Functions a brand provides for the firm
|✅ Paper Type: Free Essay||✅ Subject: Marketing|
|✅ Wordcount: 1949 words||✅ Published: 2nd May 2017|
Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.
In a Segmentation pattern of the product life cycle, sales grow rapidly when the product is first introduced and then fall to a “petrified” level.
Firms that serve small markets not being served by larger firms are known as Market Leader.
A Flank attack can be directed along two strategic dimensions, geographic and segmented. A
Describe the functions a brand provides for the firm.
Brands can be looked at in a number of different ways , eight different strategies function of brands,
Brand as a sign of Ownership, Brands were at one time a way of showing who had instigated the marketing activities for the brand , This was an attempt to protect the formulation of the product in cases where intellectual property protection is insufficient , and also to ensure that customers knew whether they were buying a manufacturer’s brand or a retailer’s brand .
Brand as a differentiating device, A strong brand undoubtedly does differentiates the product from similar products, but having a strong brand name is not enough , The product itself also needs to be different in some way: the brand image is the communicating device that conveys the difference to the consumer.
Brand as a functional device, Branding can be used to communicate Functional capability in other words the brand conveys an image of its quality and expected performance to the consumer.
Brand as a symbolic device , The symbolism of some brands enables the consumer to say something about themselves, This is particularly apparent in the designer cloths industry a very ordinary T-shirt acquires added value because the name of the designer is printed on the front .if the customers believes that the brands value lies in its communication ability they will spend considerable time and effort in choosing the brand that conveys the appropriate image.
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Brand as a risk reducer, Every purchase involves a degree of risk the product might not perform as expected, and if it fails to do so then the vendor might not be per pared to make restitution, buying a strongly branded product offers the consumer a degree of reassurance about both the product and the producer, astule marketers find out what types of risk are of most concern to the customers or consumers and develop a brand presentation which addresses those risk.
Brand as a shorthand device, Brands are used as a way of tagging information about a product in the consumers memories, This is particularly relevant when the brand is extended to other product categories since the consumers view of the parent brand is transferred to the new brand for example virgin has successfully extended the brand image from records to retailing to airlines to financial services all offering the same innovative approach and serving similar market segments.
Brand as a legal device , Brands give a certain amount of legal protection to the producer since pack design and name can be protected where the formulation of the product cannot, strong branding offers some protection for the firms intellectual property.
Brand as a strategic device, the assets constituting the brand can be identified and managed so that the brand maintains and builds on the added value that it represents.
What are the two basic approaches to measuring brand equity?
The indirect approach reviews likely basis of brand equity through recognizing in addition to way consumer brand acquaintance arrangements. The direct approach reviews the authentic force of brand information on consumer retort to unusual facet of the marketing.
What are the three key consumer desirability criteria for POD’s (points-of-difference)?
Linked From Here
Relevance – target consumers be required to discover the POD individually pertinent and significant.
Distinctiveness – target consumers be required to discover the POD characteristic and better-quality.
Believability – target consumers be required to discover the POD credible and believable
What are the four stages in the Product Life Cycle? Describe what happens at each stage.
Is a period of slow sales growth as the product is being introduced in the market; Profits are nonexistent in this stage because of the heavy expenses of product introduction. Introduction stage starts when the new product is first distributed and made available for purchase. Introduction takes time, and sales growth is apt to be slow such well-known products as instant coffee, frozen orange juice , and powdered coffee creamers lingered for many years before they entered a stage of rapid growth. Buzzell identified four causes for the slow growth of many processed food products (1) delays in the expansion of production capacity. (2) technical problems (” working out the bugs”) , (3) delays in making the product available to customers, especially in obtaining adequate distribution through retail outlets ,(4) customer reluctance to change established behavior patterns. In the case of expansive new products, sales growth is retarded by additional factors, such as the small number of buyers who can adopt and afford the new product.
Is a period of rapid market acceptance and increasing profits. If the new product satisfies the market , sales will start climbing substantially , The early adopters will continue their purchasing and conventional consumers will start following their lead , especially if they hear favorable word of mouth, Prices remain where they are or fall only slightly insofar as demand is increasing quite rapidly , Companies maintain their promotional expenditures at the same or at a slightly raised level to meet competition and continue educating the market, Sales rise much faster, causing a decline in the promotion- sale ratio, Profits increase during this growth stage as promotion costs are spread over a large volume and unit manufacturing costs fall duw to the “experience curve” effect the firm uses different strategies to sustain rapid market growth as long as possible:
The firm improves product quality and adds new product features and models.
It enters new market segments.
It enters new distribution channels.
It shifts some advertising from building product awareness to bringing about product conviction and purchase.
It lowers prices at the right time to attract the next layer of price sensitive buyers.
Is a period of slowdown in sales growth because the product has achieved acceptance by most of the potential buyers. Profits stabilize or decline because of increased marketing outlays to defend the product against competition. At some point a products rate of sales growth will slow down and the product will enter a stage of relative maturity, This maturity stage normally last longer than the previous stages, and it poses formidable challenges to marketing management. Most products are in the maturity stage of the life cycle, and therefore most of marketing management deals with the mature product. The product manager should not simply defend the product, A good offence is the best defense, and He or she should consider strategies of market, product, and marketing mix modification.
Here the manager tries to increase the consumption of the existing product. The manager looks for the new users and market segments , The manager also looks for ways to stimulate increased usage among present customers, The manager may want to reposition the brand to appeal to a larger or faster growing segment.
The product manager can also modify product characteristics such as product, quality, features or style to attract new users and more usage.
Marketing Mix Modification:
The product manager should also try to stimulate sales by modifying one or more marketing mix elements, Prices can be cut to attract new tries and competitor’s customers. A more effective advertising campaign can be sought. Aggressive sales promotion trade deals, cents off, gifts, and contests can be used.
Is a period when sales show a strong downward drift and profits erode. The sales of most product forms and brands eventually dip. The sales decline may be slow as in the case of oatmeal cereal or rapid as in the case of the Edsel automobile, sales may plunge to zero , or they may drop to a low level and continue for many years at that level. This is the decline stage. Sales decline for a number of reasons including technological advances consumer shifts in tastes, and increased price cutting, and profit erosion. As sales and profits decline , some firms withdraw from the market. Those remaining may reduce the number of their product offerings. They may drop smaller market segments and marginal trade channels. They may cut the promotion budget and reduce their prices further.
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James Dyson’s innovative ideas come from two sources. What are those sources?
Dyson’s creations approach beginning two sources. In accumulation to tackle ordinary dissatisfactions, he and his squad appear for novel make use of for technologies they enclose previously make-believe. That’s the technique the offer dryer came with reference to. Two years before, he and some contemporaries were operational on a not-yet-released manufactured goods with “air blade” skill, which blasts air out of a compressor from side to side a thin split. They noticed so as to the explosion of air did a fine job of blowing hose off their hands. A new-fangled creation was bear.
Factual to his contrarian life, Dyson appears intended for solutions where competitors perceive no guarantee. “We identify what we do incorrect philosophy,” he says. His engineers and designers are confident to attempt ideas that nearly everyone nation would believe fanatical. The apparent plastic dust antenna in the cyclonic vacuum is one instance. Souk researchers warned Dyson that patrons didn’t desire to observe grime and preference tresses collecting. As it turns out, a lot of people discover the view of their domestic detritus to be oddly persuasive.
James Dyson has begun experimenting with robotics and microchips to accomplish what objective?
The two latest robotic vacuums to strike the market are the Neato robotic vacuum cleaner plus the emptiness, and the ever-popular Dyson has a robot vacuum in its sights. The cleaners! While automatons are in receipt of further complicated each date, the roll of features existing in robotic vacuums prolong to raise fine. In attendance be representation on the advertise at present with the aim of let you to line up them to scuttle at several date or occasion you prefer. You be capable of level use Bluetooth or call up your vacuum on the Internet and course it beginning everywhere in the globe, if you get the urge to vacuum your floors while you’re gone).the earth’s primary container less vacuum cleaner from Dyson ,forbidden by microchip it rotates at 98,000 rpm ââ‚¬” five-times quicker than a method 1 car engine.
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