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== Session 5 and 6 - Brand strategy == '''Problem''': How to create a brand strategy? '''Learning objectives''': :#What kind of brand strategies exist? :## Examples? :## Comparison? :#When to outsource / not to outsource? :## Advantages / disadvantages? :# What's the interrelation between a brand strategy and a brand portfolio? * '''[[w:Marketing strategy|Marketing strategy]]''' is the goal of increasing sales and achieving a sustainable [[w:competitive advantage|competitive advantage]].<ref>Baker, Michael ''The Strategic Marketing Plan Audit'' 2008. ISBN 1-902433-99-8. p.3</ref> :::Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.<ref>Homburg, Christian; Sabine Kuester, Harley Krohmer (2009): ''Marketing Management - A Contemporary Perspective'' (1st ed.), London.</ref> ( Wikipedia ) * '''[[w:Brand architecture|Brand architecture]]''' is the structure of [[w:brand|brand]]s within an organizational entity. :::It is the way in which the brands within a company’s portfolio are related to, and differentiated from, one another. ( Wikipedia ) * '''[[w:Brand management|Brand management]]''' is the analysis and planning on how that [[w:brand|brand]] is perceived in the [[w:market (economics)|market]]. ::: Developing a good relationship with the [[w:target market|target market]] is essential for brand management. ::** Tangible elements of brand management include the product itself; look, price, the packaging, etc. ::** The intangible elements are the experience that the consumer has had with the brand, and also the relationship that they have with that brand. A brand manager would oversee all of these things. ( Wikipedia ) * '''[[w:Brand architecture|Brand architecture]]''' is the structure of [[w:brand|brand]]s within an organizational entity. :: It is the way in which the brands within a company’s portfolio are related to, and differentiated from, one another. The architecture should define the different leagues of branding within the organization; how the corporate brand and sub-brands relate to and support each other; and how the sub-brands reflect or reinforce the core purpose of the corporate brand to which they belong. ( Wikipedia ) :'''Brand architecture - See also''' :*[[w:Umbrella brand|Umbrella brand]] :*[[w:Brand valuation|Brand valuation]] :*[[w:Family branding|Family branding]] :*[[w:Corporate branding|Corporate branding]] :*[[w:Brand management|Brand management]] :*[[w:Marketing mix modeling|Marketing mix modeling]] :*[[w:Brand language|Brand language]] :*[[w:Individual branding|Individual branding]] :*[[w:Personal branding|Personal branding]] :*[[w:Aspirational brand|Aspirational brand]] :*[[w:Brand aversion|Brand aversion]] :*[[w:Brand community|Brand community]] :*[[w:Brand engagement|Brand engagement]] :*[[w:Brand loyalty|Brand loyalty]] :*[[w:Brand implementation|Brand implementation]] :*[[w:Brand orientation|Brand orientation]] * [Your brand consists of] the entire experience your prospects and customers have with your company, product or service.<ref name=marketingmo>http://www.marketingmo.com/strategic-planning/brand-strategy/</ref> {{Q|Long-term marketing support for a brand, based on the definition of the characteristics of the target consumers. It includes understanding of their preferences, and expectations from the brand.|http://www.businessdictionary.com|brand strategy}}<ref>http://www.businessdictionary.com/definition/brand-strategy.html</ref> *'''[[w:Positioning (marketing)|Positioning]]''' is the [[w:marketing|marketing]] activity and process of identifying a market problem or opportunity, and developing a solution based on [[w:market research|market research]], [[w:Market segmentation|segmentation]] and supporting data. […] Positioning relates to strategy, in the specific or tactical development phases of carrying out an objective to achieve a business' or organization's '''goals''', such as '''increasing [[w:All-commodity volume|sales volume|]], [[w:Brand awareness|brand recognition]], or [[w:Reach (advertising)|reach]]''' in advertising. ( Wikipedia ) * '''[[w:Brand extension|Brand extension]]''' or '''brand stretching''' is a [[w:marketing|marketing]] strategy in which a firm marketing a product with a well-developed image uses the same [[w:brand name|brand name]] in a different product category. The new product is called a '''spin-off'''. :::Organizations use this strategy to increase and leverage [[w:brand equity|brand equity]] (definition: the net worth and long-term sustainability just from the renowned name). An example of a brand extension is [[w:Jello|Jello]]-gelatin creating Jello pudding pops. It increases awareness of the brand name and increases profitability from offerings in more than one product category. ( Wikipedia ) * Alternatively, in a market that is fragmented amongst a number of brands a supplier can choose deliberately to launch totally new brands in apparent competition with its own existing strong brand (and often with identical product characteristics); simply to soak up some of the share of the market which will in any case go to minor brands. The rationale is that having 3 out of 12 brands in such a market will give a greater overall share than having 1 out of 10 (even if much of the share of these new brands is taken from the existing one). In its most extreme manifestation, a supplier pioneering a new market which it believes will be particularly attractive may choose immediately to launch a second brand in competition with its first, in order to pre-empt others entering the market. '''This strategy is widely known as multi-brand strategy'''. ( Wikipedia article [[w:Brand#Multi-brands|brand]] on multi-brands )
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