Branding
- Choose a branded product. Describe the three levels of that product and define all the elements for each level in the table below. (60 marks)
Product ____________________________
| Product level | Description | |
- Brand recognition: Folklorious is not a recognized product. This level will enable people to incline towards the product if given a choice the Folklorious between their product and one they do not recognize. However, the company should be on the lookout as competitors are working towards brand recognition. The brand should differentiate itself from similar brands as they add value to the next level. At this level, a brand should select a brilliant brand name. This is the main differentiator of a brand at this level. This sets the stage for a brand.
- Brand preference: At this level, a customer has choices between different brands. The uniqueness of the brand serves their needs. Having value-added services or products will help clients choose the product the brand offers. Customers need to recognize the tagline of a brand at this level. A good tagline sets the feel and tone of a product the brand offers. A brand’s tagline is set to withstand the test of that time.
- Brand loyalty: The brand loyalty level is where clients repeatedly choose the Folklorious brand over all other brands. The products at this stage are better despite flaws or rise of a similar brand, and the customer remains loyal at all times. To achieve this level, the company has achieved value addition and has different remarkable services. By providing services at this level, it shows that the brand cannot switch. As a brand gains loyalty, it should create a slogan that conveys its spirit in a short duration. It captures the company’s position, essence, and personality. However, in this case, the slogan is used for a single product or during an advertising campaign.
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- Provide real examples of a convenience product and a shopping consumer product you or your parents have purchased recently and describe the following marketing considerations. (40 marks)
| Marketing | Convenience product | Shopping product |
| considerations | ||
| ______________________ | _____________________ | |
| Customer | Before purchasing the product, the customer compares different options from features, cost, and quality. The customer usually evaluates many prices and options that a brand offers. | |
| buying | Customers’ perspectives are that the product requires little planning, time, and no effort when purchasing. The customer expects that the product is easy to purchase online, faster, and at low-costs. | |
| behavior | ||
| Price | The products are less costly. | The products are usually expensive and are not so often purchased. |
| Distribution | The convenient strategy of marketing convenience products is through extensive distribution. These products are highly standardized with low unit value. The products are available various conceivable outlets and easily accessible at these joints. The key issue is convincing retailers and wholesalers to carry the goods. | The products are often available on online platforms, and the retailer provides the best total value to the client. Consumers often check for these products in online retails. |
| Promotion | The products undergo brand recognition and awareness. This is achieved by creating extensive sales promotion, mass advertising, point of purchase display, and Successful packaging. | The brand company should provide an effective and knowledgeable salesperson and offer quality discounts on prices to offer a competitive deal. |
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