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SLIDE A
A sole proprietorship is
owned and run by one individual who receives all profits and has unlimited
responsibility for all losses and debts.
Define a sole proprietorship
In a sole proprietorship; there is no legal distinction between the individual and the business. Thus, every asset is owned by the proprietor, and they have unlimited liability. Examples include writers and consultants, local restaurants and shops, and home-based businesses. A sole proprietor may use a trade name or business name other than his or her legal name.
Sole Proprietorship
a business that is wholly owned by a single person, who has unlimited liability.
An example of a sole proprietorship is an individual who runs a local food truck and would be listed as such with the city.
Define a sole proprietorship
In a sole proprietorship; there is no legal distinction between the individual and the business. Thus, every asset is owned by the proprietor, and they have unlimited liability. Examples include writers and consultants, local restaurants and shops, and home-based businesses. A sole proprietor may use a trade name or business name other than his or her legal name.
Sole Proprietorship
a business that is wholly owned by a single person, who has unlimited liability.
An example of a sole proprietorship is an individual who runs a local food truck and would be listed as such with the city.
SLIDE B
The advantages of a sole
proprietorship versus other forms of organizations is the relative ease of
set-up and the lower investment cost.
Discuss the advantages of running a sole proprietorship
Filing taxes as a sole proprietorship is relatively easier than that of a corporation. Sole proprietorships typically require less capital to set up and have easier payroll requirements. Sole proprietorships are not as heavily regulated as other forms of organizations.
Whereas, corporate
An incorporated entity is a separate legal entity that has been incorporated through a legislative or registration process established through legislation.
EXAMPLE: A man starting his own consulting firm as a sole proprietor would require very little capital to set up a home office to operate until sufficient funds are earned to open a larger office.
Discuss the advantages of running a sole proprietorship
Filing taxes as a sole proprietorship is relatively easier than that of a corporation. Sole proprietorships typically require less capital to set up and have easier payroll requirements. Sole proprietorships are not as heavily regulated as other forms of organizations.
Whereas, corporate
An incorporated entity is a separate legal entity that has been incorporated through a legislative or registration process established through legislation.
EXAMPLE: A man starting his own consulting firm as a sole proprietor would require very little capital to set up a home office to operate until sufficient funds are earned to open a larger office.
SLIDEC
Partnerships are easy to
establish and carry many advantages, however there are risks due to the concentrated
ownership structure.
A business own by two or more.
Discuss the characteristics and advantages of partnerships
Partnerships are relatively easy to establish. With more than one owner, the ability to raise funds may be increased. The profits from the business flow directly through to the partners' personal tax returns. The most obvious advantages to a partnership are the ease in which they may be established, the combination of a wider pool of skills and knowledge, and the increased ability to raise more funds with more partners. The business usually will benefit from partners who have complementary skills.
A business own by two or more.
Discuss the characteristics and advantages of partnerships
Partnerships are relatively easy to establish. With more than one owner, the ability to raise funds may be increased. The profits from the business flow directly through to the partners' personal tax returns. The most obvious advantages to a partnership are the ease in which they may be established, the combination of a wider pool of skills and knowledge, and the increased ability to raise more funds with more partners. The business usually will benefit from partners who have complementary skills.
SLIDE D
A partnership, of which
various forms exist, is an arrangement where parties agree to cooperate to
advance their mutual interests.
Differentiate between general partnerships, limited partnerships, and limited liability partnerships.
The three typical classifications of for-profit partnerships are
general partnerships,
limited partnerships, and
limited liability partnerships.
A general partnership exists when partners divide responsibility for management and liability as well as the shares of profit or loss according to their internal agreement.
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). General Partners carry more liability, and in cases of financial loss, the GPs will be liable.
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
There are many different forms of corporations. Many corporations are established for business purposes but public bodies, charities and clubs are often corporations as well.
EXAMPLE: An example of a partnership is a joint venture. Sony Mobile Communication is mobile phone manufacturing company that was founded in 2001 as a joint venture between Sony and the telecommunications company Ericsson.
Differentiate between general partnerships, limited partnerships, and limited liability partnerships.
The three typical classifications of for-profit partnerships are
general partnerships,
limited partnerships, and
limited liability partnerships.
A general partnership exists when partners divide responsibility for management and liability as well as the shares of profit or loss according to their internal agreement.
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). General Partners carry more liability, and in cases of financial loss, the GPs will be liable.
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
There are many different forms of corporations. Many corporations are established for business purposes but public bodies, charities and clubs are often corporations as well.
EXAMPLE: An example of a partnership is a joint venture. Sony Mobile Communication is mobile phone manufacturing company that was founded in 2001 as a joint venture between Sony and the telecommunications company Ericsson.
SLIDE E
Four main types of
corporations are designated as C, S, limited liability companies, and nonprofit
organizations.
Distinguish between a C corporation, S corporation, LLC and non-profit
C corporation refers to any corporation that, under United States federal income tax law, is taxed separately from its owners.
S corporations are corporations that elect to pass corporate income, losses, deductions, and credit through to their shareholders for federal tax purposes.
An LLC is a flexible form of enterprise that blends elements of partnership and corporate structures.
A nonprofit organization is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends.
Corporation
A group of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.
Shareholder
One who owns shares of stock.
Distinguish between a C corporation, S corporation, LLC and non-profit
C corporation refers to any corporation that, under United States federal income tax law, is taxed separately from its owners.
S corporations are corporations that elect to pass corporate income, losses, deductions, and credit through to their shareholders for federal tax purposes.
An LLC is a flexible form of enterprise that blends elements of partnership and corporate structures.
A nonprofit organization is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends.
Corporation
A group of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.
Shareholder
One who owns shares of stock.
SLIDE 1
For your business to
succeed, it must have enough customers to buy the product or service offered.
Before you launch your new business, take time to evaluate your potential
customer base. Figure out whom you expect to be your most likely customers --
in other words, your target customers. Then tailor your marketing efforts, as
well as your products and services, to those customers.
Why Is Defining Target Customers Important?
Having a clear vision of your expected customer base will increase your business' chances of success. By defining your target customers you can:
better determine if there are enough potential customers for your business (in other words, whether there is enough demand for your products or services)tweak your business idea to better meet the needs of your potential customer basetailor your products and services to better meet your customers' needs and desirestarget your marketing efforts to reach your most promising prospects, andcraft your marketing messages appropriately -- using the right tone, language, and attitude to appeal to your best prospects.
Why Is Defining Target Customers Important?
Having a clear vision of your expected customer base will increase your business' chances of success. By defining your target customers you can:
better determine if there are enough potential customers for your business (in other words, whether there is enough demand for your products or services)tweak your business idea to better meet the needs of your potential customer basetailor your products and services to better meet your customers' needs and desirestarget your marketing efforts to reach your most promising prospects, andcraft your marketing messages appropriately -- using the right tone, language, and attitude to appeal to your best prospects.
SLIDE 2
Defining a target market
will not limit your business. New entrepreneurs sometimes resist defining a
target customer base, thinking it might limit the business or reduce the number
of potential customers. This is a misconception. Identifying target customers
does not prevent your business from accepting customers that don't fit the target
profile. If such a customer seeks your product or service, you will still be
available.
Defining a target market will increase cost efficiency. Defining a target customer base increases your cost efficiency. Unless you have unlimited marketing resources, it's much more effective to focus your marketing efforts on potential customers who you have determined arelikely to buy your product or service -- rather than wasting time and money courting the vast world of prospects who merely could become customers.
Defining a target market will increase cost efficiency. Defining a target customer base increases your cost efficiency. Unless you have unlimited marketing resources, it's much more effective to focus your marketing efforts on potential customers who you have determined arelikely to buy your product or service -- rather than wasting time and money courting the vast world of prospects who merely could become customers.
SLIDE 3
How to Define Your Target
Market
In a nutshell, defining your target customers means identifying the specific characteristics of the people or businesses who you believe are most likely to buy your product or service. These characteristics are sometimes called a demographic profile. Common characteristics used to classify customers include:
age
gender
income level
Buying habits
Occupation or industry
Marital status
Family status (children or no children)
Geographic location
Ethnic group
Political affiliations or leanings,
and
Hobbies and interests.
In a nutshell, defining your target customers means identifying the specific characteristics of the people or businesses who you believe are most likely to buy your product or service. These characteristics are sometimes called a demographic profile. Common characteristics used to classify customers include:
age
gender
income level
Buying habits
Occupation or industry
Marital status
Family status (children or no children)
Geographic location
Ethnic group
Political affiliations or leanings,
and
Hobbies and interests.
SLIDE 4
When Target Customers Are
Other Businesses
Some businesses focus on selling to other businesses rather than to individuals. Selling products or services to other businesses (sometimes called B2B, for "business to business") can be lucrative because businesses usually buy in larger quantities than individuals. For example, a soap manufacturer might sell 50 bars of soap to individual customers via its website in a given month, but could sell 500 bars in just one sale to a hotel.
If your business is targeting other businesses, you should still define your target customer, using characteristics such as:
industry size
number of employees
amount of annual sales, and
geographic location.
Defining a Market Niche
The term "niche" refers to a relatively narrow or specialized market; for example, a maternity clothing boutique specializing in corporate/professional wear or a law firm that specializes in immigration cases. In a crowded marketplace, a niche serves the critical function of distinguishing you from your competitors.
Focusing on a niche can be an effective and profitable strategy for small businesses because it is often too difficult and costly to try to cater to very broad audiences. Instead of trying to appeal to everyone, a small business often does better by developing a specialty in an area that is not being fully served by other businesses and exploiting that niche with cost-effective marketing strategies. Think of a niche as a hook that will help you reel in the potential customers that you have identified as the most profitable and likely prospects for your business.
Niches are usually defined as either operational or customer focused.
Some businesses focus on selling to other businesses rather than to individuals. Selling products or services to other businesses (sometimes called B2B, for "business to business") can be lucrative because businesses usually buy in larger quantities than individuals. For example, a soap manufacturer might sell 50 bars of soap to individual customers via its website in a given month, but could sell 500 bars in just one sale to a hotel.
If your business is targeting other businesses, you should still define your target customer, using characteristics such as:
industry size
number of employees
amount of annual sales, and
geographic location.
Defining a Market Niche
The term "niche" refers to a relatively narrow or specialized market; for example, a maternity clothing boutique specializing in corporate/professional wear or a law firm that specializes in immigration cases. In a crowded marketplace, a niche serves the critical function of distinguishing you from your competitors.
Focusing on a niche can be an effective and profitable strategy for small businesses because it is often too difficult and costly to try to cater to very broad audiences. Instead of trying to appeal to everyone, a small business often does better by developing a specialty in an area that is not being fully served by other businesses and exploiting that niche with cost-effective marketing strategies. Think of a niche as a hook that will help you reel in the potential customers that you have identified as the most profitable and likely prospects for your business.
Niches are usually defined as either operational or customer focused.
SLIDE 5
Defining Markets and
Niches: An Ongoing Process
In order for your business to succeed, use a circular process when defining your target customers and learning about your market. Here's how it works:
Typically, you start by identifying your best customer prospects based on your observations and intuition about your market (remember, your market includes not only customers, but also your competition and industry). Next, you do research to learn more about your market, such as what your target customers' buying habits are, what your competition is doing, or whether there are important industry trends.
In order for your business to succeed, use a circular process when defining your target customers and learning about your market. Here's how it works:
Typically, you start by identifying your best customer prospects based on your observations and intuition about your market (remember, your market includes not only customers, but also your competition and industry). Next, you do research to learn more about your market, such as what your target customers' buying habits are, what your competition is doing, or whether there are important industry trends.
Based on this research, take another look at how you define your target customer and your overall business idea. If necessary, given the new information, make changes to your target market or niche in order to make the most of an unmet demand in the market.
This cycle shouldn't end when your business gets going. Learning about your market and adjusting your business plan accordingly is an ongoing process -- indeed, it is the heart of successfully running a business. Smart business owners constantly monitor market conditions and make adjustments to their businesses in order to stay profitable.
SLIDE 6
To learn more about
defining target markets and niches, and using those profiles to help your
business succeed, get
Operational niche. With this approach, the business focuses on specialized products or services that will inherently appeal to a narrow customer segment.
Customer niche. This approach focuses on one or more specific -- and profitable -- customer bases. Instead of emphasizing customized products or services, the business focuses on tailoring its marketing efforts to specific audiences.
Both approaches are effective, and businesses commonly use a little of each. For example, a day spa may define a customer niche of tour group companies and travel agents and actively market to them. At the same time, it may make small operational tweaks to cater to this customer niche, such as offering a free shuttle service to local hotels or including maps of local tourist attractions in its lobby area.
Niches are by definition narrow, but not so narrow that they don't contain enough customers to sustain the business. The key to defining a profitable niche is to find an area where there is an unmet demand, and to fill that need with your products or services.
Operational niche. With this approach, the business focuses on specialized products or services that will inherently appeal to a narrow customer segment.
Customer niche. This approach focuses on one or more specific -- and profitable -- customer bases. Instead of emphasizing customized products or services, the business focuses on tailoring its marketing efforts to specific audiences.
Both approaches are effective, and businesses commonly use a little of each. For example, a day spa may define a customer niche of tour group companies and travel agents and actively market to them. At the same time, it may make small operational tweaks to cater to this customer niche, such as offering a free shuttle service to local hotels or including maps of local tourist attractions in its lobby area.
Niches are by definition narrow, but not so narrow that they don't contain enough customers to sustain the business. The key to defining a profitable niche is to find an area where there is an unmet demand, and to fill that need with your products or services.
Marketing Communications Mix
The Marketing Communications Mix is the specific mix of
advertising, personal selling, sales promotion, public relations, and direct
marketing a company uses to pursue its advertising and marketing objectives.
The communication mix refers to specific methods used to promote
the company or its products to targeted customers. Some depictions of the
promotional mix include five elements, while others add a sixth -- event
sponsorship.
Advertising
Advertising is often the most prominent element of the communication mix. In fact, marketing and advertising are often misconstrued as the same thing. Advertising includes all messages a business pays to deliver through a medium to reach a targeted audience. Since it involves the majority of paid messages, companies often allocate significant amounts of the marketing budget to the advertising function. While it can be costly, the advertiser has ultimate control over the message delivered, since it pays the television or radio station, print publication or website for placement.
Personal Selling
Personal selling is sometimes integrated with the direct marketing element. However, many companies make such extensive use of a sales force that it is important to consider this component distinctly. Distribution channel suppliers use salespeople to promote products for resale to trade buyers. Retail salespeople promote the value of goods and services to consumers in retail businesses. Selling is more emphasized by companies that sell higher-end products and services that require more assertive efforts to persuade customers to buy.
Related Reading: How to Reach Your Target Market Via a Promotion
Mix
Discounts and Promotions
Sales promotions or discounts are similar to advertising in that they are often promoted through paid communication. However, sales promotions actually involve offering a discounted price to a buyer. This may include coupons, percent-off deals and rebates. Along with ads to promote deals and coupon mailers, companies use exterior signs and in-store signage to call customer attention to the discounts. Goals of this communication tool include increasing revenue and cash flow, attracting new customers and clearing out extra inventory.
Public Relations
Public relations are sometimes somewhat similar to advertising in that much of it involves messages communicated through mass media. The major difference is you don't pay for the time or space for the message. A television or newspaper feature story mentioning a business, for instance, isn't paid for and can provide brand exposure. The downside of PR is that you don't always control the messages. You can try to influence them through press releases and invites for media coverage, but the media could put a negative spin on the story.
Direct Marketing
Direct marketing includes some aspects of both sales promotions and personal selling. It is interactive communication with customers where the company's message seeks or implores a response from targeted customers. E-mail and direct mail are common formats. These messages are sent to customers with special offers or calls to action, often promoting limited-time deals or new product launches. Mail-order clubs, online or print surveys and infomercials are other examples of direct marketing communication.
Event Sponsorship
Event sponsorship is the element sometimes left out of the five-element communication mix. Many models include it within advertising. Event sponsorship occurs with a company pays to have a presence at a sports, entertainment, nonprofit or community events. The sponsorship may include a mix of benefits including booth representation during the event to hand out samples, gifts and literature, name mention during the event and ad spots connected to the event.
Key Elements of Brand:
BRAND
The business submitted
requests for a new logo and brand design, to enhance their appeal to the consumer
both visually and conceptually.
It was important to the company that its brand not be diluted by other companies using the same name; therefore it was compelled to sue its competitors to prevent them from doing so.
Brand IDENTITY
It was important to the company that its brand not be diluted by other companies using the same name; therefore it was compelled to sue its competitors to prevent them from doing so.
Brand IDENTITY
Brand identity has been the single most important
factor for increasing sales and ensuring growth since the dawn of capitalism.
The brand identity of Under Armor, Inc. is known to most Americans; and is easily recognized by members of the military and law enforcement as a high quality product.
You should try to have a strong brand identity so that people will always want to come back to your brand.
As we design our new logo and pamphlets, we must remember how crucial a role they will play in our efforts to establish our brand identity in this new market.
The visible elements of a brand (such as colors, design, logotype, name, symbol) that together identify and distinguish the brand in the consumers' mind.
The brand identity of Under Armor, Inc. is known to most Americans; and is easily recognized by members of the military and law enforcement as a high quality product.
You should try to have a strong brand identity so that people will always want to come back to your brand.
As we design our new logo and pamphlets, we must remember how crucial a role they will play in our efforts to establish our brand identity in this new market.
The visible elements of a brand (such as colors, design, logotype, name, symbol) that together identify and distinguish the brand in the consumers' mind.
BRAND EQUITY
Enhancing a brand's equity (see brand equity)
directly through advertising campaigns and indirectly through promotions such as cause championing or event sponsorship.
BRAND AWARENESS
You need to always have
good brand awareness so that you know how people are perceiving your
product and business.
The Nike corporation has
done an excellent job in brand awareness by making their "swoosh" one of the
most instantly recognizable logos on the planet
In the cover letter I sent to the marketing company, I emphasized my extensive experience with brand awareness and brand development.
In the cover letter I sent to the marketing company, I emphasized my extensive experience with brand awareness and brand development.
BRAND ENHANCING
Enhancing a brand's equity (see brand equity) directly through advertising campaigns and indirectly through promotions such as cause championing or event sponsorship.
BRAND DEVELOPMENT INDEX
A metric of marketing success that measures the number of sales within a specific market. The
calculation is expressed as the number of unit sales per thousand people within a geographic area.
BRAND ESSENCE
For many years, Sears
utilized the phrase "Come see the softer side of Sears" this was the
companies brand essence which described the companies marketing towards
products that were more feminine and their female targets.
Our brand essence was really good and a lot of people knew who we were and which things we
represented.
When you consider the brand essence of Gucci, you can see why people are willing to pay higher prices for their products.
When you consider the brand essence of Gucci, you can see why people are willing to pay higher prices for their products.
A phrase that communicates
the fundamental nature of a trade name associated with one or more products made by the same company. A business marketing team will often spend considerable time developing effective ways of expressing the brand essence of their company's various brands by highlighting the unique benefits provided that pertain to the values of its target subculture
BRAND EXTENSION
BRAND EXTENSION
Sometimes you may want to
put off a brand extension to take advantage of how hot your product is at
the moment.
The brand extension was in place and that was great
for me because I had a lot of faith and knew that it would work.
Sometimes you may want to
put off a brand extension to take advantage of how hot your product is at
the moment.
Group of brands related to one another and having a 'parent' brand that imparts an aura
of quality and trust to the entire family. See also family brand and line extension.
BRAND HARVESTING
The reducing of marketing expenditures on a brand for the purpose of maximizing cash flow and profits that are realized from purchases by loyal customers. This is
typically applied to mature brands that have a decline in their popularity. An exception would be if the brand will eventually be discontinued.
BRAND IMAGE
The impression in the consumers' mind of
a brand's total personality (real and imaginary qualities and shortcomings). Brand image is developed over time through advertising campaigns with a consistent theme, and is authenticated through the consumers' direct experience. See
also corporate image.
BRAND INSISTENCE
A type of exceptional
consumer loyalty to a particular trade named product where they actively pursue its acquisition and will not accept a substitution or generic product instead. The ultimate test of a successful marketing campaign for a business brand is the degree of brand insistence that it generates for the product among consumers.
BRAND LEADER
A type of exceptional
consumer loyalty to a particular trade named product where they actively pursue its acquisition and will not accept a substitution or generic product instead. The ultimate test of a successful marketing campaign for a business brand is the degree of brand insistence that it generates for the product among consumers.
BRAND LICENSING
BRAND LICENSING
The leasing of a brand name to a company other than the owner of that particular brand. As an
example, a beer company located in Europe could lease its brand name to an American brewer.
BRAND LOYALTY
BRAND LOYALTY
The extent of the
faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing pressure generated by the competing brands.
The brand loyalty of the customer base in the region was strong so we felt we were able to
recover.
As a result of his strong brand loyalty to BlackBerry, Phil has never purchased an iPhone, even though he knows that Apple offer better apps.
As a result of his strong brand loyalty to BlackBerry, Phil has never purchased an iPhone, even though he knows that Apple offer better apps.
You should hope that your
customers will have a strong brand loyalty so they keep coming back to your product.
BRAND LOYALTY MANAGEMENT
BRAND LOYALTY MANAGEMENT
Aligning all marketing,
promotional, and distribution channels to consistently deliver on the brand's promise to its repeat customers.
BRAND MANAGEMENT
BRAND MANAGEMENT
The process of maintaining, improving, and upholding a brand so that the name is associated with positive results. Brand
management involves a number of important aspects such as cost, customer satisfaction, in-store presentation, and competition. Brand
management is built on a marketing foundation, but
focuses directly on the brand and how that brand can remain favorable to customers. Proper
brand management can result in higher sales of not only one product, but on other products associated with that brand. For example, if a customer loves Pillsbury
biscuits and trust the brand, he or she is more likely to try other products offered by the company such as chocolate chip cookies.
BRAND MARK
BRAND MARK
Aspect or element (such as color, design, picture, symbol, typeface) of a brand that cannot be expressed in words.
I really liked their brand mark and I told them that I would support them the whole way with their
business.
The brand mark was strong with our product as we connected to customers hearts, there are not many words to express the love our customers feel for our brand.
Apple's apple logo has surpassed even Coke's swirl as the most recognizable brand mark on the planet, according to at least one anonymous Internet worker randomly making up facts.
BRAND NAME
The brand mark was strong with our product as we connected to customers hearts, there are not many words to express the love our customers feel for our brand.
Apple's apple logo has surpassed even Coke's swirl as the most recognizable brand mark on the planet, according to at least one anonymous Internet worker randomly making up facts.
BRAND NAME
Word(s) that identify not
only a product but also its manufacturer or producer, such as
Apple, Coca Cola, IBM,
Mercedes, Shell, Sony,
Toyota.
The eye doctor said that my contact lenses' producer, Acuvue, is one of the top brand names in the vision correction industry.
I recognized the brand name immediately and it made me think back to when I was a kid and ate that cereal.
If you want to have a good reputation then you must make sure to not do anything that could harm your brand name.
BRAND NAME SPECIFICATION
The eye doctor said that my contact lenses' producer, Acuvue, is one of the top brand names in the vision correction industry.
I recognized the brand name immediately and it made me think back to when I was a kid and ate that cereal.
If you want to have a good reputation then you must make sure to not do anything that could harm your brand name.
BRAND NAME SPECIFICATION
In supply or construction contracts, customer specification that cites a particular brand, model number (or some other identification) as a requirement for the item to be supplied or used.
BRAND PERSONALITY
BRAND PERSONALITY
Human traits or characteristics associated with a specific brand name. Common characteristics or traits represented include uniqueness, sincerity,
intellectualism, competence,
excitement and sophistication. The brand personalities gives consumers something with which they can relate, effectively increasing brand awareness and popularity.
We have developed our brand personality to connect with customers on a personal level so our brand is very memorable.
We wanted to put a lot of brand personality into it because we knew that it would attract people and generate more income.
You should try to have a great brand personality so that people will always have positives thoughts when they think of your company.
BRAND PORTFOLIO
We have developed our brand personality to connect with customers on a personal level so our brand is very memorable.
We wanted to put a lot of brand personality into it because we knew that it would attract people and generate more income.
You should try to have a great brand personality so that people will always have positives thoughts when they think of your company.
BRAND PORTFOLIO
The total collection of trademarks that a company applies to its products or services. Each
make or brand within a business' brand
portfolio might be registered under applicable trademark laws and can represent a valuable asset to a company that is often actively promoted to potential customers.
BRAND POTENTIAL INDEX
BRAND POTENTIAL INDEX
The relationship between a brand's market development index and its brand development index (BDI) in a particular market area. The BPI, or brand
potential index, is typically used to predict future sales as well as to aid in planning for future advertising budget allocations.
BRAND PREFERENCE
Measure of brand loyalty in which a consumer will choose a particular brand in presence of competing brands, but will
accept substitutes if that brand is not available.
BRAND PROMISE
Benefits and experiences that marketing campaigns try to associate with a product in its current and prospective consumers' minds.
There was a brand promise that the company gave the people and I new that they would keep that
promise.
You may want to make a brand promise so that your customers know that they can always rely on you.
You need to keep any brand promise that you make so that your customers will always trust and rely on you.
BRAND RECALL
BRAND RECALL
A qualitative measure of how well a brand name is connected with a product type or class of products by consumers. Often
tested through surveys or interviews, brand
recall is tested by asking participants questions such as "name as many car models as possible" or "can you explain what a Kleenex is?"
BRAND RECOGNITION
BRAND RECOGNITION
In order for your product
to become successful it must first gain Brand Recognition from the internet before you can go main stream
and compete with Fortune 500 Companies.
You need to make sure that the brand recognition your product has is good and not negative in any way.
When you think of soda, especially in movies and TV shows, one name quickly comes to mind: Coca Cola. Now THAT'S what I call brand recognition.
BRAND STRATEGY
You need to make sure that the brand recognition your product has is good and not negative in any way.
When you think of soda, especially in movies and TV shows, one name quickly comes to mind: Coca Cola. Now THAT'S what I call brand recognition.
BRAND STRATEGY
Long-term marketing support for a brand, based on the
definition of the characteristics of the target consumers. It
includes understanding of their preferences, and expectations from the brand.
You need to have a good
and well thought out brand strategy if you want to always be in the minds of your
customers.
For my meeting with the Chief Marketing Officer, I prepared a presentation that defined a brand strategy and my plans for increasing brand visibility and sales.
For my meeting with the Chief Marketing Officer, I prepared a presentation that defined a brand strategy and my plans for increasing brand visibility and sales.
Even with a strong
product, marketing is always key. It takes a keen eye for business and a firm
understanding of brand strategy in order to make even the most marketable product
a hit.
BRAND STRECHING
BRAND STRECHING
The act of using an established brand name in order to introduce unrelated products, such as
a tobacco company that introduces non-tobacco related products in order to circumvent advertising restrictions.
BRAND VALUES
BRAND VALUES
The process involved in creating a unique name and image for a product in the consumers' mind,
mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.
The company counted the branding campaign a success when their product became a household name and
surveys indicated they had a loyal base of customers.
If your are starting a new company one of the most important things you can do is make sure to get the correct branding.
I really liked the branding that Joes's used on their bottles because it was a flower stamped right into the glass.
If your are starting a new company one of the most important things you can do is make sure to get the correct branding.
I really liked the branding that Joes's used on their bottles because it was a flower stamped right into the glass.
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Every business wants to be a customer's first choice. Building and managing a brand can play a significant part in making that happen.
The concept of a brand extends far beyond just your company logo to your business' core values and to every interaction you have with customers and suppliers. In effect, your brand creates and maintains your reputation and so reflects your customers' experience of your organisation.
Customers and employees can build up emotional attachments to certain brands, allowing for strong loyalties and even a sense of ownership. This can help maintain employee motivation and increase your sales but it can also cause problems if you don't consult these stakeholders as your business grows.
Your brand is what you are really selling to your customers, not just a product or service for which there may already be many existing providers. A strong brand can make any business stand out from the crowd, particularly in competitive markets.
This guide shows you how to create a brand, how to budget for it and how to manage it.
You need to be sure that you can always deliver your promises using your strengths, sometimes referred to as "brand values".
What drives your customers? What makes them buy? In most cases, it's not only about price or performance.
Ask existing customers what they like about doing business with you. And asking potential customers what they look for in their buying decisions can also give you useful information to help develop your business - and your brand.
If your brand values are in line with what existing and potential customers look for when they're buying, you've got the beginnings of a useful brand and you're ready to start building it.
But if they're not, you'll probably need to reconsider either the benefits you offer to your present customers or whether you're targeting the right people.
For example, a clothing store that has high fashion as a brand value can capitalise on it if its customers and potential customers want to buy the trendiest gear. But if its customer base is made up of pensioners, it's unlikely those brand values will be in line with its customers' buying needs.
Once you've defined your brand values and your customers' needs you can start to build your brand by consistently communicating your brand values.
Key areas to consider are:
If all these are consistently in line with your brand values, your brand will be strengthened.
But if all of them aren't in line, your brand - and your business -
could be seriously damaged. A brand makes promises to customers and if
they aren't fulfilled, your customers will be far less likely to buy
again.
For example, Delightful Jewellery's "Elegant" range may be beautifully produced, stylishly packaged and glamorously advertised in glossy magazines. Its brand values could be "classy, special, elegant". But if staff are rude or unprofessional on the phone, customers won't think about Delightful Jewellery's elegance - they'll think about its staff's rudeness. As a result the brand -and possibly the business - will be undermined.
Your logo can be of particular significance to customers. You should create a policy on its usage, ensuring it is used consistently and its quality is always maintained. This acts as a reassurance when customers are considering buying your products or receive them after purchase. Your logo can act as an initial guarantee of quality in these circumstances.
Similarly, ensure that you consider the design and quality of your invoices and receipts, which can often be the last stage in an interaction with a customer. This can affect their willingness to give you repeat custom and even to pay on time.
All of your employees will play a crucial part in managing your brand because how they act has a powerful impact on what customers and your own staff think of your business. If your employees believe in what your brand stands for, their actions will provide effective evidence of it when they are dealing with colleagues and customers.
Keep employees involved by setting up a suggestion scheme, or regularly taking the time to discuss your brand and how your business is performing.
Continually reinforce the message that what they do is important and explain why. Make sure they know that breaking the promises to customers that your brand makes - even just once - can damage the brand and your business.
Remember that customers change too. See the page in this guide on reviewing your brand for details of how regular reviews help you ensure that your brand still matches their needs and preferences. Even the most traditional and well-established brands have to work hard to stay relevant to their customers.
When reviewing your brand, remember that your customers and employees will have often built up an emotional attachment to it, and even feel a sense of ownership of it.
It is therefore critical that any changes you make are sensitive to their existing relationship with your brand. Use your findings from consultations with your customers, suppliers and employees to assess the wider perception of your brand.
If there are any problems with your customers' experiences, don't be tempted to just change your logo (often mistakenly referred to as a "rebrand") to solve them. This is an expensive process and would not solve the problems, if they are centred on failings in your systems or staff training, for example.
Remember that your brand represents the whole customer experience, not just your signage or stationery, and cannot be changed overnight. You should regularly review your customers' experiences of your business. This will provide an early indication of any elements of your brand that are underperforming. Prompt action to correct this underperforming element can save a lot of money and negate the need to rebrand your whole business.
To grow your business, you should encourage innovation and the development of your products and services. This will help you to stay ahead of your competitors and respond to the changing needs of your customers. However, your brand should always underpin your core values and provide customers with a consistent and reliable experience. Your brand may therefore become synonymous with innovation, but in itself may never change.
But it's a good idea to set a budget, otherwise it's easy to spend money unnecessarily. A budget will focus the mind and force you to prioritise your spending on your branding effort. Before you spend any money, make sure what you propose to spend will help deliver your promises and promote your brand values.
The key areas you could budget for are:
You don't need to do everything at once. As long as employees
understand and deliver what your brand promises, it stands a good chance
of success.
You can create stationery, logos, packaging and advertising quite cheaply if the budget is tight. However, it is a good idea to think about your future growth when devising your image as changing it later can prove costly. You may also find that customers and employees will have already built up a relationship with your brand, which can then make it more problematic to change.
This article lists the most common elements that should be addressed in a strategic Marketing document. In future posts I will expand on each of the topics.
Primary objective:
Let’s use the primary objective above (“Grow overall sales by 10% yearly”) and think of a few strategies that could accomplish it. Some of them could include:
-identify and introduce 5 new products per year that each contribute 2% to the overall yearly growth
-add the Internet as a new direct distribution channel
-introduce a new line of products for a target segment the company is not currently servicing
The “Push strategy” involves forcing the product through the distribution channel, which in turn is responsible for generating end user awareness and purchase. Personal selling and trade shows play a major role here.
A “pull strategy”’s goal is to generate end-user awareness by skipping the middle man, the distributor. In order to achieve this the company has to rely heavily on advertising, social media and end-user promotions.
It’s worth mentioning that the structure above is based on my personal experience in developing the Marketing strategy for various companies. You should adapt it to your individual needs and specificity of each market segment.
Branding – the basics
The concept of a brand extends far beyond just your company logo to your business' core values and to every interaction you have with customers and suppliers. In effect, your brand creates and maintains your reputation and so reflects your customers' experience of your organisation.
Customers and employees can build up emotional attachments to certain brands, allowing for strong loyalties and even a sense of ownership. This can help maintain employee motivation and increase your sales but it can also cause problems if you don't consult these stakeholders as your business grows.
Your brand is what you are really selling to your customers, not just a product or service for which there may already be many existing providers. A strong brand can make any business stand out from the crowd, particularly in competitive markets.
This guide shows you how to create a brand, how to budget for it and how to manage it.
First steps for creating a brand
Successful branding is about promoting your strengths. Start by thinking about what you're good at and what you believe in as a business. For example:- particular skills - such as excellence in design
- high-quality customer service
- providing the best value for money in your marketplace
- innovation - perhaps in a niche market
What customers want
You also need to match these brand values to your customers' requirements.What drives your customers? What makes them buy? In most cases, it's not only about price or performance.
Ask existing customers what they like about doing business with you. And asking potential customers what they look for in their buying decisions can also give you useful information to help develop your business - and your brand.
If your brand values are in line with what existing and potential customers look for when they're buying, you've got the beginnings of a useful brand and you're ready to start building it.
But if they're not, you'll probably need to reconsider either the benefits you offer to your present customers or whether you're targeting the right people.
For example, a clothing store that has high fashion as a brand value can capitalise on it if its customers and potential customers want to buy the trendiest gear. But if its customer base is made up of pensioners, it's unlikely those brand values will be in line with its customers' buying needs.
What your employees should know
Create a document containing your core company values and benchmarks
for how you want to operate and be seen to operate. It should
encapsulate the purpose of your business and why you think you are
different from your competitors. Communicate this to your employees to
ensure you are all working towards the same aims, and review it
regularly.Building your brand
If you want to build and maintain a strong brand, you'll need to focus on what your customers want and how you can guarantee to deliver it. You'll need to be consistent in your service and every other point of contact customers have with you - for example phone calls, letters, emails, etc.Once you've defined your brand values and your customers' needs you can start to build your brand by consistently communicating your brand values.
Tell your customers
Remember that every possible contact you have with a customer or potential customer needs to reinforce your brand values.Key areas to consider are:
- your business name
- the names of your products or services
- any slogan you use
- your logo
- the style and quality of your stationery
- product pricing and packaging
- your premises
- where and how you advertise
- how you and your employees dress
- how you and your employees behave
- your company website
For example, Delightful Jewellery's "Elegant" range may be beautifully produced, stylishly packaged and glamorously advertised in glossy magazines. Its brand values could be "classy, special, elegant". But if staff are rude or unprofessional on the phone, customers won't think about Delightful Jewellery's elegance - they'll think about its staff's rudeness. As a result the brand -and possibly the business - will be undermined.
Your logo can be of particular significance to customers. You should create a policy on its usage, ensuring it is used consistently and its quality is always maintained. This acts as a reassurance when customers are considering buying your products or receive them after purchase. Your logo can act as an initial guarantee of quality in these circumstances.
Similarly, ensure that you consider the design and quality of your invoices and receipts, which can often be the last stage in an interaction with a customer. This can affect their willingness to give you repeat custom and even to pay on time.
Managing your brand
It's a good idea to get one person to take responsibility for your brand strategy - if you can't do it yourself, appoint a qualified employee instead.All of your employees will play a crucial part in managing your brand because how they act has a powerful impact on what customers and your own staff think of your business. If your employees believe in what your brand stands for, their actions will provide effective evidence of it when they are dealing with colleagues and customers.
Keep employees involved by setting up a suggestion scheme, or regularly taking the time to discuss your brand and how your business is performing.
Continually reinforce the message that what they do is important and explain why. Make sure they know that breaking the promises to customers that your brand makes - even just once - can damage the brand and your business.
Outside your business
Get regular feedback from satisfied customers to
check that your business is consistently delivering on the promises your
brand makes. Ask dissatisfied customers or former customers as well -
you can gain valuable, and sometimes more honest, information from them
about how your brand is perceived. Honest and constructive criticism can
help you see where there's room for improvement.Remember that customers change too. See the page in this guide on reviewing your brand for details of how regular reviews help you ensure that your brand still matches their needs and preferences. Even the most traditional and well-established brands have to work hard to stay relevant to their customers.
Reviewing your brand
A successful brand will remain so as long as you and your staff maintain its values in the eyes of your customers.When reviewing your brand, remember that your customers and employees will have often built up an emotional attachment to it, and even feel a sense of ownership of it.
It is therefore critical that any changes you make are sensitive to their existing relationship with your brand. Use your findings from consultations with your customers, suppliers and employees to assess the wider perception of your brand.
If there are any problems with your customers' experiences, don't be tempted to just change your logo (often mistakenly referred to as a "rebrand") to solve them. This is an expensive process and would not solve the problems, if they are centred on failings in your systems or staff training, for example.
Remember that your brand represents the whole customer experience, not just your signage or stationery, and cannot be changed overnight. You should regularly review your customers' experiences of your business. This will provide an early indication of any elements of your brand that are underperforming. Prompt action to correct this underperforming element can save a lot of money and negate the need to rebrand your whole business.
Growth opportunities
The reviewing process can often give you an indication of areas into which you can expand your business. However, it is equally important to use the findings from your review to check if your brand can withstand being stretched to other products or services. For example, if you find that customers strongly associate your brand with particular products, it may be wise to introduce new products under a sub-brand, which may include a different logo.To grow your business, you should encourage innovation and the development of your products and services. This will help you to stay ahead of your competitors and respond to the changing needs of your customers. However, your brand should always underpin your core values and provide customers with a consistent and reliable experience. Your brand may therefore become synonymous with innovation, but in itself may never change.
Budgeting for a brand
As your brand should encompass most areas of your business, from stationery to how you deliver your product or service to customers, it can be difficult to define a budget for building and maintaining it.But it's a good idea to set a budget, otherwise it's easy to spend money unnecessarily. A budget will focus the mind and force you to prioritise your spending on your branding effort. Before you spend any money, make sure what you propose to spend will help deliver your promises and promote your brand values.
The key areas you could budget for are:
- design needs, such as a logo, signage, business stationery or product packaging
- your premises
- your advertising
- time you'll need to spend with employees to make sure they understand your brand
- any resources you'll have to provide for employees to enable them to carry out what the brand promises, e.g. customer service costs
- keeping your company website updated
You can create stationery, logos, packaging and advertising quite cheaply if the budget is tight. However, it is a good idea to think about your future growth when devising your image as changing it later can prove costly. You may also find that customers and employees will have already built up a relationship with your brand, which can then make it more problematic to change.
Ten tips on branding
To build a successful brand you should:- Focus on what your business achieves for its customers. Your brand is no good to you if it isn't delivering what customers want.
- Take ownership of your brand. Pay attention to customers' needs, but you should still control what you want your brand to mean to them.
- Be honest. If you don't believe in your brand, no one else will.
- Keep your brand simple by focusing on a small number of key brand values.
- Be consistent. Every aspect of your business should make customers feel the same way about you.
- Be thorough. Look at all your systems to make sure they help to support your brand.
- Involve employees. Make sure they understand your brand and believe in it.
- Communicate your brand. Make sure every advertisement, brochure and letter helps reinforce the same message. If you have a logo, use it everywhere, but make sure the quality is consistent.
- Meet and exceed what your brand promises. Failing, just once, will damage your brand.
- Manage your brand. Continually look for opportunities to make improvements. And don't be afraid to make changes to reflect shifts in the way you do business or new trends in your market.
Developing An Effective Marketing Strategy: Key Issues To Be Addressed
Every business owner should make developing the Marketing strategy for the company and its brands a top priority. A proper process takes into account the overall business goals, internal strengths and weaknesses, the competition and customer profile, among other factors. A well-crafted strategy provides the clear path to success, and makes execution easy.This article lists the most common elements that should be addressed in a strategic Marketing document. In future posts I will expand on each of the topics.
Company Vision
I always recommend including it in the strategic document because it provides focus, inspiration, and motivation. The vision is usually the owner’s most ambitious goal, almost a dream that seems impossible to achieve. It answers the question “Why are we here?” and ideally it should never change, unless major occurrences make it irrelevant.Company Mission
This important paragraph includes the answers to the most fundamental business questions such as “What market are we in?”, “What need do we serve?”, “What is the core benefit we are providing to our customers?”, “Who are we serving?” Along with the vision, the mission provide shareholders, management and employees with a sense of direction, pride and purpose. It makes them work toward the common goals as a team rather than separate entities.Target Market(s) And End-User Profile
Here it is important to be specific about the industry sectors, geographical areas, and the typical end user that the business chooses to serve. The strategic document should provide a clear segmentation of the market based on various criteria such as geographic, socio-economic, product-related etc. The factors that influence the end-user’s buying behavior (social,cultural, personal or psychological) will also have to be identified here. A good understanding of these aspects lead to the employees (the Sales force in particular) focusing on what is really important.Competitive Analysis
A close look at the competition is needed in order to establish an effective differentiation strategy. The analysis should include product offering, pricing strategy, distribution channels and promotional activities. The good news is that the explosion in communication channels and social media websites makes obtaining competitive information more accessible than ever.SWOT Analysis
An in-depth and honest look at the company strengths, weaknesses, opportunities and threats is the mandatory foundation on which any strategy is built. It is also one of the most difficult element to implement as team leaders tend to magnify the strengths and minimize the weaknesses. An effective analysis takes into account all departments including Manufacturing, Marketing, Sales, Finance, IT, and Administration.Marketing Objectives
Developing an effective Marketing strategy starts with clearly defined objectives. Once the SWOT analysis has been performed the team can establish the medium and long term marketing objectives that support the overall business strategic plan. These objectives can be separated into primary and secondary ones, and listed in the order of importance. Below is an example:Primary objective:
- grow overall sales by 10% yearly.
- increase brand awareness by 20% in 5 years
- expand to 2 international markets in the next 3 years.
Differentiation Strategy
This has to do with the company’s competitive advantage and what makes its offering different from its competitors. Without strong differentiation that is constantly communicated the only strategy left is to compete on price. Some of the most common differentiation strategies are based on product, service, personnel, emotional, country of origin or distribution channel.Unique Selling Proposition
Also known as the slogan, or tagline, it represents the summary of the differentiation strategy. A well chosen USP is meaningful long term, easy to remember, and creates preference for your brand. You can read more about what makes a good slogan here.Brand Image
Includes the desired perception the company wants to create in the mind of consumers. This is developed over time based on a theme that is consistently communicated through different Marketing initiatives.Marketing Strategies
Probably the most important chapter of the document, it provides the direction to be followed in order to accomplish the Marketing objectives.The company’s differentiation strategy also plays an important role here, as various elements of the marketing mix have to be adapted to support it. Choosing a particular strategy also depends on whether the business is a leader, challenger, follower or a niche player.Let’s use the primary objective above (“Grow overall sales by 10% yearly”) and think of a few strategies that could accomplish it. Some of them could include:
-identify and introduce 5 new products per year that each contribute 2% to the overall yearly growth
-add the Internet as a new direct distribution channel
-introduce a new line of products for a target segment the company is not currently servicing
Product Strategy
This chapter provides a clear picture of the company’s product offering divided (if applicable) into categories, sub-categories, classes, units, etc. It also describes the unique features of the product offering that separates them from competition. The product life cycle ( introduction, growth, maturity and decline) has a direct influence on the overall Marketing strategy.Distribution Strategy
No product or service, no matter how great it is, will be successful if it not easily available to the target audience. Choosing the right distribution channel depends on the type of product being offered and the end-user buying behavior. Properly implemented, distribution contributes to the overall customer experience and satisfaction with the brand.Pricing Strategy
Equally important in the overall Marketing mix, price greatly influences the purchase decision and helps create the proper associations with the brand, if executed correctly. The strategic document should include a clear definition of the pricing segment in which a particular brand competes, as well as the desired price positioning versus competition. For example, Hyundai Genesis competes in the premium price segment. As a new entrant to the category, the vehicle is priced 10% lower than the segment leader Mercedes-Benz.Promotional Strategy
This section contains the general guidelines for promoting the company’s offering thorough various communication tools. Decisions have to be made about using mainly a “push strategy”, “pull strategy”, or a combination of both (which is the case with most companies).The “Push strategy” involves forcing the product through the distribution channel, which in turn is responsible for generating end user awareness and purchase. Personal selling and trade shows play a major role here.
A “pull strategy”’s goal is to generate end-user awareness by skipping the middle man, the distributor. In order to achieve this the company has to rely heavily on advertising, social media and end-user promotions.
Implementation
Each strategy listed in the “Marketing Strategies” section is implemented through various marketing programs. They require budget allocation to different initiatives and properly combining the elements of the Marketing mix to achieve the desired outcome. The strategic documents should list the project managers responsible for coordination, as well as meeting the budgets and deadlines.Feedback and Control
These elements are important in order to maintain the relevance of the strategy. Most macro-economic factors remain fairly constant over time. Others, such as competition, pricing, distribution channel can change yearly and even monthly. Te company has to put in place effective tools to monitor and track these changes in order to respond accordingly.It’s worth mentioning that the structure above is based on my personal experience in developing the Marketing strategy for various companies. You should adapt it to your individual needs and specificity of each market segment.
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