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This question has been answered, and points have been awarded.
Planning For A Brand In Trouble
Posted by Anonymous on
10/9/2005 at 3:33 PM ET
Hi im currently doing a marketing assigment and i was wondering if i could get some help as im pretty new to marketing. I have to take an audit and identify a brand in trouble at my place of work. I need to write a plan which identifies the changes needed to assist the brand and include budget and control mechanisms, marketing mix etc.
Im just curious how people would go about tackling such an assigment and what things i should be looking to do. As i say im pretty much a marketing n00b!
10/9/2005 at 4:28 PM
i would say a sure sign of a brand being in trouble would be declining sales...
...once you identify such a brand...figure out the forces impacting the decilne in sales...i.e. competitive forces, user experiences (negative word of mouth), lackluster image, etc...
...once you figure out what is causing the brand to be "in trouble" look at how to fix it by talking to customers, retailers, etc... and looking at how other similar situations have been delat with with other products/markets...or competing products...
...hope this helps.
10/10/2005 at 2:38 AM
First step is to identify why the brand is in trouble. To do that we must understand what made the brand successful in the market and what has changed to prevent the brand from continuing to grow.
Depending on your industry the brand could be failing for many reasons but I’ll shot from the hip and see if I can at least present some ideas that would get you thinking from the right frame of mind.
Declining sales is a result of dying brand but is not the cause.
The cause could be:
Something in the marketing channel is being lost
Maybe your company has not kept up with trends in the market to improve itself while the competition has exceed your offering with a more advanced product
It’s possible the companies marketing strategies do not clearly target or communicate the unique selling prospective of the brand.
Maybe the distribution channels are not being properly utilized
If it’s a B2B brand
Your sales team may not be closing or prospecting well
Surveying and talking with customers would help identify the problems as well as a SWOT analysis. Analyze the Strengths Weaknesses Opportunities and Threats that are occurring.
Hope this helps… Good luck!
10/10/2005 at 6:00 PM
As mentioned above, a SWOT is a pragmatic tool in your your audit.
Define the competitive set the brand is in. If you have market share and pricing research, look at trends in share and average selling price.
(If both are going down at the same time, you have a big problem.)
Another way to zero in on market dynamics is to have a nice confidential chat with your most experienced sales people. They will know where your greatest problems and opportunities are.)
As you identify problems, don't worry yourself sick. Get them down very clearly, so you can explain to people what the biggest problems are.
Next you are going to need a plan to do something about the problems. The most pragmatic way to do this is to take your list of clearly identified problems and get yourself a trusted cross-functional group -- sales, marketing, technical, management.
Your problem may be in marketing, but it is much more likely that there is something in the product that people no longer want to buy. If this is the case, solve the product problem first, or really narrow your marketing down to the market that you can still be competitive in.
These generalities may be helpful -- it's hard to know without knowing what product you are dealing with here.
Good marketing will kill a bad product faster than no marketing.
10/13/2005 at 2:53 PM
Read a book called 'building strong brands' by david aaker. in the book he also has an approach to analysing brands which i have used personally for analysing brands.
the approach gives you pointers on structuring diagnosis as well as solutions
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