Brand Exploratory A brand audit is a detailed assessment of a brand’s current ranking in the market compared to other competitors. It provides information on how the business is performing in the market. A brand audit also aims at examining the image and reputation of the brand as perceived by customers. The two key elements of brand audit are brand inventory and brand exploratory. Brand inventory provides up to date itinerary of how a company markets and brands its products.
This research was conducted to show the relationship between sale and advertising and brand equity. The information included in this research can help managers to develop and implement more appropriate goals, both short and long term, for their company. Works Cited • Aaker, D.A., (1991), “Managing Brand Equity: Capitalizing on the Value of a Brand Name”. New York: Free Press. P. 134-140 • Barwise, Paddy.
In terms of management approach, the company has established management culture that envisions effective leadership where management is nurtured. The company’s culture promotes the aspect of competitive advantage since the firm’s values of leadership highpoints its ability to speedily implement changes and use resources effectively. This is attained through effective management strategies that have seen the company ranked best company with good customer relationship globally (Pahl et al, 2007). Because leadership values seeks to promote customer experience through high quality service and products, Amazon through its management strategies empower its employees to act speedily, ... ... middle of paper ... ...performance in the retail industry. This has enabled the company to engender customer experience service that has improved the company’s productivity over years.
Marketing is about value creation of the product or service, the more you add value, the more you will get competitive advantage in the competitions in the market. The purpose of marketing is to build and develop strong relationship with the customer in a specific customer segment. In today’s world of business marketing’s role is to provide differentiations of the products and services and capture a strong customers’ focus and build loyalty for long term business commitments. Understanding the core marketplace, identification of needs, want and demand of the customers and coordination of these tasks is the aim of marketing to satisfy the customers. Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on.
A societal marketing approach is carried out by making good marketing decisions through considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. This tactic focuses on delivering value to customers to improve the consumer and the society’s well-being. Office Depot appears to be focusing on the building profitable customer relationships process of marketing to build value. They are taking their customer relationship management process into account to build their customer relations by delivering superior customer value and satisfaction. They are also realizing that their customers are very important to the success of their firm and are striving to fix any problems associated with their actions.
Successful companies try more than unsuccessful companies to implement a relationship marketing strategy and build a long-term relationship with their customers (Adamson and Chan, 2008). Trust, relationship, shared values, empathy, and mutual effort has been identified as the most important foundations of relationship marketing (Sin and Tse, 2005). Relationship quality (RQ) is a branch of relationship marketing (R M). Due to the importance of relationship marketing in today's business world, the relationship quality is necessary to assess the strength of the relationship and the degree of satisfaction to meet the demands and expectations of the customer (Crosby et al., 1990; Smith, 1998). A good relationship quality can increase customers'
The key elements of a brand's toolbox are brand identity, brand communication (eg, logos and brands), brand awareness, brand loyalty and various Branding strategies. The brand equity is the measurable total value of a brand and is validated by evaluating the effectiveness of these brand components. In an ephemeral market where traditional linear business models are replaced by more radical interconnected models, brand equity is a marketing technique that remains firmly rooted in prosperity. To achieve such an invaluable brand prestige requires a commitment to a particular way of doing business. A company with a strong brand culture is dedicated to the production of intangible products such as customer satisfaction, sensitivity to reduced prices and customer loyalty.
Total company effort includes a company offering superior customer value to attract customers, satisfy those customers, and retaining those customers. This will increase sales and build a profitable relationship with customers. Much like the marketing concept, the marketing strategy is vital to the marketing plan. The marketing strategy involves finding attractive opportunities and developing profitable marketing strategies (Perreault et al., 2014). A marketing strategy entail... ... middle of paper ... ...ct, place, promotion, price, customers, and target markets.
Therefore, brand is a signifying of the company. However, a company must have good brand management to achieve the longevity of the company brand. It is because good brand management can lead the company to become a strong brand and it will improve the customer relationship through the brand management process which control everything about the brand does and says also (Temporal, 2010). Therefore, brand management plays an important role which will influence the longevity of the company and the brand name. Nowadays, many companies using the re-branding strategy of corporate marketing and build strong corporate brand to increase their competitive advantage between other companies such as Google, Mazda, LG, Zara and more (Punjaisri & Wilson, 2007; Temporal, 2010).
For any business to be successful, the proper marketing strategy needs to be put in place. This is because every business has an objective of attaining and retaining its customers who will propel its operations. The 4Ps model of marketing is the best decision any business can make. This model will assist the business to know the customers’ needs, preferences, expectations, decision-making processes, and the areas the business needs to emphasize in customer communication. The 4Ps in marketing stand for product, price, place and promotion, and they are important for a business to be able to attract customers.