Marketing management Customer Inserts His/Her Name Customer Inserts Grade Course Customer Inserts (3, 5, 2011) Marketing management Branding in marketing A combination of a name, a symbol or a design is used by the sellers to identify the good and services and to differentiate them from the competitors…
It is highly essential to understand the needs and the preferences of the customers and this is done by integrating brand strategies. Having a strong brand is invaluable since it is a promise to the customer and today branding has become a foundation for every company in marketing communication. (Kashani & Turpin 1999). Reasons why companies develop their core products into brands 1. Memorability – a brand name serves as a source of reputation for the company and besides an effective company name it also helps in reinforcing the identity to the customers which further makes them do more business with the company. It comes with a distinctive behavior or a unique color combination. 2. Loyalty – customers are more likely to purchase a brand with which they have positive association and experiences and the customers who are bonded with a brand also purchase other items sold by the same brand. 3. Familiarity – branding also has an impact on the people who are not the customers of the company and familiarity induces liking because of which people often recommend a brand to other people also. 4. Premium price and age - instead of dealing with price-shoppers, there are always buyers available who are willing to pay more for a brand compared to its competitors. 5. Extensions – a brand name which is well known amongst the people can also be used to sell new products. 6. Equity of the company rises – a company that sells branded products is sold at a higher price than the other companies that sell non-branded products and services. 7. Marketing expenses are low – money is always required to create a brand but once it is created, marketing expenses eventually reduce. 8. Lower risk for consumers – people often choose a branded product over a non-branded product when making a purchase decision. Brand valuation methods A number of brand valuation methods are used by the companies and every method has its own advantages and disadvantages. Some of the main brand valuation methods are mentioned below. Income based brand valuation methods 1. Relief from royalty method – this method is based on the amount the owner would have to pay in order to get the brand licensed by a third party. In order to capitalize the future branded cash flows, discounted cash flow analysis is used. 2. Excess-earnings method: earnings above profit are calculated to attract investors on the basis of the value of the assets while the excess amount is attributed towards the brand. 3. Price premium method: this method of brand valuation ...
Cite this document
(“Marketing Management Outline Example | Topics and Well Written Essays - 1250 words”, n.d.)
Retrieved from https://studentshare.net/gender-sexual-studies/30996-marketing-management
(Marketing Management Outline Example | Topics and Well Written Essays - 1250 Words)
“Marketing Management Outline Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.net/gender-sexual-studies/30996-marketing-management.
Critics believe that product positioning is easy to copy and manipulate in order to suite the strategy of the firm. Firms competing in similar environment post different profit margin because of the approach they take in introducing their products in the market.
Economic improvement has been witnessed over the years as a result of globalization; many multinational countries have expanded and increased their thematic areas. New technological forces are being witnessed globally; therefore, all aspects of life should be incorporated into the advanced technological system for better output.
However, globalisation does not mean creation of a global product or decision-making process. Several factors contribute to globalisation. These factors are the benefits derived from international trade, technological advancement especially transport and communication, reduction in conflict and social integration, and legal and financial systems which promote international trade.
This has led to a diversity of suppliers that are able to invest in the retail stores as their own business while providing the partnership with more accessibility to products, ranging from food to pet supplies, insurance, fashion, household goods and even flowers (John Lewis Partnership, 2011).
A good brand always aims to deliver the message clearly, it is credible which helps in motivating the buyer to buy and it eventually develops brand loyalty. It is highly essential to understand the needs and the
According to the report marketing connotes targeting or finding the right market for a specific product or service. It can be considered as a strategy that would allow allocation of resources such as time and money, as a means to attain the business' goals. One can note that marketing entails rigorous application as well.
This will guide you in knowing the audience to collect/gather the information from. The following are some of the most used techniques in gathering information for use in developing a website.
This is the use of
This outline mostly focuses on describing the concept of the restaurant, it's type and style, discusse some emerging trends in the food service industry these days. It also analyzes restaurant's strengths and weaknesses and calculates the projected financial statements, that are also given in table form.
The information is categorised into six classes, which include political, economic, social, technological, legal and environmental ones (Megaw, 2008).
The efficiency of the government systems and its correlation to the