Branding and Marketing Plan PDF

TH2013 BRANDING AND THE MARKETING PLAN Branding is the process of creating a slogan from a message and then designing a symbol or logo; that together, will communicate to potential visitors the image of the city along with the features, benefits, and values it ha...

TH2013 BRANDING AND THE MARKETING PLAN Branding is the process of creating a slogan from a message and then designing a symbol or logo; that together, will communicate to potential visitors the image of the city along with the features, benefits, and values it has to offer. It is a distinctive name or symbol which identifies a product or set of products which differentiate it from its competitors (Badilla, 2015) To fully understand the meaning of branding, one must be familiar with the following terms (Decker, 2020): Brand awareness – refers to how familiar the general public is with a brand. (For example, Jollibee as one of the leading fast-food chains in the Philippines). Brand extension – are when companies extend their brand to develop new products in new industries and markets. (For example, from Ferrari Luxury cars to a theme park). Brand identity – is the personality of the business and the promise they make to their customers. (For example, SM’s ‘We’ve got it all for you’ promise). Brand management – refers to the process of creating and maintaining the brand. It includes managing the tangible elements of the brand (packaging, color palette). (For example, Coca-Cola’s famous font/logo). Brand recognition – is how well a consumer can recognize and identify the brand without seeing the name – through your logo, tagline, jingle, packaging, or advertising. This concept goes hand-in-hand with brand recall, which is the ability to think of a brand without any visual or auditory identifiers. (For example, McDonald’s ‘Love ko ‘to’ slogan). Brand trust – refers to how strongly customers and consumers believe the brand. (For example, Go Hotels are patronized by clients as they offer cheap but safe and clean rooms). A brand is a representation of what a business is and using effective brand strategies can help a business to grow and reach beyond its target audience. The following are some of the branding strategies used by businesses (Giles, 2020): Personal branding describes branding that is used for a person, instead of branding for a whole business. This type of branding is often used to establish a person’s character, personality, or work as a brand. For example, the Kardashian/Jenner family. As their media presence was built, they defined themselves as a trendsetter and made a business out of it, such as SKIMS an undergarment line by Kim Kardashian, Good American Clothing line by Khloe Kardashian, and Kylie Cosmetics by Kylie Jenner). Product branding is one of the most popular branding types. Product branding focuses on making a single product distinct and recognizable. Symbols or designs are an essential part of product branding to help your customers identify your product easily. For example, Monster Energy drinks have distinct packaging and logos that make it easily distinguishable from Red Bull energy drinks. Corporate branding is a core value of a business and a philosophy that a business develops to present itself to the world and its employees. 05 Handout 1 *Property of STI  [email protected] Page 1 of 4  TH2013 Effective corporate brands often seek to display the company’s mission, personality, and core values in each point of contact it has with prospective customers, current customers, and past customers. For example, Nike’s core values and mission are recognizable across all their platforms and products. Nike’s mission statement is “To bring inspiration and innovation to every athlete in the world.” And its slogan, next to its famous swoosh checkmark logo is “Just do it”. Service branding leverages the needs of the customer. Companies that use service branding seek to provide their customers with world-class service. They aim to use excellent customer service to provide value to their customers. For example, Chick-fil-A (one of the largest fast-food restaurant in the United States of America) is known for its excellent customer service – making it now synonymous with its brand. Co-branding is a form of branding that connects companies. Essentially, co-branding is a marketing partnership between two (2) or more businesses. This helps brands impact each other positively, and it may result in one growing its business, spreading brand awareness, and breaking into new markets. For example, Frito Lay and Taco Bell came together and made the Doritos Locos Taco that appealed to both audiences. Online branding, also known as internet branding, helps businesses to position themselves as a part of the online marketplace. This type of branding includes a company’s website, social media platforms, blogs, and other online content. Most companies use some aspect of online or internet branding in today’s marketplace. For example, Starbucks posts their new offerings on Instagram. No-brand branding This type of branding is also known as minimalist branding. These brands are often generic brands that seek to let their products speak for themselves without all the extras many others provide their consumers with. Some of the most noteworthy no-branding branding examples include Brandless (an e-commerce company) and m/f people (offers gender-neutral products), both companies in the US. As you will see on Brandless ‘website, their packaging, colors, and the overall aesthetic is very simple. This aligns with their mission of providing fairly priced food to people without a typical brand. Destination branding is the process of developing a unique identity or personality for a tourist destination, and communicating the same to visitors using a name, a tagline, a symbol, a design, or a combination of these to create a positive image. An example of this is the slogan It’s more fun in the Philippines using the jeepney font called “Barabara”. The Marketing Plan A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market (Chen, 2019). 05 Handout 1 *Property of STI  [email protected] Page 2 of 4  TH2013 With the fast pace of changes in the marketplace mainly due to technological advancements, a yearly marketing plan is recommended. Though long-term plans may be drawn over a five-year or ten-year period, a marketing plan prepared yearly is ideal. There are three (3) key elements to successful marketing plan. These are; (1) it is workable, (2) it is realistic and flexible, and (3) it has measurable and achievable goals. The marketing plan has to be simple and easy to execute (Badilla, 2015). The following are the parts of a marketing plan (Badilla, 2015): EXECUTIVE SUMMARY The marketing plan starts with an executive summary. It is similar to the abstract of a research paper. The goal of the executive summary is to give a brief and logical presentation of the contents of the marketing plan. Introduction Current situation of the company – the marketing plan begins with an introduction to the current situation of the company. It discusses the existing product lines, the current distribution system, and promotional strategies implemented to reach its actual sales targets. Environmental Factors – the external factors have an impact on the marketing success of the business. The external factor can cause the decline or increase of one’s business. These factors may include tourism promotions done by the local/regional/national tourism office, development of airline routes and infrastructure, new tourist attractions in the area, and new convention centers being built, among others. These external factors may positively or negatively affect one’s business. Competitive Analysis – competition plays a big role in the success of a business. How a tourism establishment responds to new players in the market and new strategies of existing marketing will make an impact on the firm’s profitability. The marketing team must have a thorough knowledge of its competitors and their activities. This will enable the company to know how to respond accordingly. Marketing Trends – this section answers the current marketing trends in the tourism and hospitality industry. SWOT Analysis – This part is where the strengths, weaknesses, opportunities, and threats of the business/destination are identified. Objectives – These are the goals that companies want to achieve for a certain period. They provide a clear direction for strategies, tactics, and activities that will be done. Make sure that the objectives are SMART (specific, measurable, attainable, realistic, and time-bound). Target Market – This section shall discuss the target market of the business. A brief description of the demographics and psychographics of the market segments identified should be placed in this portion. Marketing Strategies Product Strategy – a discussion on new products/services to be launched, innovations, upgrading of products, and services are included in this section. This may also include new packaging ideas, product bundles, and new product features or enhancements. Pricing Strategy – a review of pricing objectives, pricing strategies, and possible discounting schemes are covered in this section. 05 Handout 1 *Property of STI  [email protected] Page 3 of 4  TH2013 Promotional Mix – a presentation of promotional tools to be used to achieve strategies are the main content of this section. Branding – this is where your plans (including the logo/slogan) about the company’s branding will be discussed. Timetable – This section should include specific activities, their expected time of roll-out, and duration. It can be in the form of a Gantt chart. Budget – The marketing budget is a numerical representation of marketing commitment. In this section, the expense items for each marketing activity, manpower requirements, capital expenditures, and other monetary support is included. Items incorporated in the budget should include projected annual income broken down every month to address seasonality. Conclusion – This is a short reiteration of the salient points of the marketing plan. Marketing Plan Outline EXECUTIVE SUMMARY I. Introduction Current situation of the company Environmental Factors Competitive Analysis Marketing Trends II. SWOT Analysis III. Objectives IV. Target Market V. Marketing Strategies Product Strategy Pricing Strategy Promotional Mix Branding VI. Timetable VII. Budget VIII. Conclusion References: Badilla, M.G. (2015). Tourism Marketing. Manila: Rex Bookstore, Inc. Chen, J. (2019). Marketing Plan. Retrieved on October 06, 2020. https://www.investopedia.com/terms/m/marketing-plan.asp Decker, A. (2020). The Ultimate Guide to Branding in 2020. Retrieved on October 6, 2020. https://blog.hubspot.com/marketing/branding Giles, E. (2020). 7 Types of Branding Strategies and How to Select One. Retrieved on October 7, 2020. https://www.business2community.com/branding/7-types-of-branding-strategies-and-how-to-select-one-examples-02316182 05 Handout 1 *Property of STI  [email protected] Page 4 of 4