Marketing Branding Strategy Research Paper

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Marketing

Branding Strategy

A brand is a the name, logo and slogan by which customers identify your product offering. Brands come with them a set of values and attributes, the latter being features of the product itself. But brands also carry with them a certain amount of intangibles, like the brand essence which is how people identify the what the brand stands for and why the brand appeals to them (Van Auken, 2009).

So we have the MegaWidget, which will have an amorphous blob for a logo. This is because the MegaWidget, much like the amorphous blob, can be anything you want it to be. The slogan is "MegaWidget -- anything you want it to be." Basically the MegaWidget is the most useful thing you can have in your garage or tool shed, because it does so many things. The brand attributes are convenience, usefulness and kind of a miracle worker in the shop. The brand extension is MegaWidget Lite, which is a smaller version of the MegaWidget. It is important to keep the MegaWidget name, instead of calling it the MicroWidget, because even though it is a "micro' version of the MegaWidget, we are taking the time, money and effort to create brand attributes for the MegaWidget brand and if we changed the name, we would lose some of those brand associations that we have created with the consumer.

Marketing Strategy

There are a few different elements to the Marketing Strategy. First, we have to consider the Four Ps of marketing, which are price, product, positioning and place (MindTools, 2014). We know what the product is. The place is going to be through mail order, and via major hardware stores like Loew's and Home Depot, because that is where a lot of people buy their tools and other shop-related products. The price is already established at $10, which is a fair price for delivering a profit as already mentioned. The MegaWidget is actually pretty simple to produce, which means that there can be competition so price has to be low enough that it will always be cost-competitive.

This leaves the promotion aspect. The Phase I will be a rollout online and with smaller stores, before Phase II which is after three months, and a chance to build up the inventories, that we can get into the two major home improvement stores. Promotions will begin with a pre-promotion phase where the MegaWidget appears at some trade shows prior to launch in order to seek out distributors. It is worth noting that trade shows are also a good place to get some pre-launch feedback on the product, prior to scaling up production (Miller, 2010).

Phase I launch will require some rather splashy promotions, though our budget allows for something a bit more modest. But we can reach a lot of people with online promotions in particular. For example, we want to target a certain male demographic, but we cannot afford football games -- do Internet searches of lesser websites for information about football. Now that's getting your demographic without paying top dollar.

Phase II will require a little bit more of our promotion budget. At this stage, three months after launch, we will need to support getting MegaWidget into Home Depot and Loew's. By drawing people's attention to the fact that these stores are getting MegaWidget, the idea is that sales will spike. If the online promotional plan from Phase I worked, we will go back to that, but we also need to have a backup plan in place just in case Phase I marketing was less successful than anticipated.

Positioning Statement

A positioning statement can illustrate how you expect to compete on the market. How to present the product is encapsulated in the positioning statement (Dickinson & Wilby, 1997). The MegaWidget is the ultra-versatile all-purpose tool that no shop, garage or tool shed should be without. There is no more valuable tool in the… [END OF PREVIEW]

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Marketing Branding Strategy.  (2014, November 14).  Retrieved January 20, 2020, from https://www.essaytown.com/subjects/paper/marketing-branding-strategy-brand/5450483

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"Marketing Branding Strategy."  Essaytown.com.  November 14, 2014.  Accessed January 20, 2020.
https://www.essaytown.com/subjects/paper/marketing-branding-strategy-brand/5450483.