MKT 100 Study Guide - Blue Ocean Strategy, Harvard Business Publishing, Kraft Dinner

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25 Apr 2012

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MKT 100 Full Course Notes

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Week 10 summary brand management and new product development. A brand is a singular idea or concept that you own inside the mind of a prospect. Ries and trout, the 22 immutable laws of branding. The law of expansion: the power of the brand is inversely proportional to its scope. In the long run expanding a brand may diminish its power and weaken its image. For example american express lost a lot of market share since it was not able to focus on its market niche well. It was a prestige company but it partnered up with other stores that made them lose market share. The law of contraction: a brand becomes stronger when you narrow its focus. The law of publicity: the birth of a brand is achieved with publicity, not advertising, what others say is more powerful than what you say. It is better to be first than to be better, because being first generates publicity.

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few years, British Sky Broadcasting has transformed the way people in Britain watch and use their television. Before Sky, people could never have imagined ordering a pizza or sending an email from their set. Today it's an accepted thing.

Part of Sky's success has been in its brand - in defining what makes Sky special and in expressing that difference visually, in products and in the actions of people in the company. And that brand has become one of the company's greatest assets. Brands help companies build a relationship with a customer. A good brand not only helps differentiate a company, it also helps the customer feel something as a result. A pair of Nike trainers might make a person feel more fashionable. A Sony minidisc player might make a person feel they are at the cutting edge of miniature technology. A Rolls Royce might make a person feel that they have reached the top.

Some brands even go beyond that and become so well known that they become generic. This means they're used as a general term for that type of product, even if it's a competitor's product. Walkmans, and Hoovers are a good example. People Hoover the carpet, even if they're really using an Electrolux.

A brand helps customer recognition and enables recognition to be spread by word of mouth as well as by advertising. A brand also adds value. It can allow a company to offer its products at a premium, without reducing the customers' perception of value for money. It also allows a company to extend what they offer to the customer - if a customer trusts one product from that company, they are more likely to trust (and buy) another product from the same company.

That is why Sky has invested so much in its brand. As the first entrant 16 years ago in the field of multichannel television, it had the opportunity to build strong recognition and to even establish itself as the generic brand for multichannel television.

Source: (viewed 10 February 2019)

QUESTIONS

1. In the above article, "if a customer trusts one product from that company, they are more likely to trust (and buy) another product from the same company". Discuss different ways that companies can use to increase brand loyalty. Justify your answers with relevant examples. (5 marks) (500 words)

2. In the above article "brand has become one of the company's greatest assets". Do you agree? Justify your answers with arguments and examples. (5 marks) (500 words)

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MKT 100 Study Guide - Blue Ocean Strategy, Harvard Business Publishing, Kraft Dinner

MKT 100 Full Course Notes

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