Published on April 21st, 2016 | by Editor0
It is imperative for every brand to have a market strategy to make its product visible and famous in a competitive market place. It must have an excellent strategy in which the brand will expand, flourish and thrive. A company will have to bear with the consequences of a market strategy they approach for quite some time. Here are few strategies to approach a competitive market:
Many strong and sponsored brands names are used to introduce many new products in the market.
The company must market each product they create exclusively. It does not confuse the customer’s perception of what the company actually sells. Moreover, costumers are provided with a wide range of products they can buy of different quality. (For example, Kraft food sells Kool-Aid and Tang).
Attitude and iconic branding
Companies such as Apple, Inc. Nike, Starbucks and the body shop use attitude branding i.e. their brand defines something that isn’t about the product or the experience you get after utilizing that product instead it forwards a message to people of what kind of personality you have. It becomes all about your personal statement, a particular feeling or lifestyle. Whereas iconic branding signifies more of the product rather than the person using it. Some brands have a great significant brand identity that it become an iconic brand. Such as logos of Apple, Nike and Harley Davidson can be recognised instantly because it embodies all the principals of the company.
Recently few companies have adopted ‘no-brand’ naming strategy. Which implies that companies do not spend money on advertisements and creating a brand image. Rather depend on person to person and brand experience. Initially, In Venezuela in the 1980’s ‘’Tapa Amarilla’’ and ‘’yellow cap’’ successfully used this technique. They were only recognised by the yellow colour cap of the cleaning company.
Some brand directly target the item they sell, marking their exclusive right. Promoting their product further. Intel, as an example, places itself in the PC business using mottos and labels such as ‘’Intel inside’’.
Brands who have established new products on the basis of pre-existing items. Such as fragrances, perfume, clothing line, Furniture and shoes. Many a times the product is not very different from the pre-existing ones. The only advantage it has is the strong brand name. Companies should keep in mind the risk factor which is brand attenuation. The brand loses its association with the market sector, quality, cost or prestige.
Diverse product strategy
Market competition increases when similar products are introduced in the market. One of reasons companies introduce new products or brands is to have a greater share in the rationale. It is better to have 3 products out of 10 rather than 1. Many such examples of such monopoly is the hotel, Marriott who uses Fairfield inn for its economical chains.
Many companies when they introduce a new brand, they snatch business from well established brands. This behaviour is conventional if there is total net gain.
Companies who get their products made from other manufacturers and label it under their own brand name. With the help of this strategy they are able to beat even the strongest brand out shining them.
Separate and associational brands
Many companies brand individual and organizations as a product. Personal branding uses persons and their careers as products to be branded. Similarly faith branding tends to religious figures and establishments as brands.
Typically, it is seen that businesses create brands but here brands are created for those people who are already in the business. This kind of strategy reduces the chances of failure since the people who will disapprove the idea are the ones who are taking part in the making of the product.
This kind of branding idea aims to quantify, construct and accomplish the reputation of a country.