Question

Identify the branded product and discuss the brands value proposition. Describe the brand’s current marketing mix (product, place, price and promotion) How well does the marketing mix reflect, deliver and communicate the brand’s value proposition? Would you recommend some changes in the marketing mix and why?

Answer 1

What brand?

Branding is a promise to customers that they will receive value in every contact of our organisation

Branding can help you:

• Market to the right people — the ones who value your "brand promise" (what your company stands for).
• Attract the right employees who fit in with your corporate culture.
• Make the right products or offer the right services.
• Plan your strategic direction.

What is Value Proposition?

So, when we said that Dollar Shave Club has a great value proposition, what did we mean? Value proposition is a statement used by a brand to tell consumers why they should buy from them and not from their competitors. For Dollar Shave Club, it doesn't get much more clear than telling people they'll get a great shave for a few dollars, right? Buying razors in your local store, while you may get a great shave, is also becoming more and more expensive. Dollar Shave Club is telling you they can give you the same great shave for a fraction of the price. Pretty great, right?

Think of value propositions as being short summaries that entice consumers to buy. They should illustrate why buying from you is the best choice in a concise, easy-to-follow format. Typically, a value proposition statement will include one or all of the following components:

• How your product fills a need.
• Benefits that are better than those found with your competitors.
• Why your brand is the best choice.

Pretty simple and straightforward, right? All you're trying to do as a marketer is to entice buyers based on a need they have with benefits that make you better than the next guy. Value proposition statements should be written in regular, everyday language, as if you were sending it in a text to your best friend. Don't make it complicated or lengthy; just short, readable, and memorable.

Don't confuse a value proposition with a brand's tagline, or slogan. A tagline is a short phrase that consumers associate with your brand, like McDonald's ''I'm lovin' it!'' or Nike's ''Just do it.'' For example, one of Nike's competitors, Under Amour, used the tagline, ''I Will,'' but that tells us nothing about why we should buy their products or why they're better than Nike.

Here are a few examples of great value proposition statements from some brands you're likely to recognize

Definition of 'Marketing Mix'

Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

Description: What are the 4Ps of marketing?

Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.

Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.

Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes

Marketing mix may change based on the Company's produts and price ratio of the company.