reliability,

Durability & Serviceability

Service Effectiveness, Efficiency,

& Empathy

Style and Design; Price

Category Identification

Needs Satisfied

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Insight to PositioningInsight to Positioning

State the thought you wish State the thought you wish to implant in your target’s to implant in your target’s mind:mind:

TO (core target audience), TO (core target audience), (Brand Name), (Brand Name),

IS THE (frame of IS THE (frame of reference)reference)

THAT (owned benefit)THAT (owned benefit)BECAUSE (support or BECAUSE (support or

reason to believe)reason to believe)

Power Positioning LINKS to

Consumer Insight

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Introducing (Brand Name)Introducing (Brand Name)Succinct insight driven benefits (benefit Succinct insight driven benefits (benefit

statement)statement)

Consumer Insight statement (AHA Consumer Insight statement (AHA not fact).not fact).

Introducing New Brand. What it does Introducing New Brand. What it does (relevant core benefit to consumer). (relevant core benefit to consumer). Reason to believe (how/why it does Reason to believe (how/why it does what it does).what it does).

Reprise of positioning in closing tag.Reprise of positioning in closing tag.

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Your Marketing PlanYour Marketing Plan

Fundamental Statement of PurposeFundamental Statement of PurposeWhat do I want to do (grow X% to $$)What do I want to do (grow X% to $$)Objectives must be SMARTObjectives must be SMART

SpecificSpecificMeasurableMeasurableAppropriateAppropriateRealisticRealisticTimeboundTimebound

Long Term and Short termLong Term and Short term

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Brand Development Brand Development

Consumer Driven Marketing CycleConsumer Driven Marketing Cycle

•Brand saturation

•High Cost

Strategies: Fact Based choices on who, how and why

Consumer Insight: Singularly focused need, desire or want

Tactics: Activities/capabilities –what, where and when

Actions: Execution, feedback, assessment, and improvement

Strategies

Tactics

Actions

Mark Kerback, Kerback & Company

Page 40: Brand Value Chain & Equity

YOUR MARKETING PLANYOUR MARKETING PLAN

What is your Big Inspiring Vision?What is your Big Inspiring Vision? How will your consumer insight translate How will your consumer insight translate

across ALL elements of your plan?across ALL elements of your plan? PositioningPositioning Brand EssenceBrand Essence Strategies and TacticsStrategies and Tactics

WHO is your target REALLY (pscyh, demo)WHO is your target REALLY (pscyh, demo) In your SWOT: What is going on In your SWOT: What is going on

competitively and in the Market Place?…competitively and in the Market Place?… WHY should I invest in your launch????????WHY should I invest in your launch????????