...Brand marketing is important to nearly every business because it represents a company’s markets identity. It displays to the buyer who they are, what they do, what kind of quality of products they provide, and their reputation for trustworthiness. It is rather significant in the world of marketing because the brand influences many decisions of the customer. It is the most effective for the development of the customer to repeat business. This is due to the fact that any customer’s perception of a brand is going to be largely created due to previous experiences with that brand. The company’s brand represents instant standards of that company for the customer, and once they are familiar, they can expect a certain level of standard. For example, a parent going to the movies will assume that a Disney movie is going to be family-friendly, or a coffee customer knows that a coffee from Starbucks will taste (relatively) the same every time they go to buy one. Another reason a brand is so important is because it is the most sustainable competitive advantage. According to Aswath Damodaran, professor of finance at New York University's Stern School of Business, a brand's value is simply about the extent to which it can sell its goods and services at a premium price. For example, Coca-Cola’s branding accounts for 80% of its market value, and is still going strong. Damodaran suggests that in order to keep this competitive advantage, you must preserve the illusion. When you mess...
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...A deep understanding of products and the services they provide for a consumer is what keeps business alive according to (Ravald & Grönroos, 1996). The core product of any service/ industry/ organization must have essential benefits as well as enhanced benefits to stay ahead of the market (Marshall & Johnston, 2011). With Starbucks the core product is coffee, for Ford is is cars and trucks, for LongHorn Steakhouse it is steak. This core product have to have the best quality and value to compete in the market and, according to Marshall and Johnston, it does this by providing essential benefits (no more hunger and great taste) as well as enhanced benefits (daily fresh steaks never frozen as well as perfect steak seasoning). LongHorn, a Darden company, uses all of these to stay ahead of the competition. The essential benefits and enhanced benefits as mentioned above are what the consumer (called guests) keeps coming back for more quality and taste. LongHorn’s most significant selling campaign is that of “fresh, never frozen, quality cuts of meat, seasoned to perfection”. The executives of Darden as well as LongHorn set this standard because they want consumers to know they care about the quality of food they are serving and that is how the consumer knows the restaurant cares for them. This is what the guest expects. They expect perfect, fresh steaks and they are guaranteed that or the steak is “on the house”. Therefore the guests also expect great quality that they pay for. Not...
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...market for luxury brands has experienced a dramatic growth over the last three decades, and the current demand for luxury brand products has grown enormously. Wiedmann, Hennigs and Siebels(2009, p. 627) stated that a luxury good: “brings esteem for its owner and enables consumers to satisfy psychological and functional needs”. This essay will argue that marketing theories: brand theories and the ‘four-P framework’ ( product, pricing, place and promotion) are applied to bring superior value to luxury brands. It will also identify the tangible and intangible resources that are utilized to add superior value to luxury brands, in comparison to low-priced products. An illustration will also be given regarding luxury and basic cosmetic branding. Finally, it will be argued that it is not ethical to charge high prices for products. Nowadays the consumption of luxury products has become so vital to the global economy and the high profile of luxury goods has built widespread awareness of brands in customers’ perception. It is claimed that a luxury brand is one that is selective and exclusive, and which has an additional creative and emotional value for the customer (Chevalier and Mazzalovo, 2008). Even if some consumers cannot afford to buy luxury brands, they are familiar with the name or symbol of some famous brands that are classified as luxuries. A brand name helps differentiate its products from others and makes it distinct from those of other sellers. Brand equity concerns the...
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...is concerned with instituting measures to brand itself within the market and gain an appreciable competitive advantage over other players in the market. Most of the companies concentrate on what makes a brand strong and how to build a strong brand. In this regard, these questions can only be answered by applying Customer-Based Brand Equity (CBBE) model. This model facilitates in understanding the brand equity and ways inn which it is supposed to be built, evaluated, and managed. Besides, the approach of this model is from a customers’ perspective, individual or organization, because they are the nerve of successful marketing. Reason being marketers are wary of ‘what do different brands mean to consumers?’ and ‘how does the brand knowledge of consumers affect their response to marketing activity?’ Brand is an important asset to any business and it depicts what a business enterprise is made of or it is about in a snapshot. Park et al. (1986) in his work agues that brand represent an enormous valuable property and are capable of influencing customer’s behavior or will as facilitating security for sustained future revenues to the business enterprise. The fundamental concept of brand equity lies in the fact that the brand has power implanted in customer’s mind and this is facilitated by their experience over a long period of time. Therefore, brand equity is a culmination of processes that head to realization of a special and distinct brand identify. In this respect, this paper takes...
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...means they are very knowledgeable about the differences in price and quality between the various brands (considered). Brand proliferation increased number of other brands and brand extensions . Brand proliferation is when a firm puts out new brand names under the same product lines. For example, Huggies is a firm owned by Kimberley-Clark. Huggies is best known for producing disposable diapers, and has different product lines such as Pull-Ups and Little Swimmers. Media fragmentation traditional TV ads / increased role of internet . Various ways of research. The style of mass advertising campaigns of yesteryears does not hold too strong a ground. It has become too expensive to go national on the TV network with no specific plans for points of attack and reinforcement in relation to brand's potential in different areas. In other words, marketing people should concentrate on those areas, which offer better prospects of brand's growth.Under such circumstances, it has become challenging for brand managers to be practically aware of the media costs and the effects of fragmenting a TV campaign. Not only that, they also have to be able to plan an integrated communication campaign with various tools of communication at their hands. The managers have to capitalize on the factor of fragmentation and align their campaigns accordingly) Increased competition globalization / low priced /brand extensions. Increased costs (costs of product introduction. Out of 30.000 ne w products 93% was...
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...BRAND IMAGE: HOW DO THE COMPONENTS DIFFER FOR A PRODUCT VERSUS A SERVICE ABSTRACT Despite a common finding that brand image is a subjective concept, invariably changing from one individual to another; recent thinking regarding this topic has emphasised the varying components by which consumers perceive a brand, especially between products and services. This article disseminates and scrutinises the various literature that contribute to these components of brand image and applies it to a real world case study. The aspects of intangibility of services, variability of quality, instantaneous consumption of services , inseparability of service and service provider as well as the service environment were explored with relation to “Australia” the movie (product) and Australia as a tourist destination (service). Through exploring this case study it was clear that brand image for “Australia” the movie was significantly based on benefits it could offer its consumers including quality aspects and trust through use of Hollywood’s biggest stars, as well as the strength of the films brand image through strong emotive and unique cultural cues. In contrast, the brand image of Australia as tourist destination has several additional elements and boundaries that it must overcome. Interestingly, it was found that Australia the movie was the perfect tool to use for Australian Tourisms greatest hurdle - overcoming the intangible aspect of the business. Suddenly, Tourism Australia as a service...
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...[pic] Running head: BRAND EXTENSION MARKETING PLAN The Cooler Cooker Unit 6 Final Project Tanya Dabney Marketing Management, GB530.04 Dr. Jerry Haenisch, PhD May 27, 2011 1.0 Executive Summary The “Cooler Cooker” is the most recent innovation that has great potential to generate revenue for Lakeland, “the home of creative kitchenware”. The Cooler Cooker is a product that will be an answer to household families, single parents, chefs, culinary students, and anyone who prepares hot meals whether at home, in restaurants, or in a cafeteria. The cooler cooker will perform and prepare meals as any other cooking pot or pan. The beauty behind this product is although it has the ability to prepare meals on the stovetop or in the oven, to the outside touch, the pot or pan will never get hot. This innovate product is any cook’s dream, especially moms who are always in fear of their children that are always displaying curiosity to get the better of them and makes the decision to touch that hot pot on the stovetop. It is not uncommon, everyone at some point or another, while preparing a meal have mistakenly or unconsciously touched that hot pot and the results of the incident were not good. With the Cooler Cooker you will never receive another burn. Regardless of the temperature in the oven, or the length of time the meal has to be prepared on the stovetop, this safe and user friendly product will never get hot to the outside touch rather it will always remain...
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...influence of marketing communications on brand awareness and loyalty The influence of marketing communications on brand awareness and loyalty Introduction The study analyses the importance of spending on marketing communication to achieve brand loyalty and brand awareness. Brand awareness and brand loyalty are dimensions of brand equity. Brand equity refers to the value added to a product in its relationship with customers. Research indicates that brand equity is a strategic aspect of marketing management and can be created by strengthening one of its dimensions (Giese & Cote, 2000). Consequently, marketing has a potential effect on the brand equity because brand equity represents the impact of investment in the brand. The consumers are attracted to the product brand. The organization without brand deficits to sustain the competitor’s strength equates towards opponent brand equity (Grossmanova, Vojtkova & Kita, 2009). Organization should recognize its brand as an indefinable property. There is a direct connection with organization brand equity inside an intensive economics. Thus, companies need to look at the brand process and carry out these methods to cope with the well-known brands (Morgan & Hunt, 1994). The brand offers distinct concepts and features, thus conveying relevant information to the consumers. Although advertising plays an essential role in the marketing programs and strategies, growth and development of brand equity the...
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...In a recent American Marketing Association journal article titled ‘Taking Care of Their Own’, Christine Birkner explores the relationship between the corporate brand and social responsibility. Specifically, Birkner claims that brands like Costco and Starbucks (which empower employees through benefit packages that contain healthcare and other elements) tangibly benefit by treating their employees well while other brands (notorious for cutting employee benefits) like The Home Depot and Wal-Mart experience the opposite. Birkner claims that employees that feel valued by their employers will perform better on the job. She goes on to state that treating employees well will attract skilled workforce talent, and that the employees of a company will become brand ambassadors by spreading their positive reflections of the company in response to being treated fairly by their employer. She notes that Costco has put no money into marketing the way it treats its employees, and yet it is well known that this wholesale giant is consistently rated close to the top for employee happiness and satisfaction. But Birkner’s claims are not just conjecture, she cites hard statistics from a 2014 study that back up her claims: 82% of consumers consider a company’s employee treatment and CSR practices in deciding where they will shop. Based on Birkner’s observations it is clear that there are benefits to treating employees well. The perceptions that one’s employees hold towards their employer are reflected...
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...THE MARKETING STRATEGY OF NOKIA Contents EXECUTIVE SUMMARY 3 INTRODUCTION 3 CURRENT SITUATIONAL ANALYSIS 4 PESTEL analysis: 4 SWOT analysis: 7 DIFFERENTIAL ADVANTAGES 8 RECOMMENDATION 11 MARKETING STRATEGIES AND PROGRAMMES 11 Segmentation: 11 Targeting: 12 Positioning: 12 Marketing strategy: 12 OBJECTIVES 14 RECOMMENDED MARKETING MIX 14 Product: 14 Price: 14 Place: 15 Promotion: 15 BENEFITS OF THE RECOMMENDED OBJECTIVE TO THE STAKEHOLDERS 15 CONCLUSION 16 REFERENCES 17 BIBLIOGRAPHY 19 EXECUTIVE SUMMARY Nokia is a multinational organization that involves in the production of mobile telephones. Nokia's mission is simple: connecting people. Their goal is to build great mobile phones that enable billions of people worldwide to enjoy more of what life has to offer. Nokia has approximately 98,000 employees around the world. Nokia has aligned with a lot of firms to help improve the society, which are UNESCO, OXFAM, British council, UNICEF; Siemens. Nokia has 1.3 billion customers all over the world using Nokia devices. Their production facilities are established in Brazil, China, Hungary, India, Mexico, South Korea, and Vietnam. (Web 1) Nokia was the market leader in Nigeria when mobile telephones manufacturers exploited the opportunity provided by the then President Olusegun Obasanjo in bringing GSM network providers into the country in the 2001 (web 2), but Nokia has dropped drastically in terms of market share due to the saturation...
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...Brand Extension Marketing Plan Unit 6 The Mailbox Vacuum Boyd Adams GB530 September 01, 2012 1.0 Executive Summary Vivint Security Company is a security company that has been in business since 1997. The product that will be considered is called the vacuum of the not so distance future. It is called the Mailbox Vacuum and it works on a principle of deterring identity theft. The owner of the product would have the knowledge that their mail was securely with-in the confines of their home. The product would work on these principles. The mail person would deliver the mail and has soon as the mail was put into the box and the door closed, the vacuum would deliver the mail to a box inside the home via a tube that is underground going to the home. The brand name of the for-profit organization would be something that the many investors would vote on. One would consider Quantum Leap 2012, or the Jetsons Mailbox delivery system. There are a few more that come to mind, but as stated, getting the investors feedback would...
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...Kaplan University Graduate School of Business and Management GB530 Marketing Management: Brand Extension Marketing Plan Dr. Blake Escudier July 15, 2012 1.0 Executive Summary The purpose of this marketing plan is to present a new category-brand extension product designed by DeWALT Power Tools and manufactured by Calloway Golf. The new DeWALT IronDrive Pro category line of golf clubs will embody the brand reputations of quality, power, top of the line features, superior technology and durability that have made both DeWALT and Calloway leaders within their perspective industries. This product is a specialty niche set of golf clubs packaged in a branded walking golf bag and also will include club head covers, a club towel, and balls to complete the perfect golfing experience. Consumers who purchase this product will enjoy the industry leading golf technology of Calloway and combined with the industry leading power tool features and benefits provided by DeWALT. The target market for this product consists of males 20-65 years old, college educated, makes an annual salary of $40,000 or more, and purchases high end products. The ideal customer lives all across the United States, but in particular resides in the industry’s largest regions of the Mid-Atlantic, New England, East North Central, South Central, and West North Central regions. The customer will have some knowledge of around the house DIY projects and tools to complete the task. The value...
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...Unit 6: Assignment Kaplan University Brand Extension Marketing Plan Project 1.0 Executive Summary Beachbody was created in 1998 by John Congdon and Carl Daikeler. Beachbody produces, markets and sells its home-based fitness and nutrition products through infomercials and its Team Beachbody coaches. While Beachbody offers hundreds of fitness and nutrition products, they didn't have a product that helps underweight people put on weight. Beachbody will roll out a product called Mass Morph as a line extension to their Body Beast line. Body Beast already has a comprehensive line of supplements and a meal plan, but these do not currently contain a weight gainer. The product is a weight gainer that will cater to those looking to gain muscle. One pound is equivalent to 3,500 calories, so adding an additional 500 calories per day to ones diet can help them add a pound of muscle per week. Weight gainers help achieve this by supplementing their current diet with high concentrations of protein, carbohydrates and fat. This product will only contain high-quality ingredients instead of fillers and lots of sugar and additives. This is beneficial to the consumer because if a weight gainer contains these fillers, additives and loads of sugar, the weight they gain will be fat instead of muscle. Mass Morph will be marketed domestically first, because there are a lot of regulations on getting supplements approved globally. Beachbody gets its ingredients from all over the world—often from...
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...retail industry tends to be overly youth focused (Y generation) with a “dandy mood”. However, by closely following generational fashion trends as well as our own customers' purchasing preferences, we will tailor our inventory to meet the specific needs of our clientele. We will solely focus on the our styles, colors and fits to flatter our community needs of her figure will be our specialty. 1.3 MARKET ANALYSIS (pour les plus grandes villes où il y a les fashions weeks : Londres, HK, Milan, Paris, Madrid, NYC…) Si vous avez qlq chiffres. 1.4 STRATEGY & IMPLEMENTATION Like a Sir recognizes the importance of marketing. And to that end, we plan to promote our retail business with an ambitious, targeted marketing campaign, which will include a grand opening event, local media coverage, print advertising and a direct-mail campaign. Our goal is to keep our marketing budget to no more than 5% of our gross annual sales, and we will partner with local organizations such as the designers chambers, fashions places… as often as possible. 1.5 MANAGEMENT Vos CV 1.6 FINANCIAL PLAN On va voir, j’ai un excel ou réutiliser ce qu’il a été fait avant. 1.7 SOURCES & USE OF FUNDS We have enough funds to begin to design clothes, accessories and websites (magazine one, retail one). We also have factories in...
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...pROFESSOR dEANNA TEEL pRINCIPLES OF MARKETING - MRKG 1311 SPRING 2013 pROFESSOR dEANNA TEEL pRINCIPLES OF MARKETING - MRKG 1311 SPRING 2013 performance sport booster car seat by MARKETING PLAN performance sport booster car seat by MARKETING PLAN Product and Company Background Company Background Recaro has over 100 years of history designing seats for the world's most prestigious automobiles, airlines, and race cars. Recaro is German engineered, and an international leader in seating safety, design, comfort and style. Recaro is the pioneer of child seat side impact technology, going beyond any side impact requirements as tested with the ADAC European standard. Founded in 1906 by Wilhelm Reutter as Reutter Carosserie-Werke, the company became famous for building limousine bodies during the 1920s. Recaro has been setting standards in automotive seating ever since. Recaro Automotive Seating produced the first retrofit sports seat for automobiles, the world’s lightest car seat and the most innovative commercial vehicle seat in addition to new sport seats in a modern composite design. Recaro Automotive Seating’s customers include prominent manufacturers of automobiles and commercial vehicles around the world. Through retail sales, the company also provides end customers with aftermarket seats and motorsports customers with racing shells. Recaro Automotive Seating is a division of the global Johnson Controls group, with lean structures, short decision paths...
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