Develop a brand strategy for the car
DeLancy A. McCrorey
Introduction to Marketing
Instructor: Jose Medina
South University Online
The strategy of branding is heart and soul of any new product launch. Today the market place is undergoing high level of change with brands jostling for space. Brand strategy focus to engage customer and obtain high brand recall. Companies are spending fortune in brand building exercises. Brand strategy covers activities at product design level to market launch stage to post-purchase period. At product design level the core values of the company are matched to product philosophy and aligned to the company’s mission. Target market is defined; their need and aspirations are identified. Target customer’s expectation from the products is analyzed. To match the target market expectation key character of the product is developed. At pre-launch stage best possible value-propositions are studied and best one is selected. Even after the product has been sold to customer, branding strategy assures to keep the interaction level effective. Thus best branding strategy not only tries to retain perception in the mind of customer about having bought best possible product, but it also aims to get repeat orders or keep customer in its fold by inducing loyalty.
The role of branding in hyper competitive car market is only going to increase in the future, as car buying decision is a high-involvement emotional decision for the most of the time.
The hybrid segment is seeing lot of activities since the launch of Toyota Prius. Today the market is dominated by Prius and Honda Civic. Every new player has to fight with these two players for capturing market share. They have got early mover advantage with them, as they were firsts to be produced at mass scale.
As in our case we have to make Brand strategy for car, positioning it against existing Hybrid cars we have to start by studying the norms...