Market Research and Branding Strategy in China
The notion of what a brand is actually lit and a model of global brand that defines the dimensions interact with brands on various stakeholders was briefly presented.
The dimensions of the model global brand strategy are:
- Markets and consumers
- Products and services
- Communications and visual identity
- Culture and behavior
- After discussing what the brand does in the second article we have today indicate that some might argue is the most important dimension of global branding
- - markets and customers
- - and why solid market research is an essential element of any successful branding.
Market in China !The market China is a condition that every company must deal with. The market is constantly changing, the pace of change is not constant.
For example, a specific industry structure of the market can change dramatically in a very short period of time due to technological breakthroughs, while long-term trends such as education increases and an improved standard of living can influence consumption patterns consumers through a continuous evolution of needs, expectations and perceptions.
Understanding market conditionsUnderstanding market conditions, that these conditions are influenced and how these conditions are changing is an essential prerequisite for any type of brand development. It is to a large extent by the external market as consumers, who may have never even used your product or service, and are influenced by this influence, positive or negative, see and perceive your brand.
However, understanding and making the most of market opportunities is not as easy to undertake market research. Market research is often carried out with clearly defined narrow. Recommendations based on the results of research are made in relation to these narrow goals defined, which increasingly lose focus of the brand.
Under the holistic brand when conducting market research and analysis therefore results across the four dimensions mentioned above, the focus on the brand can be acquired new and large questions, but perhaps from outside the scope of the research can be identified and their impact minimized.
Market research can be divided into two broad categories that can be divided into two subcategories methodological
Qualitative or quantitative research in ChinaWhatever market your business is active in both types of research (qualitative or quantitative) may be relevant. However, a common misconception is that research is only reactive or proactive is needed, especially from the point of branding you.
Markets can be described in a reactive manner, ie by variables describing their general structure such as size, number of competitors, trends, saturation, alternative products, etc. This type of quantification can better evaluate the attractiveness of a market and calculate your company's market share or penetration enabling a company to compare company.
However, each market is composed of actors (businesses and consumers) who have needs, expectations and perceptions also influence market dynamics. Understanding how your competitors or their products are perceived by your customers is essential in defining the unique positioning of your company or your new product.
Watching the first case, an excellent example of low reactive research can be found in the market leaders in the market in a down market potentially important and profitable, but do not take into account the implications of such action may have on brand value. The product can be consistent, but how consumers view current society this stage? How does this affect the brand promise? This step is consistent with the values of the Marketing company?
Another example is that of the Chinese Market companies interested in expanding their brand presence in a new market. Their current consumers could be very tolerant of the horizontal extension of the brand, but what about the overall view of the market? Is it a growing market or will it become obsolete in a short time? A successful example of successful brand development horizontal may be found in localized KFC offers placed on the Chinese market. Adding new products specially developed for local needs, the brand has managed to improve its position in China and, without departing from its brand values.
The model of global brand gives a unique perspective on how research results both reactive and proactive can be combined and balanced. Branding can not be fully defined by the market data and boring brand may depend not only on the understanding of consumer needs, expectations and perceptions. Relying on a single source can lead to a huge potential the evaluation of specific brand strategies and lead to either missed opportunities or control damage.
The most important thing to remember is that even seemingly mundane decisions can affect your brand. It is only by understanding and measuring the different dimensions can interact opportunities (or problems) are recognized and put to use.