Business Statistics

INTEGRATED MARKETING COMMUNICATION

Case Study for question 1 and 2:

1. Explain various elements of promotion mix that you will use for newly launched product “Lite Air Fryer”. The price of product is Rupees 8000/-. The USP of the product is that it consumes 80% less oil when compared with traditional method of frying. The company is offering 5 years warranty on the same. Some additional features are:

• Timer with ready signal and auto shutoff

• Cord storage keeps kitchen surface neat and tidy

• Dishwasher-safe parts for easy cleaning

• Adjustable temperature control for the perfect result

• Rapid air technology fries the tastiest food without the oil

• Recipe booklet full of inspiring recipes and tips and tricks (10 Marks)

Answer.

A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisation's promotional mix strategy can consist of many things.

2. Prepare Keller’s CBBE pyramid for the above given brand “Lite Air Fryer”. Explain all the elements of CBBE model with reference to the product in consideration. (10 Marks)

Answer.

Keller's Brand Equity model is also known as the Customer-Based Brand Equity (CBBE) Model. Within a pyramid, the model highlights four key levels that you can work through to create a successful brand. These four levels are:

1. Brand identity.

2. Brand meaning.

3. Brand responses.

4. Brand relationships.

The concept behind the Brand Equity Model is simple: in order to build a strong brand, we must shape how customers think and feel about our product. We have to build the right type of experiences around our brand, so that customers have specific, positive thoughts, feelings, beliefs, opinions, and perceptions about it.

When we have strong brand equity, our customers will buy more from us, they'll recommend us to other people, they're more loyal, and we're less likely to lose them to competitors.

The four steps contain six building blocks that must be in place for us to reach the top of the pyramid, and to develop a successful brand.

Step 1: Brand Identity – Who Are WE?

In this first step, our goal is to create "brand salience," or awareness – in other words, we need to make sure that our brand stands out, and that customers recognize it and are aware of it. We're not just creating brand identity and awareness here; you're also trying to ensure that brand perceptions are "correct" at key stages of the buying process.

Our new product LITE AIR FRYER who’s USP of the product is that it consumes 80% less oil when compared with traditional method of frying and along with that company is offering 5 years warranty on the same.

We are able to sell our product because it satisfies a particular set of our customers' needs; that is our unique selling proposition, or USP. We should already be familiar with these needs, and it's important to communicate to our customers how our brand fulfils these requirement.

Step 2: Brand Meaning – What Are WE?

Our goal in step two is to identify and communicate what our brand means, and what it stands for. The two building blocks in this step are: "performance" and "imagery."

"Performance" defines how well our product meets our customers' needs. According to the model, performance consists of five categories: primary characteristics and features; product reliability, durability, and serviceability; service effectiveness, efficiency, and empathy; style and design; and price. In terms of performance wise about our product, points are mentioned below;

• Consumes 80% less oil when compared with traditional method of frying

• Timer with ready signal and auto shutoff

• Cord storage keeps kitchen surface neat and tidy

• Dishwasher-safe parts for easy cleaning

• Adjustable temperature control for the perfect result

• Rapid air technology fries the tastiest food without the oil

• Offering 5 years warranty

• The price of product is Rupees 8000/-

"Imagery" refers to how well our brand meets our customers' needs on a social and psychological level. Our brand can meet these needs directly, from a customer's own experiences with a product; or indirectly, with targeted marketing, or with word of mouth.

Our brand LITE AIR FRYER brand performance demonstrates its reliability and durability; people know that our products are well designed and stylish, and that they won't let them down. Our brand imagery is enhanced by its commitment to several environmental programs and health causes; and its strong health values make customers feel good about purchasing products.

Step 3: Brand Response – What Do I Think, or Feel, About You?

Our customers' responses to our brand fall into two categories: "judgments" and "feelings." These are the two building blocks in this step.

Our customers constantly make judgments about our brand and these fall into four key categories:

• Quality: Customers judge a product or brand based on its actual and perceived quality.

• Credibility: Customers judge credibility using three dimensions – expertise (which includes innovation), trustworthiness, and likability.

• Consideration: