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Marketing Strategy and Tactics
Chapter 1 Marketing Strategy and Tactics
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Figure 1. Identifying the Target Market: The 5-C Framework
Company Competitors Collaborators Customers Context © 2017 Alexander Chernev
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Figure 2. The 3-V Market Value Principle
Customer value Collaborator value Company value OVP The Optimal Value Proposition © 2017 Alexander Chernev
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Figure 3. The Seven Attributes Defining the Market Offering
Customer value Collaborator value Company value OVP Strategy Tactics Product Service Brand Communication Distribution Price Incentives Market Offering © 2017 Alexander Chernev
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Figure 4. Marketing Tactics as a Process of Designing, Communicating and Delivering Value
Communicating value Designing value Product Service Brand Communication Distribution Incentives Price Value © 2017 Alexander Chernev
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Figure 5. Marketing Tactics: Company Actions and Customer Impact
Communicating the offering Delivering Designing Awareness of the offering Availability of the offering Attractiveness of the offering Company actions Customer impact © 2017 Alexander Chernev
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Figure 6. The G-STIC Framework for Marketing Management
The ultimate criterion for success Goal Focus Benchmarks The value created in the target market Strategy Target market Value proposition The specifics of the market offering Tactics Product Service Brand Price Incentives Communication Distribution The logistics of creating the offering Implementation Development Deployment The process of monitoring goal progress Control Performance Environment © 2017 Alexander Chernev
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Brands as a Means for Creating Market Value
Chapter 2 Brands as a Means for Creating Market Value
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Figure 1. The 3-V Principle of Brand Management
Product Service Brand Communication Distribution Price Incentives Market Offering Customer value Collaborator value Company value OVP © 2017 Alexander Chernev
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Figure 2. The Framework for Brand Management
Brand Strategy Target market Value proposition Brand value-creation model Brand Tactics Brand design Communication Customer Value Customer impact Functional Psychological Monetary Company & Collaborator Value Company & collaborator impact Strategic value Monetary value © 2017 Alexander Chernev
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Developing a Brand Strategy
Chapter 3 Developing a Brand Strategy
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Figure 1. The Market Value Principle of Brand Management
Customer value Collaborator value Company value OVP Brand © 2017 Alexander Chernev
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Figure 2. The Three Dimensions of Customer Value
Functional value Customer value Psychological value Monetary value © 2017 Alexander Chernev
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Figure 3. Brands as a Means of Creating Company Value
Monetary value Strategic value Company value © 2017 Alexander Chernev
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Figure 4. Brands as a Means of Creating Collaborator Value
Monetary value Strategic value Collaborator © 2017 Alexander Chernev
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Figure 5. Brand Association Maps of Nescafe and BMW
Energy Speed Power Easy Self-identity Coffee Connectivity Performance Sleek design My drink Fast Convenient Morning Technology Stylish Indulgence My ritual Germany My car Nestlé Precision Consistent experience Fun to drive Status George Clooney Great taste Great service Customized features Control Nescafe Fashionable Enjoyment Local dealer Nestea © 2017 Alexander Chernev
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Figure 6. The Three Dimensions of Self-Expression
Status Personality Expertise © 2017 Alexander Chernev
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Figure 7. Harley-Davidson Brand Legend
Fire Icon Bond Muscle Rebél © 2017 Alexander Chernev
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Designing Brand Tactics
Chapter 4 Designing Brand Tactics
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Figure 1. Key Brand Identifiers
Logo Motto Character Brand name Soundmark Packaging Product design © 2017 Alexander Chernev
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Figure 9. Concept Storyboard
Customer Problem What customer problem does the company aim to solve? Alternative Options What are the alternative means to solve this problem? Company Offering What are the key aspects of the company’s offering? Customer Value How does the offering solve customers’ problem better than the alternative options? 1 2 3 4 © 2017 Alexander Chernev
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Managing Brand Portfolios
Chapter 5 Managing Brand Portfolios
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Figure 1. Designing a Brand Portfolio Strategy
Product line Target Customers A Target Customers B Value Proposition A Value Proposition B Market Offering A Market Offering B Product Service Brand Communication Distribution Price Incentives Product Service Brand Price Incentives Communication Distribution © 2017 Alexander Chernev
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Figure 2. Designing a Brand Portfolio Strategy: Toyota
Toyota product line Target customers Segment A Segment B Segment C Segment D Segment E Value proposition Practical and inexpensive Everyday transportation Commercial transportation Utilitarian transportation Luxury experience Product Service Standard Standard Standard Standard Premium Brand portfolio Brand Scion Toyota Toyota Toyota Lexus Price $ $$ $$ $$ $$$ Toyota dealership Toyota dealership Toyota dealership Toyota dealership High-end dealership Distribution © 2017 Alexander Chernev
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Figure 3. Designing a Brand Portfolio Strategy: The Brand-Offering Matrix
Target Customers TA TB TC TD TE Marketing strategy Value Proposition VA VB VC VD VE Product Service Brand Price Incentives Communication Distribution P1 S1 B1 R1 I1 C1 D1 P1 S2 B1 R2 I2 C2 D2 P2 S2 B1 R2 I3 C2 D1 P2 S3 B2 R3 - C3 D3 P3 S3 B3 R4 - C4 D3 Brand portfolio Marketing tactics Market offering © 2017 Alexander Chernev
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Figure 4. Designing a Brand Portfolio Strategy: The Product–Brand Matrix
Brand A Brand B Brand C Brand D Product 1 – – Offering A1 Offering D1 – Product 2 – Offering B2 – – Product 3 – Offering B3 – – Product 4 – Offering B4 – – Product 5 – – Offering C5 – Product 6 – – Offering C6 – © 2017 Alexander Chernev
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Figure 5. Single-Brand Strategy
Brand A Offering 1 Offering 2 Offering 3 © 2017 Alexander Chernev
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Figure 7. Multi-Brand Strategy
Brand A Brand B Brand C Offering 1 Offering 2 Offering 3 © 2017 Alexander Chernev
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Figure 9. Internal Cobranding
Brand X Brand A Offering 1 Brand B Offering 2 Brand C Offering 3 © 2017 Alexander Chernev
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Single-brand strategy
Figure 12. Single-Brand, Cobranding, and Multi-Brand Portfolio Strategies Single parent brand New sub-brand Endorsed new brand Independent new brand Single-brand strategy Multi-brand strategy Cobranding © 2017 Alexander Chernev
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Managing Brand Dynamics
Chapter 6 Managing Brand Dynamics
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Figure 5. Vertical Brand Extensions
Price Benefits Core offering Price tier B Upscale extension Price tier A Downscale Price tier C © 2017 Alexander Chernev
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Figure 6. Horizontal Brand Extensions
Price Benefits Core offering Category B Extension A Category A Extension B Category C © 2017 Alexander Chernev
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Chapter 7 Protecting the Brand
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Figure 1. Types of Marks Based on Their Distinctiveness
Generic Descriptive Suggestive Arbitrary Fanciful Degree of protection Must acquire secondary meaning to be distinctive Can inherently identify the source of the goods © 2017 Alexander Chernev
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Brand Analysis and Planning
Chapter 8 Brand Analysis and Planning
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Figure 1. The G-STIC Framework for Brand Management
Specific goal(s) to be achieved by the brand Goal Focus Benchmarks Value created by the brand in the target market Strategy Target market Value proposition Actionable brand elements Tactics Brand design Communication The logistics of building the brand Implementation Development Deployment Evaluating the brand (brand audit) Control Performance Environment © 2017 Alexander Chernev
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Company Goal Benchmarks Target market Strategy Value proposition
What are the key aspects of the markets in which the brand competes and/or will compete? What are the history, culture, resources, offerings, and ongoing activities of the company and its brands? What is the key outcome the company aims to achieve with the brand? How will the company evaluate the progress toward its brand-management goal? How is the brand being developed? Who are the brand’s target customers, competitors, and collaborators? What are the company’s resources and context? Company Goal What are the temporal and quantitative criteria for reaching the goal? Benchmarks Target market Strategy What is the brand’s value proposition for target customers, collaborators and the company? Value proposition Development Implementation What is the process of bringing the brand to market? Deployment Performance Control How will the company monitor the environment to identify new opportunities and threats? Environment Executive Summary Exhibits Situation Overview Market Focus What are the key aspects of the company’s brand management plan? What are the details/evidence supporting the brand management plan? What are the key elements—identifiers and referents—that define the brand? Design Tactics What are the means— media and creative execution—used to relate the brand to its target customers? Communication
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Figure 3. Customer Brand Value Map
What are the key touch points (TV, radio, print, online, place, in-person, packaging) of the brand with its target customers? What customer need does the brand aim to fulfill? Who are the customers with this need? Brand Tactics Brand Strategy Brand Design Target Market What other brands aim to fulfill the same need of the same target customers? Competitors Customers Identifiers What company-owned elements (name, logo, motto, character, soundmark, product design, packaging) uniquely identify the brand? Referents What concepts (needs, benefits, experiences, occasions, activities, places, people, objects, products, services) define the meaning of the brand? Brand Communication Media Creative How are the brand design and brand positioning expressed in a company’s communication with its customers? What is the essence of the brand? What does the brand represent? What value does the brand create for target customers? Customer Value Brand Mantra Value Proposition © 2017 Alexander Chernev
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Figure 4. The Brand Audit Company value audit Brand Action Plan
Customer Actions Company value Brand Goal Customer Behavior Strategic Monetary Marketing Tactics Market Forces Purchase Usage Advocacy Product Service Customers Price Incentives Competitors Brand Strategy Customer Value Communication Collaborators Target market Value proposition Psychological Functional Monetary Distribution Context Brand Tactics Customer Experience Implementation Brand design Communication Brand image Brand implementation audit Brand action plan audit Customer value audit © 2017 Alexander Chernev
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Brand Equity and Brand Power
Chapter 9 Brand Equity and Brand Power
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Figure 1. The Impact of Brand Power on Customer Behavior
Company Branding Activities Brand Image Company Non-Brand Activities Direct impact Product Service Price Incentives Communication Distribution Brand power Indirect impact Customer Behavior Purchase Usage Advocacy Brand equity Company Value Monetary Strategic © 2017 Alexander Chernev
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Chapter 10 Brand Research
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Figure 1. The Framework for Measuring Brand Impact
Company value Company activities Brand image Customer value Customer behavior Brand image research Brand value research Brand power research Brand equity research © 2017 Alexander Chernev
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Figure 2. Brand-Positioning Map
Dimension 1 Brand A Brand B Dimension 2 Brand C Brand D © 2017 Alexander Chernev
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Figure 3. The Semantic Differential Method
Good Bad Happy Sad Strong Weak Brand A Decisive Indecisive Brand B Active Passive Fast Slow © 2017 Alexander Chernev
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Figure 4. The Brand Relevance Scale
1 2 3 4 5 © 2017 Alexander Chernev
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Neither agree nor disagree
Figure 5. Likert Scale Strongly disagree Disagree Neither agree nor disagree Agree Strongly agree © 2017 Alexander Chernev
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Brands as a Means of Creating Customer Value
Signaling benefit Performance benefit Identification benefit Functional value Hallmark = care Campbells = comfort home Societal benefit = moral satisfaction Self-expressive benefit Societal benefit Emotional benefit Customer value Psychological value Signaling benefit Financial benefit Monetary value © 2017 Alexander Chernev
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The Brand Value Map Target Market Brand Design Customers Identifiers
What customer need does the brand aim to fulfill? Who are the customers with this need? What company-owned elements (name, logo, motto, character, soundmark, product design, packaging) uniquely identify the brand? Collaborators What other entities will work with the company to fulfill the identified customer need? Company Referents What are the company’s resources that will enable it to fulfill the identified customer need? What concepts (needs, benefits, experiences, occasions, activities, places, people, objects, products, services) define the meaning of the brand? Competitors What other brands aim to fulfill the same need of the same target customers? Context What are the sociocultural, technological, regulatory, economic, and physical aspects of the environment? Brand Communication Media What are the key touch points (TV, radio, print, online, place, in-person, packaging) of the brand with its target customers? Value Proposition Customer Value What value does the brand create for target customers? Collaborator Value Creative What value does the brand create for the company’s collaborators? How are the brand design and brand positioning expressed in a company’s communication with its customers? Company Value What value does the brand create for the company? Brand Strategy Brand Tactics © 2017 Alexander Chernev
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