Assignment: Brand Building
Marketers are innovative when it comes to product positioning. Part of product positioning is differentiation, a way of showing how a product is unique from its competitors. Analyzing and selecting a positioning strategy can mean the difference between success and failure for a new or existing product or service. Brand ambassadors, such as celebrities or other well-known icons, sports figures, or mascots, have become product endorsers to capture the customers' attention in advertising and social media campaigns. Two examples include the following:
o A popular insurance company has used its mascot, a gecko, to deliver its multi-channel messages through traditional and social media to differentiate itself among other insurers.
o A popular recording artist delivers his message for a nutrition snack via commercials and social media to launch a new global brand.
For this discussion, select your favorite fast-food restaurant, and discuss the following:
I. Define your target market. What is the age group? What are the customers' occupations and other defining factors?
II. Does the restaurant use a brand ambassador such as a celebrity, athlete, singer, or so forth? Is this effective for brand awareness? Why?
a. If your restaurant does not have an endorser, who would you select, and why? Explain the rationale behind your choices.
III. Name 1 competitor and how your brand is unique.
The following information is provided to help with your assignment:
Marketing strategies use the formula of STP/D or segmentation, targeting, positioning, and differentiation. A good way to remember the objective of each part of this formula is to think about what type of customer is interested in your product or service and to put him or her in a group-known as segmentation. For example, suppose you are in a reading club; you most likely have similar characteristics as others interested in the group. A marketer can segment you and place you in the same groups as others based on your similarities and preferences. Or, you might be part of a social media group or community with several similarities or things in common with others. This is segmentation.
The next important part of the STP/D formula is to think about how to talk to or communicate with these customer groups. Specific appeals are shown in advertising messages to encourage the segmented groups to buy. This is customer targeting or target marketing.
Finally, positioning and differentiation consider how the product is positioned in the marketplace, or where it sits in the market. For example, the product might be positioned as a value or luxury brand. Positioning includes differentiation, which is the unique way the marketer makes the product different from its competitors.
Format your assignment according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.