Week 1 clip 2 part 2

Summary

The strategic brand management process is vital for building and sustaining a strong brand, comprising four key steps. First, establish a clear brand identity and positioning. Second, develop and implement effective marketing programs using the 4 Ps: Product, Price, Place, and Promotion, exemplified by brands like Kotas Coffee and Cafe Coffee Day. Third, measure brand performance through metrics and brand audits to assess brand equity. Finally, grow and sustain this equity, which reflects the brand's overall value and recognition, navigating the challenges of quantification across diverse markets.

Takeaways

• 😀 Step 1: Identify and establish your brand identity and positioning, which is crucial for building a strong brand.
• 😀 Step 2: Plan and implement your brand marketing programs by utilizing the marketing mix: product, price, place, and promotion.
• 😀 The marketing mix helps in offering the right product or service at the right place, price, and using appropriate communication tools.
• 😀 Kotas Coffee is an example of effective brand positioning, focusing on selecting the best coffee beans and creating specialized blends.
• 😀 Cafe Coffee Day (CCD) illustrates a strong brand experience, positioning itself as a popular hangout spot for youth with an appealing atmosphere.
• 😀 CCD's marketing mix includes a diverse product range tailored to Indian tastes, competitive pricing, and strategic placement of outlets.
• 😀 The physical evidence of a brand, such as store design and employee behavior, is essential for creating a cohesive brand identity.
• 😀 Step 3: Measure and interpret your brand's performance using metrics like sales revenue and market share, as well as conducting brand audits.
• 😀 Brand equity represents the value created by your brand, which can be managed through the development of brand equity goals.
• 😀 Step 4: Growing and sustaining brand equity is challenging due to the difficulty in quantifying brand recognition across different markets and cultures.

Q & A

What is the first step in the strategic brand management process?

The first step is to identify and establish your brand identity and positioning, which is crucial for building a strong brand.

What are the four elements of the marketing mix?

The four elements of the marketing mix are Product, Price, Place, and Promotion, commonly referred to as the 4Ps.

Who created the marketing mix concept and when?

The marketing mix concept was created by marketing expert Jerome McCarthy in the 1960s.

How does Kotas Coffee position itself in the market?

Kotas Coffee positions itself by focusing on its expertise in selecting and blending the best coffees, specifically targeting in-home consumers and South Indian eateries.

What is the pricing strategy of Kotas Coffee?

Kotas Coffee adopts an economical value-for-money pricing policy, with prices ranging from 100 to 2000 Indian Rupees.

How does Cafe Coffee Day (CCD) differentiate its brand?

CCD differentiates itself by offering a unique customer experience rather than just focusing on the coffee product. It serves as a popular hangout spot for youth.

What is the significance of measuring brand performance?

Measuring brand performance is important to assess metrics like sales revenue and market share, which help understand the brand's impact and effectiveness in the market.

What does brand equity refer to?

Brand equity refers to the value created by a brand based on its recognition and reputation, allowing the brand owner to generate more revenue.

What challenges are associated with measuring brand equity?

Measuring brand equity is challenging due to the lack of a universally accepted method, as it involves reconciling both quantitative and qualitative measures.

What additional elements are included in the modified marketing mix for services?

In the services industry, the marketing mix is often expanded to include three additional elements: People, Process, and Physical Evidence.