In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin . Works Cited Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future advances, Sage Publisher, California. Rommaniuk, J & Byron, S 2004, ‘Marketing Theory’, Conceptualizing and measuring brand salience, vol.4, no 4, pp.
Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on. According to Kotler, P. and Armstrong, G. (2000), marketing investigates to attract more customers by adding the best of the value they need, offers advantages of having the product or service and enhances relationship providing value added services regularly. Targeting and capturing customers is one of the most difficult jobs for the companies, marketing strategy ease the way capturing the customers effectively. According to Lancaster, G. and Withey, F. (2007), to being successful, the companies have to be strongly market focused. Marketing builds relation with customers providing superior customer value and attracts them providing value added services as well as increases the number of potential customers in a regular basis.
Purpose of sales promotion; The basic purpose of promotion is to disseminate information to the potential customers. Sellers use incentive-type promotion to attract new customers, to reward loyal customers and to increase the purchase rates of occasional users. Objectives of sales promotion; • To attract the new customers • To inform the public about the new products • To capture the major share of the market • To stimulate the demand by popularizing the products • To create brand image Sales promotion is effective when; • A new brand is
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. Customer-base brand equity (CBBE) is a model that is being adopted by many organizations in order to build strong brands that can compete with the other ones in the market. The model outlines the four steps that should be followed in building a strong brand. The first step involves the establishment of appropriate brand identity, which includes enhancing customer awareness of the brand. The second step deals in creation of proper brand meaning through powerful and unique brand connection with the customers.
Advertisement has strong positive impact on consumer buying behavior and sale of the brand or product. Advertisement is a big marketing weapon to attract your customers and to stay in customer’s mind (Malik, Ghafoor, & Iqbal, 2013). Consumer buying behavior was conceptualized through three major constructs i.e. brand awareness, brand recalls and brand beliefs and it is disclose that advertisement generates stronger brand recalls and boosts higher brand awareness sale growth (Asghar et al., 2015). Advertisement was found effective promotional tool that generates long lasting impact on consumer cognitive buying process, especially for brand awareness and brand recalls (Tellis, 1988).
Some of the roles of the marketing department include; making sure the product has a target customer and the product fits in well with this, creating and promoting the product, making sure it has a strong brand and a well-built reputation and looking into new markets seeing if there is a niche that they could develop. They also analyse the company’s ability, development, targets/goals, performance and further potential to develop. Finance The role of finance is to ensure that the funds are available to the company ... ... middle of paper ... ... banner ads, and emails , personal selling- persuading customer/consumers to buying the product through Sales presentations, sales meetings, face to face selling, via telephone etc. , sales promotion- to increase the consumers demand over a limited period of time i.e. discount, coupons etc.
Ansoff matrix This model is essential for strategic marketing planning where it can be applied to look at opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets. It is used to evaluate opportunities for companies to increase their sales through showing alternative combinations for new markets against products and services. Where the matrix suggests four alternative marketing strategies (Hanlon,
CONSUMER PSYCHOLOGY. Annual Review Of Psychology, 37(1), 257-289. Mihart, C. (2012). Impact of integrated marketing communication on consumer behaviour: Effects on consumer decision - making process. International Journal of Marketing Studies, 4(2), 121-129.
Chi, D. H. K., Yeh, D. H. R., & Yang, Y. T. (2009). The Impact of Brand Awareness on Consumer Purchase Intention: The Mediating Effect of Perceived Quality and Brand Loyalty. The Journal of International Management Studies, 4. Dolge, L., & Marmbrandt, M. (2012). Creating Brand
CHAPTER 2: LITERATURE REVIEW 2.1 Literature review 2.1.1 Product launch process Product launch not only helps company increase the sale revenue but also expand their customer base by targeting new segments. A successful launch involves the contribution and collaboration of all departments, from R&D, Logistic, Sale, Marketing and so on. There are many elements affecting to the success of a launching. The basic factor is to develop product that satisfies consumers’ demands and maintain the brand promise. However, consumers are not only looking for the quality of product but also concerning about the price, the promotion and so on.