Corporate Branding
Transcript: Corporate Branding Strategies Cont. Price: Though excessive price competition can negatively affect all players in an industry, room usually exists for one effective low-end provider. Typically, companies that achieve economies of scale, efficient distribution or lean operation benefits can afford to charge low prices and still generate a profit. The challenge with a price-oriented positioning strategy is that many customers associate price with quality. Your primary customers are those with lower incomes who only want basic needs met by a given product. Assurances: Assurances are tangible or intangible guarantees of a certain product experience. Some companies position with guarantees or warranties to minimize the risks to buyers. A "satisfaction guaranteed" may attract buyers tempted by your products but unwilling to take the financial risk without some measure of mitigation. With this assurance, you may induce reluctant buyers. Typically, assurance contribute to a profitable operation when your goods measure up. If the products constantly fail or under-perform, you have to honor a high volume or returns and warranty payments. Brand attributes: What the brand delivers through features and benefits to consumers. Consumer expectations: What consumers expect to receive from the brand. Consumer perceptions: The perceived quality and value of your brand in consumer’s minds (i.e., does your brand offer the cheap solution, the good value for the money solution, the high-end, high-price tag solution, etc.?). Product/ Service Branding Strategies to Position Product/Business Factors used by businesses to position corporate brands Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services. the activities and thinking that go into corporate branding are different from product and service branding because the scope of a corporate brand is typically much broader. Chapter 31: Branding, Packaging, and Labeling Significance: Positioning a company's product or service is simply defining who you are in the customer's eye. Marketers attempt to create an image or identity for a product, brand or company and usually express positioning relative to other competitors in the market. For example, the position of a low-price paper towel is expressed relative to the higher-priced brands. Considerations: When positioning a product or service, the key is to decide what the sustainable competitive advantage of the product is versus its chief competition. If a product has a sustainable advantage, meaning that the product has some unique offering competitors do not have and that it can hold long term, the product will have a better chance of success. Activity: You are to meet with the hotel's owners to discuss the importance of branding and of establishing a brand identity for the hotel. The process involved in creating a unique name and image for a product/service in the consumers' mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. Types: Product positioning typically falls into one of three categories. Functional positions solve problems and provide consumers with benefits. The glass cleaner gets glass surfaces clean, the consumer benefits. If the glass cleaner is made of environmentally friendly ingredients, it appeals to a symbolic position the consumer values. The cleaner helps the consumer boost his self-image and provides social meaningfulness. The third positioning strategy is experiential. If the cleaner has a fresh fragrance, it offers the consumer a sensory stimulation. Some product positions can incorporate all three categories in an attempt to develop a sustainable advantage. add logo here
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