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Deciding product strategy: branding strategy.

Course video 23 of 41

Welcome to the third part of The Marketing Plan - the marketing mix implementation. This is the action phase. Here, you will use the lessons learned in modules one and two to decide where you are going to invest your time and money, in regards to marketing. You will become familiar with the 4 P's of marketing and also learn how to effectively price your product or service. Finally, you will begin to understand which channel or combination of channels are best suited to marketing your brand.

Create your own Marketing Plan for your own product or service idea. In this course you will learn how to produce arguably the most important marketing tool for any business. Rather than simply learning the stages of The Marketing Plan, you will be asked each week to complete a peer graded assignment which will help you complete a simplified version of the plan. You will be required either to map the four crucial stages for your own product or service idea or use the Nissan Leaf case study (attached in the additional readings) in order to produce a professional example. Ramon Diaz Bernardo - a professor with over 20 years experience - will guide you through the four most important stages of The Marketing Plan: analysis, marketing strategy; the marketing mix and expected results. On this journey, he will conduct interviews with leading experts from international companies in marketing as well as invite students to join him for explanations and discussions. This excellent and unique course allows you not only to learn the essential parts of The Marketing Plan but also map out the future of your own business and take the first steps on the path to launching your own product.

Visualiser le programme de cours

Compétences que vous apprendrez

Marketing Plan, Market Analysis, Planning, Marketing Strategy

Enseigné par

Ramon Diaz-Bernardo
Associate Professor

Transcription

[MUSIC]

Hi, we're back again discussing the product strategy in your marketing plan.

And the last discussion I would like to bring is basically branding.

As I was saying in the introduction, there is always some of your product

strategies going to be dedicated discussing branding, branding strategy.

One thing that should be clear, and probably we all understand this,

is that not all products are brands, but usually a brand has a product under it.

Basically, the question is, do you want to have a brand?

Okay, if yes, then how to build it, how to build a brand?

Let me give you some very basic ideas that you might develop in your marketing plan.

How do build a brand out of a product.

You have an existing product or service or as you know, when we say product,

we mean pretty much anything.

And we're going to try and develop a brand and create a brand.

What is the idea?

The idea is creating an association between the product and

a brand, and a brand name.

So in the consumer's mind, it should be a link between the brand and the product.

So how do you do this?

Well basically, there's usually a model that we call brand-building,

where basically we say okay, we have this product.

And we want to create a brand.

So we need to create an association between the brand and the product.

On what level?

Well, basically we try and work in two different bubbles.

First creating a link with the product, and

then creating a link with an idea, so a benefit.

Usually the idea could be emotional, Or could be rational.

So basically, that's a first state is actually

creating a link between the brand and the product.

And then creating some ideas, some values that we want to associate with the brand.

And as I was saying, they could be done on an emotional level or on a rational level.

Usually this is the first one, and this is the second.

We begin by giving rational values to the brand and

then we'll move into emotional ones.

Let me give you an example, in the car industry, and

I think we mentioned this in the position in discussion.

The brand Volvo, the car maker,

first is associating the Volvo brand with

the product which is a car, an automobile.

And then we try and identify values or ideas, let's call it value.

And what is the value that Volvo is trying to associate with the brand?

Safety, so that's the main rational value that

they are trying to associate with the brand.

So this very simple model shows you how we usually

are going to propose developing the brand.

First we associate our brand name with a product.

And then we try and

associate our brand name with some values that are relevant for the customer.

Okay what values?

The ones that we have identified in the positioning strategy.

Is it worth it to put resources in brand building, in creating a brand?

I think it is, why?

Well, basically we're going to have some benefits or for

some clear reasons for investing in brand building.

What are those reasons?

Well basically one of them, for example,

is that we are going to see the chance to have higher prices.

So having a premium price is actually one of them.

Another thing,

you're probably going to see reduced marketing costs if you have a brand.

You may enjoy higher margins.

Another thing that you're probably going to have is more bargaining power

with distributors, with the channel.

Definitely more brand loyalty,

if you don't have a brand you don't have brand loyalty.

Potential brand extension, so going to new markets or new products and

probably defend yourself against the competition.

All these reasons are basically somehow

giving you additional arguments for

brand building in your marketing plan.

So with this brand discussion we'll finish the product branding

strategy of your marketing plan.

And in the next one we'll discuss the pricing strategy.

Thank you very much.

[MUSIC]

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