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Branding,Competitive Analysis, Apple iPhone 5 and Microsoft Windows. - Assignment Example
Author : owalter
Pages 2 (502 words)
Branding is an important part of any business because it is necessary to secure a loyal group of customers for the ongoing success of the firm. Owners of new small businesses may find it difficult to brand their business during the initial stages…
They also may not have the funds required to brand the firm appropriately. One common technique used is by offering dramatic discounts or free stuff. Consumers will always be attracted by these techniques, but the key is to secure them as a long-term customer once they have been hooked on the brand. Advertising also plays a key role in the branding of any small business. For a business to develop a popular brand identity, it is important to reach as many consumers as possible. Some small business owners may not be able to do this on a large scale, so it is important that they get out into the community and get exposure for the brand. Word of mouth marketing is a great way to brand a firm because the cost is very little compared to the potential benefits that can be received. It is important to create a brand because customers are the lifeblood of any firm and they need to find something to identify with a brand so they will feel compelled to stay loyal to the brand. 2) A competitive analysis should almost always be done before making any key marketing decisions. If a company is going to spend a significant amount of money on a new marketing campaign, then it is important to ensure that those funds do not go to waste. This can be avoided by establishing a clear target market to go after and then using advertising techniques to reach that market. A competitive analysis can also show a company where they can improve in terms of efficiency and effectiveness. ...