Brand inventory provides up to date itinerary of how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken so as to comprehend what consumers feel about the brand. It seeks to conduct a consumer insight research in order to acquire consumers’ feelings and perceptions. This paper looks into the brand exploratory of Cadbury in terms of the customer-based brand equity (CBBE) model. Customer- Based Brand Equity (CBBE) Model Building and enhancing a strong brand has been found to have profitable rewards in business, it has therefore become a prime priority for many firms.
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.
CHAPTER I INTRODUCTION Everybody is looking for prospects, clients and customers. In this challenging new economy you need every advantage you can get, especially in business. It is one of the crucial things that company should have as it is an advantage over competitors gained by offering consumers greater value providing greater benefits of product. However, we have to learn more of this advantage to create a competitive business strategy in order to answer the constantly increasing market competition (Grant, 2010). The company should have their own advantages to lead the competition and be well known to people that will lead in earning high profits as it is very important to study and formulate unique advantages to have edge with other company.
Under Yum Inc., KFC China is a commercial business chain and is in constant competition with other fast food giants hence, profit maximization is central to management’s strategic decision making as they must generate a good return for shareholders and increase customer satisfaction. The concept of customer orientated marketing is fundamental in ensuring the success of any company seeking to maximise their brand equity and increase cash flow. As increasing competition in the global market grows, the fast food industry will continue to see advancements and pressure companies to innovate and develop new ideas and strategies outside of the mainstream marketing approaches.
Any product needs to be marketed to the consumers who look forward to that which creates a lasting impression at the product as well as emotional level. For all companies ranging from small retail organizations to big multinational companies, which strive to satisfy the customers, marketing is one of the critical functions which facilitate them compete in the market place, according to ‘Advertising and Promotion’ by Belch and Purani (2013). To achieve the same, these market-driven companies need to develop and maintain their relationship with customers. To appeal to the people, the company that offers the product or the service needs to get its ‘Unique Selling Proposition’ right and compel the audience to purchase the product or avail the service. The companies use advertisements to serve that purpose.
This article studies the relationship between advertising and sales promotions and their impact on brand equity. A main priority for most companies is to establish and achieve a strong and powerful brand name. A company can build a strong brand name by creating the market for their customers want. By creating a strong brand name, a company will become more established. Brand equity is important to the producer, retailer and consumer.
Recommendations to achieve a sustained competitive advantage: Online, mobile, and store purchase will certainly increase customer traffic with the online and store combinations gives Target Corporation with a best possible low-cost price. A best-cost provider strategy allows Target to position itself and compete with low-cost providers such as Walmart. In addition, it employs a competitive strategy with a designer label along with superior supply chain, increased operational capabilities, and skilled employees. . The strategy of sending coupons are huge for a customer, so increase discount based on their purchase history and use the store brand credit card to attract more customers.
In fact, the implementation of consumer protection law also has the vested interest for businesses. It is a given fact that businesses have to take into account consumers' interest if they want to thrive in a competitive market. In view of our ever advancing technology, liberalisation and globalisation has increased economic competition by leaps and bounds. Many companies sell the same goods at similar prices and one of the few ways to stand out is to successfully satisfy the customers. Consumer protection sets the baseline of how a company should respect the interest and safety of the consumers.
Though product branding has many benefits to a firm, the ultimate expected outcome of product branding is increased profit. Product branding creates product image, makes purchasing easier and develops customer franchise so that the ‘‘search costs’’ on customers may decrease so that firms could charge exorbitant price and still enjoy high profits margins. Product branding encourages firms to make huge investment in product quality which leads to higher returns. This has been confirmed by Llonch-Casanovas (2012) that product branding allows firms to differentiate their products to make their products unique in the eyes of consumers. Many empirical studies have confirmed the assertion that product branding increased product sales.
This helps other consumers to build confidence for shopping. It naturally attracts new customers. Thirdly, brand loyalty can increase sales channels. Franchisers need to sell products to make a profit, They often choose companies which have a high degree of brand loyalty to cooperation. Therefore high brand loyalty in the expansion of sale’s channels more smoothly, and easier access to more favorable terms of trade.