A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.Over time, firms/brands will develop and enhance multiple offerings for their target markets. If consumers perceive that the firm/brand offers good value then they are more likely to become and […]
Value proposition example for McDonald’s Find Out More...
When a firm or brand strives to create and distribute a product that delivers utility for the end consumer, there are five types of different utilities that may be generated, these are: Form utility, Task utility, Time utility, Place utility, and Possession utility.
What is Utility in Marketing? Find Out More...
Marketing isn’t just about selling products; it’s about creating value and building lasting relationships with consumers.
What is marketing? In simple terms Find Out More...
This articles outlines the main INTERNAL factors that influence a firm’s price decision, namely marketing objectives, marketing strategy, and cost structure.
Internal factors influencing price Find Out More...
Generation Edge, also known as Gen Z, is a demographic group that is currently coming of age and significantly impacting consumer culture. Born after the Millennials, they are the children of Gen Xers.
Age Cohorts and Gen Edge Find Out More...
Brand equity is a financial valuation of the firm’s brand contribution to profit.Most brand equity valuation firms – such as Millward Brown (as discussed in the link below) – look at brand equity on economic use basis.So what is an economic use basis?Economic use in the brand equity valuation is the proportion of extra profitability
Top 100 Brands in the World Find Out More...
Market share can be decomposed into three components, namely:Penetration ShareShare of CustomerUsage IndexThe following video explains how these three components work together to calculate overall market share.
How to decompose market share: VIDEO Find Out More...
When it comes to brand development, there are four main brand approaches, as shown in the following diagram.As you can see, this diagram is a matrix built around the two attributes of existing/new product category and existing/new brand name. This then determines one of the four boxes, namely:Product line extensionMulti-brandBrand extensionNew brandPlease note that the
Four brand strategies Find Out More...
Selecting a brand nameOne of the key decisions when bringing a new product to market, particularly if it is going to be under the umbrella of a new brand, is the brand name selection.There are two approaches to brand name selection.The first approach is to have a brand name that is somehow reflective of the
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Definition of a brandA brand can be defined as a name, sign, logo, or design of a product/ service or a firm designed to identify ownership and to differentiate the offering in the marketplace.What are brand elements?Most products and/or firms will have some sort of brand identity materials. The elements of a brand may include:a
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