Topic 2: Marketing Current Events Discussion The Discussion topic for this curre
ID: 443668 • Letter: T
Question
Topic 2: Marketing Current Events Discussion The Discussion topic for this current events Discussion focuses on developing strong brands. Select one article that applies to developing strong brands. Compose a short summary (300–500 words) explaining why and how this article is relevant to your unit's materials. Keep in mind, when responding to each unit's Article Review Discussion your opinion is highly valued; however, the ability to integrate concepts and theories to support your ideas is also critical. This is true, not just in this class but during your business career. Knowing what to do and how to do it is a valued skill in business, but knowing what to do and how to do it in every situation is the key to success. It is always important to apply theory to support your opinions! The better able you are to apply BOTH logic and theory — the better able you are to transfer your learning into practical application regardless of the task, project, or job. Important: Apply concepts or theories from your textbook Reading to your review in the Article Review Discussion Assignments. Include a relevant quote from Chapter 10: “Crafting the Brand Positioning” or Chapter 11: “Creating Brand Equity,” of your Kotler and Keller Marketing Management textbook within your response. Include the Kotler and Keller reference at the end of your posting along with the reference for your selected article. 1. Post your summary and reference information.
Explanation / Answer
Answer:
As the brand lies in the center of marketing activities. Consumers no longer want just a product or service but a relationship on trust and familiarity.Focus is also on the steps to develop new brands. Brand equity developed by brand awareness, familiarity and unique brand association.The changing economic environment leads to contribute certain new trends in marketing viz. experiential marketing, permission marketing and integrated marketing.
A brand is a name or a symbol - and its associated tangible and emotional attributes - that is intended to identify the goods or services of one seller in order to differentiate them from those of competitors. At the heart of a brand are trademark rights.A brand designates a product or service as being different from competitors' products and services by signaling certain key values specific to a particular brand. It is the associations which consumers make with the brand that establish an emotional and a rational 'pact' between the supplier and the consumer. This pact is an ongoing relationship between the supplier and consumer, and because of this, brands provide a security of demand that the supplier would not enjoy if they did not own the brand. This security of demand means a security of future brand earnings, and this is what defined as brand evaluation.
BUILDING A STRONG BRAND- THE FOUR STEPS
The steps are as follows:
1. Ensure identification of the brand with consumers and an association of the brand in customers mind with a specific product class or consumer need.
2. Firmly establish the totality of brand meaning in the mind of consumers by strategically linking a host of tangible and intangible brand associations with certain properties.
3. Elicit the proper customer responses to this brand identification and brand meaning.
4. Convert brand response to create an intense, active loyalty relationship between customers and the brand
Brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well known name, as consumers believe that a product with a well-known name is better than products with less well-known names.
Brand Element Choice Criteria Memorable--recall and recognized
Meaningful--credible Likeability--aesthetically appealing
Transferable--introduce new product
Adaptable--updatable
Protectable-- legality
Measuring Brand Equity Brand Audits—assess health of brand, uncover sources of brand equity, ways to improve
Brand Tracking—baseline information about brands and marketing information
Brand Valuation—estimation of total financial value of the brand
Managing Brand Equity Brand Reinforcement— meaning of the brand Brand Revitalization—retain same or create new positioning
Crafting the Brand Positioning :
Developing & Communicating a Positioning Strategy - Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.
Differentiation Strategies :Product
Channel
Image
Personnel
Product Differentiation Product form Features Performance Conformance Durability Reliability Reparability Style Design Ordering ease Delivery Installation Customer training Customer consulting Maintenance