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Presentation On The Brand
- 1. CHALLENGES TO THE BRAND The impact of consumer development on brand management Laura Bowers, Rachael Robertson, Jodie Tuley and Maria Cerenzia
- 11. This is just one of the many challenges faced by brands today. Laura Bowers, Rachael Robertson, Jodie Tuley and Maria Cerenzia
Editor's Notes
- Macro Environmental factors Economy contributes to the changes in consumer demand and behavior. -Micro Environmental factors The word Brand dervies from the word ‘Brandr’, w hich means to burn associated with the process of branding livestock; which also has connotations with Darwinian theory. To burn also suggests the mentally burning into ones brain- the concept of memorable brand associations Changes in organization structure- Matrix companies
- Water is a classic example of the functionality of a brand. When consumers purchase water, they void the reasoning behind their purchase decision and focus on the attitudes they have toward the brand itself. E.g. Evian, Live Young
- Challenge is that marketers should not undertake the traditional approach to marketing of targeting the mass population and attracting the ‘new’ consumers. The silent majority who go by their day to day lives are considered the ‘rational’ population, and can contribute to a companies profitability. Loyal consumers are irrational consumers and due to the recession, consumer behaviour reflects patterns of frugality and thrift consumption. These individuals will evaluate a companies pricing, products etc in an individualistic manner. Hard to predict their buying habits Difficult to measure brand loyalty if at all? Consumer segmentation? “Micro-marketing” Sophisticated and one who challenges the brand Trend towards individualistic behaviour. ‘ It is very rare indeed to find someone who buys a particular brand exclusively or shops in only one supermarket, most consumers buy brands on a portfolio basis.’ (Uncles et al 1995)
- Rise of experiential marketing whereby the whole experience of the brand is important i.e. the sounds, smell, feel etc. Product sensory touch-points; experience in effecting the senses from packaging to promotion Silent majority go about their day to day basis with new and more complex expectations of value therefore brands need to recognise these changes and keep up. They have developed their own agenda about where they wish to live and when they choose to shop and which brands they select .
- They have developed their own agenda about where they wish to live and when they choose to shop and which brands they select . Rational consumer – more sophisticated thinking about financial (recession), ethical (green issues) and political (belief systems). Buying behaviour taken from Michael Porter’s five forces model highlights the competitive nature of the market place and the power the consumer has through their purchasing decisions. Kotler 1994
- Hard to predict their behaviour and buying patterns. More research is needed to identify how we can measure this.
- Bullet 3 - E.g. Experiential Marketing