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Unit VII:

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Brand Management and Value

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Table of Contents

Unit Lesson

References

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Glossary

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Unit VII: Brand Management and Value

Developing a good marketing and brand strategy and turning that strategy into a marketing plan requires blending the ideas that have been discussed throughout the previous units. Now, it is time to integrate and narrow down ideas to focus on logical marketing mixes, marketing strategies, marketing plans, and a marketing program.

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Developing an effective marketing and brand strategy involves a process of narrowing down to a specific target market and marketing mix that represents a real opportunity. This narrowing down process requires a thorough understanding of the market. That understanding is enhanced by careful analysis of customers’ needs, current or prospective competitors, and the firm’s own objectives and resources. This has a direct impact on whether or not a company will attempt to exploit potential opportunities. Since a company’s resources are finite, there are only a limited number of opportunities they may pursue. Each possible strategy usually has a number of different potential advantages and disadvantages. Finite resources must require a company to be selective about which market in which to target and how that target market is supported by the marketing mix. Given that, a company typically develops their own analytical previewing methods in order to determine which industry markets that it wishes to compete with or wants to avoid.

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Unit VII: Brand Management and Value

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Companies use of the SWOT (strengths, weaknesses, opportunities, and threats) analysis process, which enables them to select the most appropriate strategies from the many presented. They may then narrow their efforts and resources in exploiting their opportunities and strengths while simultaneously minimizing their weaknesses and threats. These can be compared against the pros and cons of strategies that are considered. For example, if a firm is considering a brand strategy that focuses on a target market that is already being served by several strong competitors, success will usually hinge on some sort of competitive advantage. Such a competitive advantage might be based on a better marketing mix, perhaps a brand offering innovation or innovative new product, improved distribution, more effective promotion, or a better price. Just offering a marketing mix that is similar to what is available from competitors usually does not provide superior value or any real basis for the firm to position or differentiate its marketing mix as better for customers. On the next page, you will see a direct example of a SWOT analysis for Walmart.

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Unit VII: Brand Management and Value

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Unit VII: Brand Management and Value

Brands and Branding Branding means the use of a name, term, symbol, or design, or a combination of these, to identify a product. It includes the use of brand names, trademarks, and practically all other means of product identification (American Marketing Association [AMA], n.d.). Brand name has a more specific meaning. A brand name is a word, letter, or a group of words or letters. Examples include Apple, Uber, Netflix, John Deere, and FedEx (AMA, n.d.).

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Consumers use trusted brand information as a means to improve their buying choices. It would be a challenge when buying groceries to evaluate the advantages and disadvantages of each of the 25,000 items with every trip to the supermarket. Even though customers may be willing to be lured away from their normal brand-purchasing behaviors, unless the choice to switch is made clear and the risk to switch is perceived to be small, most will stick to their current, preferred brand. Brand promotion can deliver superior performance to both the company as well as its customers. This superior performance can be developed into a competitive advantage while delivering above-standard profits to the firm and concurrently keeping marketing costs low. Sometimes, a firm’s brand name itself becomes a competitive advantage, meaning that it cannot be copied by envious competitors. This can produce a beneficial new product or brand extension halo effect while continuing to strengthen the company’s image.

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What does SWOT stand for?

Strengths, weaknesses, opportunities, and threats

Strengths, weaknesses, opportunities, and treats

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Strengths, weaknesses, opportunities, and treats

Skills, weaknesses, opportunities, and threats

Strengths, worthiness, opportunities, and threats

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__________ _________can deliver superior performance to both the company as well as its customers. This superior performance can be developed into a competitive advantage while delivering above-standard profits to the firm and concurrently keeping marketing costs low.

Media companies

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Media companies

Brand promotion

Brand awareness

Visual presence

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Unit VII: Brand Management and Value

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Unit VII: Brand Management and Value

Role of the Brand and Product Managers Developed by Proctor and Gamble, the brand manager position manages specific brands usually consisting from one to many products within that brand (Gray, 2010). That gives a clue to what is often their major responsibility (i.e., promotion) since the products have already been developed by the new product. Recently, it has proven to be effective for brand managers to get involved in the early stages of product development and continue through product launch and marketing implementation.

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Product managers are especially common in large companies that produce many kinds of products. Several product managers may serve under a marketing manager. Sometimes, these product managers are responsible for the profitable operation of a particular product’s whole marketing effort. Then, they have to coordinate their efforts with others, including the sales manager, advertising agencies, production and research people, and even channel members. This is likely to lead to difficulties if the product managers have no control over the marketing strategy for other related brands or if they have no authority over other functional areas whose efforts they are expected to direct and coordinate.

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If brands are successful, their consumers perceive the brand as having a combination of __________ and __________.

audio and video

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high quality and visuals

high value and low quality

high quality and high value

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Unit VII: Brand Management and Value

In companies that have many products within a brand, a product manager may be used to create or champion specific promotional activities to improve their product’s performance. A higher-level marketing manager with more authority coordinates the efforts and integrates the marketing strategies for different products into an overall plan.

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The needs of the product within the brand family and the company philosophy determine the levels and intensity to which the product manager may go in order to effectively promote their product. Today, companies are emphasizing marketing experience because this important job takes more than academic training and enthusiasm, but it is clear that someone must be responsible for developing and implementing product-related plans, especially when a company has many products.

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References

American Marketing Association. (n.d.). Definitions of marketing. https://www.ama.org/resources/Pages/Dictionary.aspx

Gray, P. (2010). Business anthropology and the culture of product managers. Association of

International Product Marketing & Management. https://www.academia.edu/6377009/By_Paula_Gray_Business_Anthro pology_and_the_Culture_of_Product_Managers

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Gupta, R. (2016). Marketing management is a trustworthy paradigm of corporate branding.

International Journal of Information, Business and Management, 8(1), 4650.

Tuten, T. L. (2020). Principles of marketing for a digital age. SAGE. https://bookshelf.vitalsource.com/#/books/9781526485359

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Unit Glossary

Branding The use of a name, term, symbol, or design, or a combination of these, to identify a product. Brand manager Manages specific brands usually consisting from one to many products within that brand Brand name A word, letter, or a group of words or letters. Examples include Apple, Uber, Netflix, John Deere, and FedEx

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(Tuten, 2020)

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