Promotion Analysis: Brands and Competitive Advantage
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Promotion Analysis: Brands and Competitive Advantage
Promotion Analysis
Consider the different channels through which a company might market its products: direct mail, large and small retail stores, outlet stores, and other retailers (where competition is not a factor).
Brands and Competitive Advantage
The value of a brand can never be quantified precisely; however, it can be impactful. Many companies actually carry a factor (sometimes called customer goodwill) on their financial books that represents what the primary corporate brand means in dollars and cents. Goodwill can literally be worth millions of dollars. Consider the following examples:
A few years ago, Toyota and Chevrolet manufactured the same car (Corolla and Prism, respectively) on the same assembly line in the U.S. The cars were exactly the same except for the nameplates. Chevy charged hundreds of dollars less for that car, yet the Toyota outsold the Chevy by tens of thousands of units because of the value of the Toyota Corolla brand and its history.
In the early 1980s, Audi was accused of producing cars that mistakenly accelerated on their own. Company executives were interviewed on television and responded with rebuttals, stating that the problems were caused by driver error. It is hard to tell your customer-base that they are bad drivers and maintain any kind of customer loyalty. Audi was nearly driven out of the American market. It took the company years to recover.
Some containers of Tylenol, a very trusted brand of pain reliever and the market leader (40% share), were found to be tinged with cyanide, and people died because of it. Tylenol, seeking to maintain trust in a situation over which they had absolutely no control, pulled every single capsule off every single shelf. Months later, in new tamper-proof packaging, they re-entered the market and ultimately regained their market leadership position (and their consumers’ trust in the brand).
Brand values such as these take a long time to build and a significant effort to maintain. We should not underestimate the value of a brand. Marketing management has to support a brand name with the right mix of name, term, logo, and any other features that will make it distinctive from other, similar products. Marketers also have to know when to use the brand, such as in a line extension (Diet Coke) or when not to use it (Toyota’s new line of cars, called Scion). Some of the world’s best known brands have huge value in their respective markets. This brand value helps support the price associated with the products and services of the organization. Consider the brand value of familiar companies such as Sony, Coke, Disney, and so on.
Customers respond to brands in a variety of ways, with various degrees of brand loyalty, recognition, preference, and even insistence. Marketing research should be collected and interpreted in order to predict these traits. The degree to which consumers exhibit these traits is referred to as the brand equity of a product or company.
There are three basic categories of brands: private distributor brands, manufacturer brands, and generic brands. Your local food store carries all three types of branded products on its shelves in different price categories and with different profit margins. The store brand carries the store name as a private distributor brand, while a generic may have no name other than the description of the product (such as corn). Manufacturer brands of corn include Del Monte, Hunt’s, Green Giant, and others.
Assessment 6 Context
BUS-FP3030 Assessment 6 Context
1
Marketers seek and achieve competitive advantage throughout the entire marketing process in each area of the four Ps. “Creating competitive advantage is the central goal of competitive strategy. As the marketing concept has been widely adopted in the last decade, it has become the dominant conceptual foundation for the development of competitive strategies. According to that view, buyers know what they want, and the objective of competitive strategy is to five it to them. Competitive strategy in other words is customer driven” (Iacobucci, 2001).
Porter’s Five Forces Model demonstrates a view of competitive forces in the marketplace that affect an organization’s decision processes and ability to compete in the marketplace.
Consumer Behavior and Customer Relationship Management
The process consumers undertake when purchasing products is complex and loaded with ambiguities. For some products (houses, cars, computers, education), we search long and hard for important information upon which we will base a buying decision; other products we buy on impulse (Trident gum, The National Enquirer). Generally, the greater the investment required for the purchase, the greater the amount of time that will be devoted to the purchasing decision process. For any business, it is imperative to know how the consumer undertakes this process and how to develop a marketing effort that will assist that process at any given point.
The proliferation of technology in recent years has created tools that allow easier means of tracking customer buying habits and to subsequently find ways to develop relationships with those customers. Amazon.com is a terrific example of this. Visit the Amazon.com Web site, read a book review or two, buy a book or two, and Amazon will instantly develop a profile of you, compare that profile to others who have read or bought the same kind of books, and then make recommendations for other books that you would probably like to read. This kind of customer profile can be done digitally; it cannot be done as effectively by the bookstore clerk at your local bookstore.
Assessment 6 Context
BUS-FP3030 Assessment 6 Context
2
The five parts of the consumer buying process are:
- Problem Recognition.
- Information Search.
- Evaluation of Alternative.
- Purchase Decision.
- Postpurchase Behavior (Kotler, 2000).
Our decisions are influenced by our lifestyles, family, friends, attitudes, learning, perceptions, motives, and personality. Consumers, once they have recognized a need, search for information. Depending on the importance of the decision, they search a variety of sources including reference groups, friends, family, media and direct searches via the Web or visits to a retail store.
On the other side of the buying process is the organization and its customer relationship management (CRM) system or processes. CRM is an organizational model used by businesses today to build lasting customer relationships. Studies have consistently shown that the cost of gaining a new customer is many times the cost of maintaining a satisfied customer. What distinguishes the CRM model is that it changes an organization’s processes and systems to focus on customer satisfaction. CRM processes and technologies are used to gather information about consumers, identifying which customers and market segments are most profitable for the organization; what the most cost-effective ways are to acquire them; how to retain them for as long as possible; and how to secure customer loyalty. There are a host of CRM systems and technologies on the market today to assist businesses in optimizing their customer relationships, thus enhancing the organization’s profitability and increasing revenues.
Strategy Formulation
In a complete market analysis, the assessment of the opportunity will provide a picture of all of the forces that may come into play in marketing: segment definition, size, growth, and possible competitive response. The firm’s strategic direction will be to produce a product or service with differentiating factors that stand out in the customer’s mind, and to position the product or service well for changes that will take place in the selected market segment.
References
Iacobucci, D. (2001). Kellogg on marketing. New York, NY: Wiley. Porter, M. E. (1998). Competitive strategy: Techniques for analyzing industries and
competitors. New York, NY: Simon & Schuster. Kotler, P. (2000). Marketing management. Upper Saddle River, NJ: Prentice Hall.
Assessment 6 Context
BUS-FP3030 Assessment 6 Context
3
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
CLICK ON THE LINK HERE: https://www.perfectacademic.com/orders/ordernow
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!!