Creating competitve advantage
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- Octavia Williams
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1 Creating competitve advantage
2 Importance of competitive advantage Competitive advantage is sustainable Competitive advantage is unique Competitive advantage is relevant
3 Competitive strategies Cost leadership strategy Differentiation strategy Innovation strategy Operational effectiveness strategy
4 The Brand A Brand is a distinguishing identity and fulfilled promise which benefits the customer.
5 Role of the brand Brand Awareness - Helps customer in simplifying decision making Legal protection restricted trademarks, packaging, manufacturing process Brand Loyalty commands higher price in the market Brand Recognition Consumers recognize the brand and know what it offers versus competitors. Positive customer-based brand equity Consumer accepts new brand extension Less sensitive to price increases Withdrawal of advertisement support
6 The Brand Benefit: Up the Ladder The essence of the brand is a single, simple value It s often your positioning point-of-difference Brand essence creates a relationship with the consumer, making an emotional connection Brand Laddering A simple technique that ladders brand features up, into meaningful benefits What does your brand do best? Why is that important? and why is that important?
7 Different types of brands Product Brands Service Brands E-brands Media Brands Not-for-profit Brands Nation Brands Government Brands Global Brands Organization Brands
8 Alternative Branding Models Company dominates Brands American Express BMW Colgate Disney General Electric IBM L Oreal Sony Holiday Inn Company is equal to Brands Chrsyler = Jeep Estee Lauder = Clinique Kraft = Maxwell House PepsiCo = Mountain Dew Time Warner = Warner Bros 3M = Scotch Tape Marriott = Courtyard Brands dominate the Company Crest (P&G) Kleenex (Kimberly-Clark) Marlboro (Philip Morris) Wranlger (VF Jeans)
9 BRANDING DECISION MAKING PROCESS BRANDING DECISIONS BRAND NO BRAND BRAND SPONSOR DECISION MANUFACTURER BRAND DISTRIBUTOR BRAND LICENSED BRAND BRAND STRATEGY DECISION LINE EXTENSIONS BRAND EXTENSIONS MULTI BRANDS NEW BRANDS CO BRANDS BRAND NAME DECISION INDIVIDUAL NAMES BLANKET FAMILY NAME SEPARATE FAMILY NAME COMPANY INDIVIDUAL NAMES BRAND REPOSITIONING DECISION REPOSITIONING NO REPOSITIONING
10 Brand Equity A set of stored values that consumers associated with a Product/Service. These associations add value beyond the basic product functions due to past investments in marketing the Brand.
11 Brand Equity Ingredients TOMA and Top of Name & heritage Packaging (structure & graphics) & signage Brand symbols, properties and logos Perceived quality, reliability & convenience Defined level of satisfaction Meaningful (premium) price/value relationship Purchase & usage experiences Consumer perceptions, attitude & behaviors Emotional associations with the product/services
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13 COMPETETIVE WARFARE
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17 Entry Strategies FOREIGN MARKET ENTRY MANUFACTURING AT HOME MANUFACTURING ABROAD INVESTMENT ENTRY EXPORTING CONTRACTUAL OVERSEAS ASSEMBLY/ MIXING DIRECT INDIRECT LICENSING/ FRANCHISING CONTRACT MANUF. ACQUISITION/ SELF-BUILT OTHER DIRECT ENTRY PIGGY- BACKING TURNKEY PROJECTS MGT CONTRACTS JOINT VENTURES
18 Approaches to Pricing
19 Approaches to Pricing 19
20 Product Mix Pricing Product Line Pricing Band/Fixed Setting Price Steps Between Product Line Items i.e. Rs 299, Rs 399 / Rs 99 Product Mix Pricing Strategies Optional-Product Pricing Pricing Optional or Accessory Products Sold With The Main Product Captive-Product Pricing Pricing Products That Must Be Used With The Main Product By-Product Pricing Pricing Low-Value By-Products To Get Rid of Them Product-Bundle Pricing Pricing Bundles Of Products Sold Together 20
21 Product-Mix Pricing Strategies Product line pricing (Price lining) takes into account the cost difference between products in the line, customer evaluation of their features, and competitors prices. the price differences represent the perceived quality differences
22 Setting Pricing Policy 1. Selecting the pricing objective 2. Determining demand 3. Estimating costs 4. Analyzing competitors costs, prices, and offers 5. Selecting a pricing method 6. Selecting final price
23 Pricing Objectives Meet Business Objectives Other Pricing Objectives Status Quo Image Social & Ethical Considerations
24 The Three C s Model for Price Setting Low Price No possible profit at this price Costs Competitors prices and prices of substitutes Customers assessment of unique product features High Price No possible demand at this price 24
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27 SOCIAL MEDIA STRATEGY THE PROCESS
28 The Eight C s Of Strategy Development 1. Categorize social media platforms by target market relevancy 2. Comprehend the rules of the road on the platform by listening and learning how to behave, successfully spark conversation, and engage and energize the participants 3. Converse by acknowledging and responding to other users of the platform, always remembering to be a contributor, not a promoter
29 The Eight C s Of Strategy Development 4. Collaborate with platform members as a means of establishing a mutually beneficial relationship with the platform participants 5. Contribute content to build reputation and become a valued member, helping to improve the community 6. Connect with the influencers so that you can enlist them to help shape opinions about your product or service
30 The Eight C s Of Strategy Development 7. Community participation (and creation) can elicit valuable consumer suggestions for improving products and innovative suggestions for new products or service 8. Convert strategy execution into desired outcomes such as brand building, increasing customer satisfaction, driving word-of-mouth recommendations, producing new product ideas, generating leads, handling crisis reputation management, integrating social media marketing with PR and advertising, and increasing search engine ranking and site traffic
31 Implementing the CRM Strategy
32 Elements of a CRM System Customer Interface/ Sales Person Contacts Web based Contacts Direct mail Coupons Telesales Kiosks Touch points Websites Marketing Functions Customer Service CRM Applications Sales Management Functions Campaign Management Segmentation Personalization and Functions Helpdesk Customer Care Customization
33 Components of CRM Infrastructure Component Description 1. Information Delivery/Online Catalogs Capability to display and list company's products and services online 2. Customer Database Capture, organize, present, and analyze customer-specific data 3. Personalization and Content Management Utilizing results of data analysis to create an individualized experience for customers Enhance/modify service delivery vehicles to match specific needs of customers
34 Components of CRM Infrastructure (contd.) 4. Sales force Automation Deployment and use of tools and services designed to automate sales and marketing lifecycle 5. Partner Channel Automation For integration of a company's service vehicles with those of its provider and third-party partners 6. Customer Services Use of technology and business processes to successfully support a company's products and services
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