The Boston Matrix is a product/business portfolio.
- Pizza Hut
Branding is the process of differentiating a product from its competitors
A name, sign or symbol design or slogan linked to a particular product or service.
- Branding is deliberate actions that you take to influence people’s perception of your product or service, and it is the driving factor in why they keep using your business time and time again.
- Strong brands mean that your business will be at the forefront of people’s minds and will encourage people to trust the product and become loyal to the business.
- Loyal customers are important, because loyal customers will choose the company that they are loyal to even if it means paying extra.
- Nike believes that it is worth them paying for sponsorships if it affiliates their brand with winners. By linking themselves to successful sports people, they will in turn attract fans of these people and people with aspirations to be good at sports too.
- Bentley can charge premium prices for their cars because they are perceived as an ultra high end brand, meaning that people will be perceived differently in a Bentley. They are very dedicated to quality and reliability, making their brand be viewed as the king of quality in the market.
- Tesco Finest is a luxury sub brand that Tesco has produced to try and attract customers who would previously have gone to stores such as M&S or Waitrose. Tesco Finest has set itself out as a luxury brand by having unique packaging, premium prices, and higher quality than standard products.
- Reduced PED is a benefit for strong branding because it means that a business with a strong brand is free to increase prices without too much concern for loss of customers. because they have developed a loyal audience and a brand image that people want to affiliate themselves with, the price won’t make a significant difference.
- Strong branding brings in more customers, increases the likelihood of customers to return all while building an increasing number of loyal customers who care less about the price than they do about being involved with the product.
- Transport for London
- Virgin Media
- Amnesty International
- Just Stop Oil