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Adapting to Consumer Preferences: Developing a Strong Brand Strategy

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Stay ahead by adapting to changing consumer preferences, technology, and competition. Explore strategies for your product mix, branding, and positioning to create brand awareness, loyalty, and equity.

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Adapting to Consumer Preferences: Developing a Strong Brand Strategy

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  1. M 3.03 & 3.04

  2. Changing Products • Keep up with changing consumer preferences • Keep up with changing technology • Keep up with competition

  3. Product Mix Broad • Encourages 1-stop shopping Narrow • Encourages specialty shopping

  4. Branded • Primarily used for products • Differentiate products Branded vs. Unbranded • Branded products are remembered • Branded products sold at higher prices • Branded products create loyalty

  5. Product Positioning • Price/Quality: lowest price or highest quality • Features & Benefits: description of product’s characteristics • Unique Characteristics: what is special about product • Competition: comparing to others’ products

  6. Terms Brand: name/words/symbol that identifies an organization and its products Brand recognition/awareness: making target market recognize and remember brand name Brand image: consumers’ set of beliefs about a brand, which shapes their attitudes Brand equity: value a brand has beyond its actual functional benefits Brand loyalty: a consistent preference of one brand over all others in a product category

  7. Branding Process Brand Awareness Brand Image Brand Loyalty Brand Equity

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