Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Efficient marketing strategy
Efficient marketing strategy
Efficient marketing strategy
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Efficient marketing strategy
Evaluate marketing opportunities
1. How has brand value been created by the Tilba Cheese Factory? (5 points)
Within the context of evaluating marketing opportunities, brand value relates to the intangible aspects of a company that act as a major source of competitive advantage and benefit for both consumers and sellers. For example, a strong brand value allows for a faster purchase decision process for consumers as information can be gathered quickly, and alternatives will often not be considered with equal weighting. Healy confirms this stating that “Good brands create shortcuts in product choice” (p. 136).
Brand value is created in conjunction with the components of the marketing mix. Each of the four components must promote a consistent message in order to achieve desired success.
1. Focal point – In creating a point of recognition through means such as a logo, or slogan, a company can convey the essence of what their brand stands for. For example The Tilba Cheese Factory labels all products in a way that promotes a boutique, high quality and speciality vibe that separates the company not only from main stream competitors such as Kraft and Coon, but also further promotes the boutique nature of the brand. Healy states symbols can be used to allow for instant recognition of a brand, while also revealing its character. (Healy p. 129)
2. Co-Branding is a strategy that promotes two brands on one product. This method is useful for credibility and the establishment of new brands through associating an often prominent brand with a newer less established brand. In reference to the Tilba Cheese case, the credibility and brand value of the ABC factory was increased when aligned with the established Menora Gourmet Products d...
... middle of paper ...
...ords are kept as a basis for comparison. Healy confirms this stating, “These measurements need to be made continuously and compared against historical data to see which areas of marketing activity are becoming more efficient.” (Healy p. 184) In reference to Tilba Cheese, the company could use efficiency measures to determine if production levels are producing the same levels of waste as previous periods, if the data determines that more waste is being produced, further action can be taken to identify the specific problem.
In conclusion, evaluative measures provide highly effective methods of identifying what components of a company are best performing and what areas will need to be looked into in order to increase performance. The main benefit of effectively set measures is problems can be identified early on to avoid business suffering.
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
Throughout the storyboard, the values the brand stands for and how these are communicated will be addressed, with the conclusion focusing on what the images say about the competitiveness of the brand.
The process of creating brand called branding. As one part of product strategy, branding also has several kinds of strategies which is used in many occasions. ...
A customer’s response falls in two categories, judgment and feelings. Consumers are constantly making judgments about a brand. These judgments fall into four categories: quality, credibility, consideration, and superiority (Keller, 2001). Customers judge a brand based on its actual and perceived quality, and customers judge credibility using the perception of the company’s expertise, trustworthiness, and likability. To what extent is the brand seen as “competent, innovative, and a market leader,” “dependable and sensitive to the interest of customers,” and “fun, interesting, and worth spending time with” (Keller,
...of brand equity in an organizational-buying context. Journal of Product & Brand Management, Vol. 6(6), pp. 428-437.
Companies use a collection of brand equities to represent their products in the market (Voolnes, 2012). Brand equity refers to the commercial value that is derived from the perception of consumers on any given brand name of particular products in the market as opposed to the product itself. Ataman (2003) notes that the effect to the consumer is in the brand name and not the product itself. Companies use logos, trademarks and a collection of other symbols to present this information to the customers. The use of these symbols is meant to try and capture the customer mindset so that they can be thinking about the company products at all times through the items they possess at home (Estes, Gibbert, Guest, & Mazursk, 2012). This can well be explained by use of the customer-based brand equity model that brings together the requirements for a publicly renowned brand in the market.
Marketers assert to develop branding and packaging strategies that signify the brand’s products in a way that establishes lasting impressions in consumers’ thoughts. Because brands distinguish the many product offerings in the marketplace, brands help consumers choose between product offerings. When branding and packaging strategies clearly illustrate worthy product expectations, and products remain true to branding messages, positive consumer perceptions ensue, and brand value is strengthened.
Brand equity is crucial as it implies that the brand itself is an important (financial) asset and can be calculated in financial terms (Barwise, 1993). This is particularly important in the luxury sector as from a behavioural viewpoint, brand equity can differentiate a company or product from other competitors, adding to their competitive advantages based on non-profit competition (Aaker, 2004). The model created by Aaker (1992) states that there are four categories of brand equity; Loyalty, Awareness, Perceived Quality and Associations. Luxury branding relies on a high level of perceived quality, loyalty and associations, although potentially less so for awareness, as it is thought that consumers choose luxury brands based on their exclusivity and as such the more the awareness that surrounds the brand, there is potential for it to become less valuable (Phau and Prendergast,
A comprehensive brand strategy can be broken down into few essential components that can help your company to sustain in the marketplace for years.
[2] Aaker, D.A. and Jacobson, R. (2001) The Value Relevance of Brand Attitude In High-Technology Markets. Journal of Marketing Research 38, 485–93.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
By communicating a new value proposition, brand management aims to change the brand’s former brand percep-tion and link the new brand image to the new position. Of course, also within re-positioning, new attributes have to demonstrate points of difference and superi-ority. By emphasizing the brand’s uniqueness, management enables the cus-tomer to perceive higher brand value in their mind (cf. Friis 2009, p. 19). If the brand elements are not relevant for the target audience or the brand proposition was not chosen correctly, brand identity will not be perceived as credible and communication will fail. Therefore, companies have to analyse their target groups accurately before choosing new attributes, which they want to communicate. Management has to find out what are the target audience’s needs, wants and desires and what do they believe in. The organizations values should in best case overlap with the values of the audience. New brand attributes have to follow specific communication objectives, which are focussed on changing the custom-ers’ perception (cf. Feddersen 2013, p.
(1991), brand equity is the positive value that a brand name can add to its products, such as Coke, Kodak, Levi’s and Nike. It is critical for firms to develop marketing strategies to create brand equity. Advertising expenditures, the sales force, public relations, slogans or jingles, symbols and packages, warranties, and event marketing are the important factors for companies to establish brand equity (Aaker, 1991; Simon & Sullivan, 1993; Keller, 2003).
Brands are valued for their equity. Brands add value. Everyone in the marketing profession agrees that brands can add substantial value. It is also true, sometimes, that brands become a burden. The brand can be both a value enhance and a decrease. A variety of opinions exist about brand equity. Some of these as
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