Buying behaviors assignment help
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This document discusses brand management strategies for Butter Bud's, a company that produces dairy products, flavors, and ingredients. It summarizes Butter Bud's target customers as families and businesses with healthy living beliefs between the ages of 5-18 and 30-50. It also discusses using the Brand Asset Valuator (BAV) to measure a brand's value based on its differentiation, relevance, esteem, and knowledge. Specifically, it explains that focusing on relevance and esteem factors can help Butter Bud's profile its target customers and attributes to provide a basis for product selection. Developing differentiation and customer attraction can also improve the brand's reputation by producing healthy, natural flavors that align with customers' healthy living beliefs.
Buying behaviors assignment help
- 1. Running Head: BRAND MANAGEMENT Brand Management 1
- 2. Description of Brand • Butter Bud’s offerings: Dairy products, flavors and ingredients • Core values: Nature + food Science • Logo: Includes cow symbol • Tag line: “All Natural Dairy Concentrates and Functional Flavor Ingredients” • Priority: “To minimize fat and maximize flavor” Brand Management 2
- 3. Target Customer • Demographic: Age Group: • 5-18 • 30-50 Education: Well-educated or studying in school or in health institutions, military school Psychographic: Families with Healthy living beliefs and other small and medium size businesses Brand Management 3
- 4. Brand Asset Valuator (BAV) BAV = “Use to measure brand value” Brand Vitality: Differentiation + Relevance Brand Stature: Esteem + Knowledge • Differentiation: Unique in offering • Relevance: Marketing communication relevancy to the needs of target customers • Esteem: Customer respect and reputation globally • Knowledge: Brand familiarity and awareness Brand Management 4
- 5. Relevance & Esteem Factor Reasons and importance to use relevance and esteem factor: • Profile of target customer + Attributes of Butter Buds = Provide selection basis • Changes in people behavior to make selection of food + Attributes of Butter Buds = Provide selection basis Brand Management 5
- 6. Continued… • Produce best healthy and natural flavor + healthy living belief of the target customers = Improve brand reputation Importance Developed differentiation and customer attraction help to provide quality product at economic cost Brand Management 6
- 7. Continued… • Improve in customer relationship and sales accordingly • Effective to communicate core values of this company • To articulate “care” elements of its brand personality and to develop strong relationship with the costumers Brand Management 7
- 8. References • Brymer, C. (2004). 4 What makes brands great. Brands and Branding. • Butter Buds. (2013). Natural Food Ingredients & Flavors. Retrieved from: http://www.bbuds.com/about/ • Butter Buds. (2013). Retrieved from: http://www.bbuds.com/ • Costa, R. & Evangelista, S. (2008). An AHP approach to assess brand intangible assets. Measuring Business Excellence, 12(2), 68-78. • Miller, J. & Muir, D. (2005). The Business of Brands. USA: John Wiley & Sons. • Vijn, P. & Verbeeten, F. (2006). Do Strong Brands Pay Off? An Empirical Investigation of the Relation Between Brand Asset (TM) Valuator and Financial Performance. • Wiid, J. & Diggines, C. (2010). Marketing Research. South Africa: Juta and Company Ltd. Brand Management 8
Editor's Notes
- #3: Butter Buds brand is well known for its dairy products, flavors and ingredients. The inclusion of natural ingredients in manufacturing of its product line makes this product identity differ from other brands. The tag line of this brand is “All Natural Dairy Concentrates and Functional Flavor Ingredients” which articulates the combination of nature and food Science. This tag line of Butter Buds communicates an image of such brand, which offers healthy, naturally and delicious foods to its target customers in cost effective manner. In addition, the logo of Butter brand demonstrates a cow picture that also symbolizes inclusion of nature and quality both. The priority of Butter Buds is to use purely natural enzyme process in production plants for minimizing fat and maximizing flavor (Butter Bud, 2013). Company’s core value, logo, priority and product tag line reflect care and innovation both as the main characteristics of Butter Buds brand personality.
- #4: Butter Buds’ target customers can be defined through the demographics and psychographics characteristics of them (Wiid & Diggines, 2010). The people between ages of 5to 18 are the target market of this brand as they majorly focus over the quantity of fat and cholesterol in their meal with health aspects. At the same time, age group of 30-50 is the other target market of this brand as they use to find such alternative of butter that contains less calories and cholesterol for consuming delicious food without compromising their health concerns. In addition, the people, who are well-educated and studying in school or in health institutions, military school, are under the education profile of the target customers (Butter Bud, 2013). Families and other small and medium size businesses who want to provide healthy and quality foods to their members and customers respectively is the psychographic characteristic of its target customer.
- #5: BAV is a matrix that is applied by companies to determine the worth of their brand among target customers. Differentiation, relevance, esteem and knowledge are four measures that are used to determine brand vitality and stature (Costa & Evangelista, 2008). Butter Buds brand is unique in offering products and services to the end customers by communicating core values that articulates differentiation aspects. In addition, marketing communication content is quite relevant to the needs of its target customers of being fit by attaining quality and delicious food at lower cost. Combination of differentiation and relevance reflects its ability to attain high market share. Esteem aspect of this brand reflects from the quality and popularity that it attained through customer respect and reputation globally. The familiarity of this brand among existing and potential target customers reflects an inclusion of knowledge aspects (Vijn & Verbeeten, 2006). Combination of esteem and knowledge measures of this brand reflects effectiveness of Butter Buds.
- #6: Relevance factor will be used to connect Butter Buds with the customers in more effective manner. Profile of target customer is defined that they are quite concern about their health related issues. In addition, healthy and natural food is the major attribute of Butter Buds (Butter Bud, 2013). By articulating a connection between the customer need and product attributes will provide a purpose to the target customers for selecting this brand in compare to other. Food products generally differentiated on the basis of their quality that would be also possible with the inclusion of relevance factor (Miller & Muir, 2005). In addition, changes in people behavior to make selection of food due to increase in disease related to heart, obesity also suits to the product attributes of Butter Buds (Butter Bud, 2013). It will also help to use relevance factor for making connection with the customers and to attain brand vitality.
- #7: Along with relevance, esteem factor will be also used to make effective connection between Butter Buds and its target customers. The main reason to select this factor over knowledge is the relevancy of psychographic characteristics of its target customers with its operations. R&D team and other staff of this company dedicate to produce healthy and natural flavor ingredients, which matches with the healthy living belief of the target customers. Such relation between company’s functions and customers’ beliefs will guide for developing positive perception and image (Butter Bud, 2013). It would play an effective role to employ esteem aspect for connecting with customers. Both relevance and esteem factor will be effective to use organizational assets for making connection with the target audience (Brymer, 2003). These factors play an important role to convey relevant messages to the target audience, which will help to create positive image in-front of them and to make connection accordingly.
- #8: The relevance factor of brand also provides reason to costumers for making selection of Butter Buds in compare to others. This would be effective to attract more customers and to penetrate the market. By this, company will enable to reduce cost and improve quality of product that can help to attain its objective of providing healthy food (Butter Bud, 2013). On the other hand, esteem aspect is also effective to communicate core values to the customers. It will increase awareness about quality associated aspects of its products that can help to develop positive perception and brand reputation among the customers. In this way, both factors will help to articulate “care” elements of its brand personality and to develop strong relationship with the costumers. This will influence consumer buying behavior and will attract customers accordingly that may help to increase satisfaction and to attain leading position in the given industry (Brymer, 2013).