Product and Brand Management for Kooler Refresh - Essay Example

? Developing a Kooler Refresh is critical to this firm as it requires extensive research to ensure that this service is successful in the market. As evident, new products face different challenges ranging from consumer perceptions to market competition thus a firm has to be better equipped to tackle such issues. The appropriate market research carried out for Kooler refresh will allow it to enter the market in a seamless way as the company understands the expectations on consumers aimed at to serve. Introduction New companies face numerous challenges when venturing into a new market, and for the launch into this market to be successful, it is vital that the company creates a brand for itself an in this case, Kooler Refresh. This will make it possible for the company to compete effectively with established competitors in the market. Branding is a vital marketing tool to this effect. Branding will ensure that the company will have a competitive edge for this product and will also be a visible name in the market. Product and Brand Management Part1: Competitive Analysis (Positioning map) Competitive positioning is all about describing Kooler Refresh will be differentiated as well as the creation of value for the product in the market. This will be done after developing the business’s analysis of competitiveness. The company carves a spot for itself in the competitive landscape centering on delivering strategies (Daft, 2010). Kooler Refresher’s delivery strategy encompasses: Market profile-competitors, size, growth stages Customer segments-collection off potentials with same wants and requirements Competitive analysis-opportunities, dangers in the landscape, strong points, weaknesses Value positioning- the kind of value the business will deliver to the market Positioning strategy-how the provisions will be positioned to triumph mindshare It becomes easier generating this fresh prospect and steering it to purchasing, when the market visualizes how the business provisions are distinct from those of the competitors. Without distinction, it takes more resources and time to prove to prospects on the reasons why they ought to pick on this business, therefore ending up competing on price, a move meant to sustain the business over the long term (Gorchels, 2012). Value proposition stands out as a key factor in the strategy of positioning. It is a key to setting up a well recognized company and this product offering. It is therefore imperative that when developing and determining the company’s positioning of the Kooler Refresh product, the following questions are necessary in the offering of a guideline in accomplishing this task. Does the product address the expectations of the market according to the two prime attributes? Does the product offered address the entire market? Does it represent only a sub-section of the market? The objective here is to arrange the company and Kooler Refresh product donation relative to the competitors. A take-away from a competitive analysis function is on the product positioning against the competitors. Especially prior to a product’s lifespan, this is vital.  It is important and very necessary to avoid blurting out about the competitors ventures. Being well prepared for any situation is very essential and can be done by typically carrying out a quick reference sheet, listing the competitors being researched upon. Kooler Refresh Company is concerned with how it will deliver its value propositions. The words of activities are also followed by actions in the quest to win over customers. Rather than letting the positioning and value proposition go to chance, establishing of a strategy is very significant. It calls for thinking impartially about the needs and craves of the Kooler Refresh customers as well as what the competitors make available on offer. In the course of these deliberations, it is possible an unmet requirement amongst the market needs could be come by or rather it could be realized that the business requires an alternative dissimilar technique of undertaking its operations, different from the competitors (Riezebos, 2002). At the end of the day, the effort injected in all these operations bears the ultimate strife of wanting to be known for something, in the spirit of owning a mindshare of the market. It is not an easy task accomplishing but becomes possible when the Kooler Refresh positions itself and constructs a brand around the business position. As an outcome, the business will choose on promoting a diverse attribute of this product, or may realize an entirely fresh opportunity to enter indulge in the creation of new products and services. Either method, the business is looking to get strengthened in both the short term and long term timelines. It is imperative that the business acknowledges whatever the competitors do have without going overboard and creating a feeling that composes it to sound akin to the best deal. Acknowledge whatever the competitors do and thereby shifting immediately back to how the business operates and its Kooler Refresh product as well as services, does open the fluff gates. It is significant keeping track what everyone can be able to comprehend whatever it is and the reasons for its greatness (Mathur, 2007). Coming up with techniques of positioning the business around the competitors, is another helpful resource that might be in a sales group, as they very well could be able to shine some light on whatever the competitors are portraying. The following steps will assist in the realization of competitive analysis: Before commencing The business competitive positioning strategy will be the basis of the entire business as it is the first thing that should be pinned down when launching Kooler Refresh product. It is also essential when expanding or when in the lookout for a new periphery. Profile business market Filing the size of market, and recognizing the key competitors as well as their positioning. Segment the market Comprehend the problems that the market faces, and engage with prospects and customers in uncovering their factual wants and requirements. Evaluate competition Rate the company and the immediate competitors founded on operational efficiency, product leadership and customer intimacy. Stake a position Identifying areas where competition is susceptible. Determine whether focus on those susceptible areas is possible. Tender to rally Kooler Refresh to the true wants of the market in a fresh and better way. Define value proposition There are three center forms of value that the company can deliver: operational efficiency, product leadership, or customer intimacy. Determining one that the business is best equipped to deliver; the decision is the value proposition. Part2: Brand Strategic Plan Branding is crucial for any business. Effective branding of Kooler Refresh will enable the company to market itself more holistically and ensure that it makes an impression on the consumers more easily. A common mistake that marketers make is mistaking branding to be merely a name or a catchy slogan, but for this company’s marketing department to be successful, it must recognize the significance of a brand. Effective branding will make Kooler Refresh be unique and stand out hence, becoming more visible in the market. The idea of branding is to ensure that the product interacts with the customers in their daily lifestyles. The brand will communicate the images it portrays to the customers through advertisements and packaging (Mathur 2007). However, branding will not end with the product. The way the staffs will interact with the market is an effective tool in creating a strong brand. For a branding exercise to be successful, it is important for the business to come up with effective tools to aid with the strategies. Kooler Refresh Company’s mission and vision statement is crucial in the development of a brand. The vision is crucial in ensuring that the branding exercise is in line with the objectives of the company. This will make it possible for the company to realize its marketing goals. This is a crucial strategy for the marketing department of Kooler Refresh Company will have a threshold for its branding objectives. Having a vision will also make it possible for appraisals to be carried out to determine the success of the branding exercise. It is also crucial to have set objectives. Each company has unique marketing needs, and it is easy to lose sight of the company’s long term and also immediate marketing plans. Objectives make it possible for the marketing team to center the branding exercise to ensure it compliments its goals. The objectives will be guidelines of what the company intends to achieve from the process. Effective strategizing by the marketing department of Kooler Refresh will make it possible for the branding exercise to meet the set goals and objectives. A poor branding strategy will prove detrimental for the company in that no advantage will come out of the exercises hence, a liability. The most successful branding exercise will emerge as a result of a careful and insightful marketing strategy. The success of this process also ensures that the company enjoys brand equity in the market. This will make the company realize more sales and also increase significantly its value. This process if successful will bolster the relationship with the clientele, and make Kooler Refresh more visible in the market hence, making it preferable over the competing products. Several steps have to be followed by the marketing department to ensure that this process meets the set objectives. It is important that before the marketing department starts the branding process, it should first identify the competitive positioning strategy. This will make it possible for the team to bring to life Kooler Refresh brand (Draft 2010). The company will carry out a market research on the areas that needs improvement. This will ensure that the company centers its branding process on the consumer needs. Emotions are an asset for marketers if properly harnessed; though it may also prove to be detrimental for the product if not approached properly. In the branding process, the company will try to stir the emotions of the consumers in order for the market to relate in a positive manner with the Kooler Refresh. The branding exercise will be centered on the positive aspects of Kooler Refresh to the identified market segments. This will be a powerful strategy since human beings are driven by emotions and this is a crucial factor even in marketing (Riezbox 2002). In the branding strategy, Kooler Refresh needs to be defined in that the product will have a distinct presence in the market. Supporting statements and a story will be created to make Kooler Refresh more appealing to the consumers. This will make it easier to curve a niche for Kooler Refresh in the market. The product will also be attractive for the consumers. Visually attractive elements will be employed in order to make the product match the created personality. The colors and graphical elements like the font and pictures used will complement the personality of Kooler Refresh (Gorchels 2012). It is essential that the company employees be in line with the strategies employed and conveys the message the branding exercise is putting across. This will be achieved through positive interaction with the consumers. Target customer segmentation analysis In branding, it is imperative that the company will first identify the target market for Kooler Refresh. This is vital since, it will enable the company to maximize the effects that Kooler Refresh will have on the market. To identify the target market, the company will have to segment the market into categories that suit Kooler Refresh product being marketed (Mathur 2007). Different segments have different needs and preferences hence, it is imperative that the company identifies the target segment in order to fashion Kooler Refresh to match the needs and preferences of the product. For a branding exercise to be successful, it is vital for the company to clearly identify target segment in order to concentrate its efforts in the fulfilling of the needs of the segment. Customer insight All public organizations have a responsibility of understanding their customers and citizens at large. Customer understanding is integral for this business to flourish and customer insight is one of the chief tools that exist to allow companies to redesign products in ways that save money and also enhance customer gratification. Customer insight is quickly being considered as the main agenda of organizations in the public sector. A service becomes more gratifying if it is effective and efficient as well as meets the expectations of the customers. The company will have the challenge of ensuring that it undertakes this initiative while doing its research to ensure that everything is up to the customers’ expectations. Only through comprehending what matters most to the customers will the company be able to produce a sufficient and effective service (Daft 2010). Customer insight is focused on strategic decision makers who wish to enhance their firm’s understanding of their market existing customers and other potential customers in society. These decision makers include those in managerial positions of a firm such as CEOs and head of service. The firm will attain improvement and development through better application of customer data and information (Gorchels, 2012). For the company to meet the urgent revenue challenges, it requires deeper insight than what is offered in today’s market research. For it to manage to prioritize which market actions could be beneficial on the growth, the company will be capable of quantifying why consumers make the decisions they make while purchasing a Kooler Refresh. If the company gets the information as to why consumers choose certain products, competitors and channels instead of others, it will be able to focus on enhancing production with existing product and attracting superior revenue share than that of the competitors. The consumer decision process (CDP) aims to overcome the development challenge by providing deeper insights into customer buying decisions. This structure deconstructs the methods into several tactical elements affecting consumer decisions ranging from consumer attitudes advertising messages. It further involves elements such as emotions to product traits, competitive prices as well as sales methods (Gorchels 2012). The needed customer insight that business marketing requires from consumers is structured to include the following: WHO- this segments consumers through identifiable traits but does not elucidate or predict shifts in these characters. This does not have deeper understanding of customers. WHAT- this will involve identifying what customers purchase but rarely clarifies shifting patterns in purchasing. However, it does not explain why the consumers keep changing their purchasing preferences and use a constant purchasing trend. WHEN- this will involve identifying the period when customers buy products but it does not enlighten timing differ among customers. It only identifies how long and when the consumers make purchases but offer no reason for the different purchasing timing trends of the consumers (Marthur 2007). WHERE- this identifies the geographical, locations and channels that consumers purchase their products. It however does not enlighten the difference existing in such places. It is focused on determining places such as markets. WHY- this is concerned on explaining market shifts and variations in aggregate patterns of consumers’ response to products. It explains the consumers’’ behaviors, purchasing models and timing. Quality of Kooler Refresh product should be anything the customer perceives it to be. Service quality according to the customer is not always the quality of the service that is actually offered. Services are intuitively experienced procedures where fabrication and utilization activities take place concurrently. Interactions, including a succession of moments of precision between the purchaser and the service supplier occur. Such buyer-seller dealings or service encounters have a vital contact on the apparent service. This will lead to the development of strong bonds between the customers and the Kooler Refresh product thus building customer product trust and loyalty. This is vital as the company’s research is narrowed and it is able to understand the customers’ wishes and perception of quality and satisfaction of the services offered. Brand Essence/Equity Elements Branding is the endowing of products with the authority to brand. Conversely brand equity is the additional value endowed on products and services, which may be reflected in the way consumers’ think, feel and act according to a perceived brand. Brand elements involve brand names, slogans, symbols and logos among others. Brand will be a critical tool after well understanding it and appropriately using. It will offer the company longevity and the prospective for immortality. The concept of consumer focused brand equity will assist the company to organize a frame work that will suit its marketing strategy (Daft 2010). Brand essence is the commercial value of all anticipations and affiliations that can either be positive or negative, which people have of the company and its services through its experiences, communications with, and the perception of the Kooler Refresh brand over time. This value can be measured through economic value of the Kooler Refresh brand asset itself, the price premium and the long-term consumer loyalty. Comprehending the needs and expectations of customers and creating Kooler Refresh products that satisfy the expectations will be the core of successful marketing. This is essential as the company is able to enhance its market expansion and be more competitive more than its rivals. References Daft, R. L. (2010). Management. Mason, Ohio: South-Western Cengage Learning. Gorchels, L. (2012). The product manager's handbook. New York, NY: McGraw-Hill. Mathur, U. C. (2007). Product and brand management. New Delhi: Excel Books. Riezebos, R. (2002). Brand management: A theoretical and practical approach. Harlow [u.a.: Financial Times Prentice Hall. Read More