Intro To Marketing, Day 2 - Branding & Product Development - BA 100 - Fall 2024 PDF

Introduction to Marketing Day 2 - Branding & Product Development BA 100 Fall 2024 Handleman Discussion In your groups discuss: -How does Jessica’s experience connect to your own aspirations? -What were the major takeaways for your group from the talk? De...

Introduction to Marketing Day 2 - Branding & Product Development BA 100 Fall 2024 Handleman Discussion In your groups discuss: -How does Jessica’s experience connect to your own aspirations? -What were the major takeaways for your group from the talk? Developing the Marketing Plan Define Your Objectives: Establish clear, measurable goals for what you want to achieve with your marketing efforts (e.g., increase brand awareness, drive sales, or grow social media following). Conduct Market Research: Gather information about your target audience, competitors, and market trends to identify opportunities. Develop Your Strategy: Determine the marketing mix (product, price, place, promotion) that will best reach your audience and achieve your goals. Create an Action Plan: Outline specific tactics, timelines, and resources needed to implement your strategy Monitor and Adjust: Regularly track progress using KPIs and be prepared to make adjustments to your plan based on what’s working. Branding The process of creating a unique identity for a product or company through elements like name, logo, design, and messaging. Helps differentiate the product from competitors and builds recognition, trust, and emotional connections with consumers. Effective branding influences customer perceptions and can drive loyalty and preference. Brand Equity A Brand’s “Reputation” Brand Awareness Perceived Quality How well customers recognize and remember Customers' perception of the brand's quality the brand. and reliability. Brand Loyalty Brand Associations The likelihood of customers to continue The thoughts, feelings, and images that come buying the brand over competitors. to mind when customers think of the brand. High brand equity → customers recognize, prefer, and trust the brand (often leads to increased sales, loyalty, and ability to charge premium prices) Brand Positioning How a brand wants to be seen by its audience Also known as unique space a brand occupies in the minds of consumers relative to competitors Goal is to define how a brand is different and why it matters to the target audience. Brand Positioning Key elements: Target Audience: Who the brand aims to reach (e.g., demographics, preferences). Competitive Frame of Reference: The market or category in which the brand operates. Unique Selling Proposition (USP): What makes the brand distinct from competitors. Brand Promise: The commitment the brand makes to its customers, often linked to the value it delivers. Top Gen Z vs. Baby Boomer Brands 8 Segmentation, Targeting, Positioning (STP) This model divides the market into distinct segments, identifies and targets groups of customers with tailored marketing campaigns, and positions your products or services in a way that resonates with their desires and demands. Segmentation Products and services can not be all things to all people Marketers think in terms of target groups Selecting target group first step in marketing strategy Discussion: Identify market segments Market Segments Geographic where people/companies call home Demographic age, income, gender, ethnic background, marital status, race, religion, social class Psychographic lifestyles, interests, personalities, attitudes Behavioral how customers actually behave (buy in bulk, buy only organic, etc.) Product Variation