Global Sales: Decisions on Brands and Products PDF

WEEK 11: Global Sales: Decisions on Brands and Brand Positioning: Global brands need to establish a Products clear and consistent positioning that resonates with consum...

WEEK 11: Global Sales: Decisions on Brands and Brand Positioning: Global brands need to establish a Products clear and consistent positioning that resonates with consumers across diverse markets. Global Sales Brand Name and Identity: The brand name, logo, and visual identity should be carefully crafted to ensure they The product is the most important element of a are culturally appropriate and have positive connotations company’s marketing program. Global marketers face in different markets. the challenge of formulating coherent product and brand strategies on a worldwide basis. Product Adaptation: Adapting products to local market preferences and requirements is essential for success in A product can be viewed as a collection of tangible and global marketing. intangible attributes that collectively provide benefits to a buyer or user. Standardization vs. Localization: Deciding the level of these two is a critical consideration. A brand is a complex bundle of images and experiences in the mind of the customer. In most countries, local  Standardization involves maintaining a consistent brands compete with international brands and global brand and product offering across multiple brands. markets, capitalizing on economies of scale and a global brand image. Decisions on Brands and Products  Localization entails customizing products to Brand and product decisions in global marketing involve specific markets to address local preferences and developing and managing brands and products that needs. effectively meet the needs and preferences of consumers in different markets around the world. Product Lifecycle Management: This involves continuously assessing market demand, consumer Here are some key considerations for brand and product preferences, and competition in different markets. decisions in global marketing: Quality and Standards: Ensuring product quality and Page 1 compliance with applicable standards and regulations is 2. Idea analysis. Closer evaluation of the product vital in global marketing. concept includes market research. Global Product Launches: Launching products globally 3. Concept genesis. This involves turning an requires careful planning and coordination. identified market opportunity into a tangible concept. Product Support and After-Sales Service: Providing effective product support and after-sales service is 4. Prototyping. Prototype is an early version of a crucial for customer satisfaction and loyalty. product from which future versions are developed Competitive Analysis: Conducting competitive analysis 5. Product development. Actual creation of the helps understand local and global competitors, their product. product offerings, pricing strategies, and marketing The people and groups involved in product development approaches. include the following: Development of Products  Product management Product development — also called new product  Engineering management — is a series of steps that includes the conceptualization, design, development and marketing of  Design newly created or rebranded goods and services. Product development includes a product's entire journey, from the  Sales and marketing initial idea to its market release and later.  Stakeholders Development frameworks, such as the Fuzzy Front End How to create a product development plan: (FFE) approach, define the steps that should be followed early in the development process.  Identify a product need and business case. Using practices such as test marketing and surveys 1. Identification of design criteria. Identify possible new products.  Create a product vision. This covers determining Page 2  the purpose of the product. Life Cycle of a Product  Draft a roadmap. The roadmap aids in identifying A product life cycle is the length of time from a product what goals should be met when. first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken  Implement the roadmap down into four stages; introduction, growth, maturity,  Continue with development and assessments. In and decline — but before this a product needs to go through design, research and development. this step, customer feedback is gathered to improve the product. The new product development process consists of the following stages: 1. Idea generation 2. Idea screening 3. Concept development and testing 4. Market strategy and business analysis - Market strategy is comprised of the four Ps of marketing: 1. Market Introduction and Development product, price, promotion and place. This product life cycle stage involves developing a 5. Feasibility study market strategy, usually through an investment in advertising and marketing to make consumers aware of 6. Technical design and roadmap the product and its benefits. 7. Test marketing 2. Market Growth 8. Market entry and commercialization This should see growing demand promote an increase in production and the product becoming more widely Page 3 available. Decisions Regarding Branding At this point competitors may enter the market with their Branding is a company’s key differentiating factor as this own versions of your product – either direct copies or is what sets it apart from all the other company’s offering with some improvements. customers exactly the same thing. 3. Market Maturity  The responsibility for making branding decisions typically involves a collaborative team involving As the product life cycle reaches this mature stage there marketing leaders, creative professionals, senior are the beginnings of market saturation. Many management and external branding consultants. consumers will now have bought the product and competitors will be established, meaning that branding, By considering all of these branding decisions you can price and product differentiation becomes even more ensure that your brand is set up for success. important to maintain a market share.  Brand identity - It covers elements such as logos, 4. Market Decline colours, typography, and design style that create a distinctive and memorable image in the minds of Eventually, as competition continues to rise, with other customers. companies seeking to emulate your success with additional product features or lower prices, so the life  Brand name - Naming a brand is a crucial branding cycle will go into decline. decision, as it forms the core of the brand’s identity. Many companies will begin to move onto different ventures as market saturation means there is no longer  Brand positioning - is crucial in branding as it any profit to be gained. Of course, some companies will shapes how consumers see the brand by creating survive the decline and may continue to offer the product its space in their minds. but production is likely to be on a smaller scale.  Brand tone of voice - is a core branding decision, defining how a brand communicates consistently to establish its personality. Page 4  Brand messaging - Crafting a compelling brand experiences. messaging strategy is essential to effectively  Brand architecture - is a key branding decision communicate a company’s value proposition and that outlines the hierarchical structure of a messages. company’s brand portfolio.  Brand story - helps guide consumer perceptions,  Brand sponsorship - not only showcases a fostering a sense of emotional connection and company’s values but also creates memorable authenticity. experiences that resonate with consumers and  Brand values - act as guiding principles, defining differentiate the brand within the market. the brand’s character, and influencing decisions,  Brand communication - fosters understanding, behaviours, and relationships. resonance, and emotional connection, reinforcing  Brand mission - A well-crafted mission statement the brand’s identity and shaping consumer solidies the brand’s intent, allowing customers, perceptions. employees, and stakeholders to understand the  Brand experience - refers to the impression left on brand’s goals and aspirations. consumers through various brand touchpoints,  Brand touchpoints - relate to every point of from products and services, to customer support contact a consumer has with a brand, ranging and online presence. from email, to social media, to the in-store  Brand equity management - ensures that a brand experience. maintains relevance, sustains positive consumer  Competitor research - provides insights into perceptions, and consistently delivers on its market trends, consumer preferences, and promises. potential opportunities.  Brand development - is the shaping of a brand’s  Audience personas - provide a humanised identity, personality, and perception in the market. representation of different customer segments,  Rebranding - is a crucial branding decision for a helping companies create more personalised Page 5  company as it represents a significant 5. Ensure Printed Information Is Legible transformation of its identity, image, and 6. Account for the Right Packaging Size perception in the market. 7. Embrace the Best in Sustainable Packaging Practices  Product line and extensions - involves strategically expanding or diversifying a brand’s product portfolio to meet changing customer needs.  Distribution channels and marketing strategies - directly influences how a brand reaches its target audience and positions itself in the market. Packaging Selection You will need to account for what attracts customers, keeps your goods safe, and maintains your products’ integrity. Here are several key considerations when determining your choice of packaging materials. 1. Weigh Your Packaging Costs 2. Packaging Materials & Design Should Be Brand Appropriate 3. Protection & Safety Concerns 4. Products Must Transport & Store Well Page 6