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Ways of value creation
 

Ways of value creation

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Building long term competitive advantage of a tourist destination and positioning of a tourism product for the purpose of achieving unique image that is increasingly based on creation and delivery of ...

Building long term competitive advantage of a tourist destination and positioning of a tourism product for the purpose of achieving unique image that is increasingly based on creation and delivery of superior value...

Reach us at sb@creatingdemand.org to grow your destination brand in India.

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    Ways of value creation Ways of value creation Presentation Transcript

    • Destination Brand CREATE BRAND MARKETWAYS OF VALUE BuildingCREATION…. long term competitiveBy advantageSachin Bansal www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingWhat is a Brand ? A brand is a name, term, sign, symbol, or design which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingWhat is a Destination Brand ? Creation of unique image of a particular tourist destination. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingBrand Strategic Insight Balancing the strategic aims of stakeholders and increasing total economic benefits are the most important objectives of the strategic marketing of a destination. •  Savvy consumers •  Increased competition •  Decreased effectiveness of traditional marketing tools •  An emergence of new marketing tools •  Complex brand and product portfolios www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingNew Destination Brand Challenges Brands are important as ever   Consumer need for simplification   Consumer need for risk reduction Involvement of a great number of different organizations in creation and marketing of tourism products of a tourist destination makes it difficult to align their different interests and aims. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingThe Challenge In this difficult environment, marketers must have a keen understanding of:   Customers   Brands   The relationship between the two Advancement of attraction and unique image of a destination. Marketing strategies of a tourist destination demand a change in its definition and understanding. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingBrand Equity The brand equity concept stresses the importance of the brand in marketing strategies. Brand equity is defined in terms of the marketing effects uniquely attributable to the brand. Brand equity relates to the fact that different outcomes result in the marketing of a product or service because of its brand name, as compared to if the same product or service did not have that name. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingCustomer Based Brand Equity   Concepts   Differential effect   Customer brand knowledge   Customer response to brand marketing   Determinants   Customer is aware of and familiar with the brand   Customer holds some strong, favorable, and unique brand associations in memory Strategic actions should integrate the wishes of consumers and all the participants in value creation www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingBuilding Customer Based Brand Equity Brand knowledge structures depend on •  The initial choices for the brand elements •  The supporting marketing program and the manner by which the brand is integrated into it. •  Other associations indirectly transferred to the brand by linking it to some other entities Ensuring rational utilization of public assets (mountains, seas, rivers) and adhering principles of sustainable tourism www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingBenefits of Customer-Based Brand Equity   Enjoy greater brand loyalty, usage, and affinity   Command larger price premiums   Receive greater trade cooperation & support   Increase marketing communication effectiveness   Yield licensing opportunities   Support brand extensions. Tourists perceive a destination as a brand composed of numerous products and services. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingCustomer-Based Brand Equity as a “Bridge” Customer-based brand equity represents the “added value” endowed to a product as a result of past investments in the marketing of a brand. Customer-based brand equity provides direction and focus to future marketing activities www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingThe Key to Branding   For branding strategies to be successful, consumers must be convinced that there are meaningful differences among brands in the product or service category.   Consumer must not think that all brands in the category are the same.   PERCEPTION = VALUE If consumer perception of a destination creates delight, consumers are ready to pay premium price. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingStrategic Brand Management   Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity.   The strategic brand management process is defined as involving four main steps: 1) Identifying and establishing brand positioning and values 2) Planning and implementing brand marketing programs 3) Measuring and interpreting brand performance 4) Growing and sustaining brand equity COMPETITIVENESS ADVANCEMENT OF A TOURIST DESTINATION www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingCustomer Based Brand Equity Model Motivation Marketers know strong brands are important but aren’t always sure how to build one. Comprehensive   cohesive   well-grounded   up-to-date   actionable identification of the type and characteristics of the destination, identification of the life cycle phase of the destination, selection and choice of the target market www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingCustomer Based Brand Equity Model Rationale Basic premise: Power of a brand resides in the minds of customers Challenge is to ensure customers have the right types of experiences with products & services and their marketing programs to create the right Brand knowledge structures:   Thoughts   Feelings Image represents an important   Images distinctive capability of a destination.   Perceptions   Attitudes www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingBuilding Customer Based Brand Equity Building a strong brand involves a series of steps as part of a “Branding Ladder” A strong brand is also characterized by a logically constructed set of brand “building blocks.”   Identifies areas of strength and weakness   Provides guidance to marketing activities Respectable image ensure the creation of satisfaction and loyalty of tourists, broadening of positive attitudes and attracting new ones, the possibility of reaching premium price, creation of satisfaction and loyalty of employees, favorable assessment by financial institutions, etc. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingSalience Dimensions Depth of Brand Awareness Ease of recognition & recall Strength & clarity of category membership Breadth of Brand Awareness Purchase consideration Consumption consideration www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingPerformance Dimensions   Primary characteristics & supplementary features   Product reliability, durability, and serviceability   Service effectiveness, efficiency, and empathy   Style and design   Price The degree of tourist satisfaction is the most important result of recognizable and unique image of a destination. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingImagery Dimensions   User profiles   Demographic & psychographic characteristics   Actual or aspirational   Group perceptions -- popularity   Purchase & usage situations   Type of channel, specific stores, ease of purchase   Time (day, week, month, year, etc.), location, and context of usage   Personality & values   Sincerity, excitement, competence, sophistication, & ruggedness   History, heritage, & experiences   Nostalgia   Memories www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingJudgment Dimensions   Brand quality   Value   Satisfaction   Brand credibility   Expertise   Trustworthiness   Likability   Brand consideration   Relevance   Brand superiority   Differentiation www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingResonance Dimensions   Behavioral loyalty   Frequency and amount of repeat purchases   Attitudinal attachment   Love brand (favorite possessions; “a little pleasure”)   Proud of brand   Sense of community   Kinship   Affiliation   Active engagement   Seek information   Join club   Visit web site, chat rooms www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingBrand Positioning   Define competitive frame of reference   Target market   Nature of competition   Define desired brand knowledge structures   Points-of-parity   necessary   competitive   Points-of-difference   strong, favorable, and unique brand associations www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingEstablishing Category Membership   Desirability criteria (consumer perspective)   Personally relevant   Distinctive & superior   Believable & credible   Deliverability criteria (firm perspective)   Feasible   Profitable   Pre-emptive, defensible & difficult to attack Mistaken assumptions about consumer knowledge… www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingStrategies to Reconcile, Attribute & Benefit Trade off’s   Establish separate marketing programs   Leverage secondary association (e.g. Co-brand)   Re-define the relationship from negative to positive Facilitate the understanding of the evolution of tourist products and destinations and to provide guidance for strategic decision making. Competitive advantage of a certain tourist destination based on comparative advantage is increasingly less sustainable. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingWhat makes an Ad Effective ?   Effective ads work on two levels: with consumers and with advertisers   Characteristics of effective ads:   Creativity   Strategy   Execution   Advertising must be goal directed Development of relationship marketing creates the system in which added value is formed www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingRoles of Advertising   Marketing role   Communication role   Economic role   Societal role From the perspective of customer-based brand equity, marketers should evaluate all possible communication options available to create knowledge structures according to effectiveness criteria as well as cost considerations. www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingCurrent Advertising Issues   Interactive advertising   Globalization   Niche marketing   Integrated marketing communications (IMC)   Consumer Power   Social Media Channels Campaigns make brands – not single ads www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingHow Brands Work   Brand personalities   Branding   Trust   Brand image   Brand relationships   Brand equity Different communication options have different strengths and can accomplish different objectives www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • Ways of Value Creation Destination BrandingReputation to overall gains Sachin BansalStrategically connected with clients, engaging andinvolving them:• How to get closer to customers?• To build brand awareness and enhance loyalty?• To position new products and services for the effectivemarket penetration?• To fulfill what customers really desire?SpecialtiesBrand Strategy, business entry & planning, product Crafting, Operationalizing anddevelopment, internet marketing, trade distribution, Implementing Growthpublic private partnerships, sustainable tourism Strategies to maximizemanagement and investment promotion. opportunities in emerging geographies; experience as my strong resource and capability www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal
    • SACHIN BANSAL- Chief Explorer INDIA : +91 97111 90192 sb@creatingdemand.org www.creatingdemand.org facebook.com/creatingdemand DELHI LONDON MELBOURNE NEW YORK ITALY Ways of Value Creation Destination Branding…..www.creatingdemand.org Copyright 2012-2013 Presentation by: Sachin Bansal