Answer to Question #160362 in Management for Prince

Question #160362

1.Explain in detail the concept of Multi-tier Branding? (please answer in 200 to 250 words)

2.Discuss the process of developing Integrated marketing communication message strategy?(please elaborate in detail different steps involved in it)


1
Expert's answer
2021-02-04T13:55:29-0500

1.

 Multi-tier branding strategy  is defined as the approach of the company to market several similar and competitive brands of the same company under the guise of different brand names. It is one of the current competitive strategies of top retailers, centered more on a differentiation than on a low cost/price policy. Such a differentiation policy may have various effects in terms of channel structure and social welfare depending on the underlying corporate and consumer goals and beliefs and on the existing institutional framework.

Tiering the product should be done when the decision has been taken before achieving product-market fit. By offering a varied feature set at multiple pricing points helps you cater to a more diverse customer base hence contributing to a better topline.

Some of the benefits of tiered products includes: Firstly, It assist in maximizing revenues by widening your customer base. One reason to have tiers is to capture more of the market while optimizing pricing. Also it helps to creates a sense of maximized value.

By allowing your customers to pick a product for themselves – one that includes what they want at a price they prefer – you create a sense of maximized value. So in one simple chart you show them what they can get for different prices. They also feel like they have a choice, not like they’re getting strong-armed into some scam. On the other hand, it act as a minimizing competition. Instead of giving a choice to your customer between you and your competitor, you are allowing them to choose between you and you.

2.

Integrated Marketing Communications (IMC) is a strategic, collaborative, and promotional marketing function where a targeted audience receives consistent and persuasive brand messaging through various marketing channels in an integrated way to move buyer's through the decision making process.

1. Identify Different Marketing Communication Methods

As part of your integrated marketing strategy, it's imperative to determine the various marketing communication methods you want to leverage as part of your plan. Consider your target audience and how they like to receive information, gather facts, and perform research on the problem they are trying to solve. From there, determine what channels are most relevant for your specific campaign.

2. Develop a Marketing Communication Plan

Once you have determined the marketing channels that are going to resonate with your audience, it's time to develop a comprehensive plan to execute on your marketing initiatives. To do this, you need to focus on three primary items; audience, content and cadence.

3. Understand the Customer Decision-Making Process

Understand what makes customers decide to buy a product or service, and then discover why they would decide to buy from you. The important thing here is understanding the problem you are solving for them, and how to help them in that decision journey.

4. Implement Your Marketing Communication Plan

Now it's time to implement your plan and see the results. Here are some steps to help you do just that. Analyze it to make your marketing communication strategy comprehensive and results-driven, continue to monitor the needs of your prospects, focusing on the capabilities of your product or service that solve their problem, and generating audience excitement


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