BUAD 307 Final Study Guide- Wasiak

BUAD 307 Final Study Guide- Wasiak *Positioning: Format/templates, what questions must the positioning statement answer for the consumer, evaluation criteria - answerIt is the platform upon which all brand activity is built Must be the driving force within the company and the platform upon which all customer communications, interactions and experiences are based. Think about who the product is for (personas) and what it does for them that the competitors can't do *Positioning map - answerIt shows where existing products and services are positioned in the market so that the firm can decide where they would like to place (position) their product. -Considers current positioning but with a focus on future positioning goals -Need to be used in conjunction with perceptual maps *Positioning statement - answera concise statement that defines a brand's reason for being in the mine, heart and soul of its consumers Needs to be believable and specific yet broad to encompass key marketing elements. Strong enough to support emotional connections *Brand Equity - answerThe value a company gains from its name recognition and associations when compared to other brands or a generic equivalent Importance: Single most valued asset, built over time, digital condensed timeframes, requires constant "appreciation", separates brands from products, and demands vigilant protection How to build brand equity: Consistent experience, loyalty rewards, data security, personalization, relationship building, and unexpected rewards How to ruin brand equity: lying, mistreatment of employees, product failures, excessive profits, etc *Rebranding - answeroutside -rebranding is an identity change involving looks and aesthetics *Repositioning - answerinside- repositioning is a change in the brand's promise and overly personality BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM -More than changing a logo, create major change in the target markets perceptions of the company's product offerings -Only done when circumstances require it. -Driving factors: downward trends in sales, shrinking core audiences, industry-shaking, disconnect between marketing messaging and desires expressed by customers, product line updates, outdated value propositions, lack of brand appeal, and need to pivot Culture and its implications - answer-Culture is Shared beliefs, values, customs, behaviors, and artifacts that the members of society use to engage with their world and with one another. A. collective programming that shapes the way people think, feel, and act in a specific community or country. -The secret to success is cultural understanding In global marketing, culture plays a massive role in shaping consumer behavior, communication styles, and preferences. -When marketing to a new place you must understand their local culture in order to avoid faux pas "Iceberg" metaphor of culture - answerAbove the iceberg is observable and visible but below the surface is not observable Observable- behaviors and practices Not observable- perceptions, attitudes, beliefs, and values Hofstede's Cultural Dimensions - answerPower distance, uncertainty avoidance, individualism, masculinity, time orientation, and indulgence all go into culture Power distance- extent to which the less powerful members of orgs expect and accept that power is distributed unequally uncertainty avoidance- future cannot be known Individualism- degree of interdependence society maintains Masculinity- be best (m) liking what you do (f) time orientation- links past with present and future Indulgence- extent to which people control desires standardization vs customization - answerThere is a scale between customization and standardization as it is rare to have a complete change on one side meaning modest adjustments are usually made Product customization - answerCompletely new product made for each country BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM Product Standardization - answerno change. Reasons- avoiding high costs of full changes, reduced confusion, international compatibility. Benefits- economies of scale, more resources, rapid product life cycles make adaptation infeasible. Drawbacks- unnecessary features, trade barrier vulnerability, local competitor adaptations Country adaptation requires a strong essential/consistent foundation - answerAdaptation- small changes to accommodate differences but maintain the same foundation Mandatory- required by laws of nature or gov Discretionary- often not really optional as it is needed to compete with brands that have adaptations Importance of getting the culture right - answerMust consider the perception of product based on associations with the country, posi