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Product Differentiation and Branding

Product Differentiation and Branding

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Product Differentiation and Branding

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  1. Product Differentiationand Branding Toby Boss ESU 6

  2. Essential Questions • Why do firms seek to differentiate their products? • How does advertising and branding apply to differentiation? • What are some examples of personal branding?

  3. Objectives • Discuss Differentiation • Discuss social media as a branding tool

  4. Products • Goods and Services • Some products are identical • Examples • Produce • Electricity • Propane • Air Travel?

  5. Prices • If goods are truly identical (electricity, propane) the only difference between goods would be the price. • The sellers are price takers – if they raise the price; they will sell 0 • If they lower the price they will not sell any more units. • Take the price set by the market

  6. Perfectly Competitive Markets • Many small firms • Identical products • Price takers • Easy entry and exit • Most firms break even

  7. Product Differentiation • Firms seek to set their products apart from the rest so as to charge a different price. • Typically they use the following: • Packaging • Quality or functions • Service • Advertising • Branding sends a consistent message that is identifiable.

  8. Advertising • Sunk fixed cost • Sunk: • Once you invest there is no asset to sell later • Compare to equipment – if a firm invests in a building; they could potentially sell it later • Fixed Cost: • Doesn’t change with the level of output. • A commercial doesn’t cost more or less depending on how many units a firm produces

  9. Advantages • Big firms had an advantage in advertising • They can spread the fixed costs over many units • There is always a risk – remember “New Coke”?

  10. Branding

  11. Logos • What comes to mind when you see each of these brands?

  12. Super Bowl • $4 million for 30 second spot • What do the stats say? • Source: Click Z Marketing News • http://goo.gl/Bx8RIU

  13. Super Bowl Stats • 82,586 football fans watched Super Bowl XLVIIIat MetLife Stadium in East Rutherford, New Jersey • 100 million football fans watched Super Bowl 2014 for almost 3.5 hours in four quarters plus a half time on the Fox broadcast television network.

  14. Super Bowl Stats • based on YouTube's data, football fans watched Super Bowl ads more than 265 million times for over 3.2 million hours – which is the equivalent of watching 914,285 Big Game broadcasts. • Based on YouTube's pre-game data for 2014, it looks like the online views of this year's Super Bowl commercials are running about 2.2 times above last year.

  15. Super Bowl Stats • And the top five in views are: • Budweiser Super Bowl XLVIII Commercial -- "Puppy Love" with 37 million views. • Duracell: Trust Your Power - NFL's Derrick Coleman, Seattle Seahawks with 16 million views. • Hyundai Elantra | Big Game Ad | "Nice" with 12 million views. • 2014 Volkswagen Game Day Commercial: Wings with 11 million views. • Sorry, Coke and Pepsi. (Uncensored) with 10 million views.

  16. Personal Branding • Some examples

  17. Wikipedia • Personal branding is, for some people, a description of the process whereby people and their careers are marked as brands. • the creation of an asset that pertains to a particular person or individual… leading to an indelible impression that is uniquely distinguishable.

  18. Example • Celebrity real-estate mogul Donald Trump uses his last name extensively on his buildings and on the products he endorses (e.g., Trump Steaks). • What are some other celebrity brands?

  19. Differentiation • So what sets you apart? • Skills • Education • Experience • Vision

  20. Social Media • What do you want your message to include? • Your digital tattoo – make sure your image is what you want to convey. • “Times Square” Analogy

  21. Social Media • How can you use these to convey your brand? • Twitter • Tweet retweeted 3 times will reach 100,000 people • Hashtags • Web 2.0 tools – blogs, Google • Everyone can publish • What will you say?

  22. Pinterest Board • Ideas on personal branding • http://pinterest.com/lynneherr1/personal-branding/

  23. Daily Infographic • How to Brand Yourself

  24. Reflection • What do you want your personal brand to say?