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Transcript of Homework
1a. The Benefits of Celebrity Endorsements
• Help people remember ads,
Build brand Awareness
• Attract New Users
• Breathe Life Into A Failing Brand
• Make people believe the product contributes to superstar status.
1b. The Risks of Celebrity Endorsement
• Images change. Celebrities make mistakes, which affects the brands they endorse. (e.g. Tiger Woods)
• Celebrities become overexposed. (When a celebrity works with so many companies, the celebrity’s credibility may suffer)
• Celebrities can overshadow brands. (Consumers may focus on the celebrity, not the product).
2. Ways of building brand loyalty
1. Keep quality high.
2. Engage your customers by letting them know about the new and exciting developments within the company and what to expect next.
3. Get feedback from consumers. Let them know that you care about their experience and that you are listening to their concerns.
4. Give them a reason to come back.
3. (Un)Successful brand stretching (extension)
3. Benefits of brand stretching
over launching something completely new :
1. Bringing the product to market requires less investment
2. Distribution is generally easier.
3. Reduction in consumer’s perceived risk, more willingness to try – if it comes from a brand consumers know then they can be more willing to give a new product a try
5. Market segment
customers differ in the…
• Benefits they want
• Amount they are able to or willing to pay
• Media (e.g. television, newspapers, and magazines) they see
• Quantities they buy
• Time and place that they buy
5b. What market segment can you identify?
6. Maintaining market share
1 Determine which of your products are in danger of losing market share. Cut the price of those products.
2 Launch effective advertising and promotion campaigns.
3 Introduce new, improved products. Innovative products can help maintain or increase market share.
4 Safeguard your distribution channels by keeping the shelves full of popular and new products.
5 Improve customer loyalty by knowing their preferences (e.g. by customer surveys) and working toward total customer satisfaction.
4. Cheap / expensive ideas for a product launch
What can you see here?
Think about what people are doing on Facebook today. They're keeping up with their friends and family, but they're also building an image and identity for themselves, which in a sense is their brand.