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Understanding the ‘Brand’
Purdue University OLS 386; Rethinking the Future Luke Clark
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The Importance of Brands
Importance somewhat fading Rank order matters less Comparison of pricing; sale & non-sale Promotion of sales Less advertising cost, more sale promotion Customers seek sale items
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Development of Private Brands
Wal-Mart: Great Value Payless: Kroger Target: Archer Farms/Target Brand
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Quality Pricing & Services
“To win, companies will need to offer high quality for a lower price than their competitors.” High product quality “Ticket of entry” to marketplace Need more than just quality
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Domino’s Example 2 medium 2-topping pizzas = $5.99 each Papa John’s is “Puffery” Definition: Exaggerated statement based on opinion. Not fact.
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Keys to Good Pricing Price-driven cost Figure out… Customer driven
Who you want to sell to What they think of the product What they think it is worth Customer driven Justification needed Explanation why product is the best Don’t simply rely on image
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Cause Related Marketing
Relate to community and the customers Stands out from other companies Builds interest, respect, loyalty for company Example Nike: used shoes Distributed to the needy Recycle products into gym pads or other products
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Turbo Markets Impatient customers = Increased pace
Companies must be faster Product development, manufacturing, distribution, service Advancement of technology Easier way to find products at a price we want Online shopping Example Textbooks
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Traditional Salesforce
Expensive marketing tool Being replaced by telephone/online sales Make the brand noticeable!
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