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Developing Marketing Strategies
developing marketing strategies and plan
developing marketing strategies and plan
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Branding your startup on a shoestring budget There are large companies that spend a fortune on creating a brand, then there are small companies that have come up with really simple concepts, but have stuck in our minds all the same. A really strong brand can help define your business and allow your customers to identify with you, and make you stand apart from your competitors in the process. Take for instance coca cola, I’m pretty sure everyone of us knows that aerated drinks are bad for us, yet a whopping majority of us continue to drink it. They buy out other companies replace them and experiment with different kinds of advertising till they strike the right chord with the audience. Quite tenacious I think. But it works like a charm! You don’t have to have the budget that Coca cola has, but if you’re ingenious enough, you can come up with an amazing campaign without busting a hole in your pocket. If you’ve just started your own business and have little or no clue how to start the branding process, read on for a few tips. • Understand your audience The basic thing to start off with ...
Hence the corporation needs to evaluate and possibly adjust the corporate branding strategy on a regular basis. Obviously, a corporate brand should stay relevant, differentiated and consistent throughout time, so it is a crucial balance. The basic parts of the corporate branding strategy like vision, identity, personality and values are not to be changed often as they are the basic components. The changes are rather small and involve the thousands of daily actions and interpersonal behaviors, which the corporations employ as part of the brand marketing efforts. But make sure complacency does not take root in the organization and affects the goal setting. The strong brands are the ones which are driven forward by owners whom never get tired
Wheeler, Alina. Designing Brand Identity an Essential Guide for the Whole Branding Team. 4rd ed. Hoboken: John Wiley & Sons, 2013.
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.
[a] company may have a unique vision, a superior product, strong management and an efficient distribution system – yet if it is not able to convey the core benefits of the brand to its target audience it will ultimately fail. [5]
The research focuses on the use of different branding strategies, particularly brand equity, in order to retain brand loyalty. China is the fastest growing consumer market in the world, the study of Chinese consumer’s perception, attitude and purchasing behavior will assist in realizing the value of branding and it is important to implement the knowledge when striving to understand any particular subject. When the subject is put to practical use it is better to comprehend and find a logical conclusion. Every research has its own impacts and thus, it can be used as an increment of facts and ideas. Brand equity and loyalty highly contributes in obtaining a major edge in increasingly competitive markets therefore, it is essential to understand the importance of branding and how firms market themselves to build brand equity and attain brand loyalty. The primary purpose of this research will be to investigate the relationship between brand equity and brand loyalty and their significance as it is a crucial part of a firm’s marketing activities and how the research will be conducted using pertinent methodology and appropriate research paradigm along with its proposition.
"Strong brands build emotional attachments. They attempt to develop a relationship," says William Dillon of Cox School of Business.
All humans are exposed to branding and marketing on a daily basis. Commercials, internet ads, t-shirts, television shows. In today’s fast moving society, we’re constantly bombarded by the marketing and branding practices of businesses. As a new business owner, it can be daunting to step from being the observer to a creator of marketing and branding.
Branding has been around for centuries as means to distinguish the goods of one producer from those of another. Its significance can be understood by the fact that corporations spend millions on just designing and implementing brand strategies. Firms and organizations have come to the realization that one of their most valuable assets is the brand name associated with their products or services.
What comes to mind when you hear the term “brand” or “branding” in marketing? Nike? McDonalds? Five dollar foot long? Whatever it is, the importance of branding in the marketing mix should not be argued against, instead, it should be studied further to reveal what makes this aspect so important. Therefore, the following is an assessment of what a brand means to consumers and the effect it has on their purchasing behavior. This will also evaluate the importance of brands to the companies that own them and the qualities each company hopes to attain when creating their brand. Lastly, this assessment will uncover reasons for brand failure and offer suggestions on how businesses may build a stronger brand.
While the firm is based on the High Street of the town, annual revenue between £40000 and £50000 is not good enough. The company is not competitive and only hold a small part of market shares. This report aims to suggest and propose methods that help the company to reposition. It is important to figure out the problems in order to become more competitive in the market.
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.
Marketing and branding, two of the most common used words in the contemporary world, is closely linked to each other without doubts, but the importance of branding to successful marketing is enquired to measure in term of the question. In fact, various people have different ideas on marketing and branding. For most of people, or customers, the two are normally combined in their minds or even equal to each other. For example, people could raise Apple as the answer for both questions of "what is good branding" and "what is successful marketing". In fact, they are two separate topics on academic, and branding is just one of the numerous marketing activities apparently. However, the perception of consumers might be a good guide to answer the question.
A brand identifies a seller’s product from a competitor’s product. There are three main purposes for branding product identification, which is the most important purpose, repeat sales, and new-product sales. Branding has a lot of terms that marketers use there is brand equity, global brand, and brand loyalty. Marketers also have different brand strategies that they use for different products or customers. It all depends on the consumer for them to decide which strategy they will use. The different strategies are generic products, manufacturer’s brands, private brands, individual brands, family brands, and co-branding. The branding purposes and the branding strategy make up the importance of branding.
I do feel that brands are created by procedures and bear their chosen brand name. Therefore, the responsibility for marketing lies within a product. Like most of the company their brands are supported by advertising budget along with managing the distributors so that it reaches finally to the customer. When it comes to a product, it is always advanced and innovative features that comes in front than their competitors in the same category.
In today’s fast-paced world, branding is almost everything as it makes a brand or company valuable in front of competitors and customers. To keep pace with the modern business era, developing a strong brand identity for a small business is extremely a significant factor.