'0eje

Classified in Economy

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BRANDING:                                                                                                                                      The process of developing a firm’s identity and strengthening its image and loyalty. 

Brand recognition: is the extent to which a consumer can correctly identify a particular product or service just by viewing the product or service's logo, tag line, packaging or advertising campaign. Brand recognition can also be triggered via an audio cue, such as a jingle or theme song associated with a brand.

Techniques used:

  • social media advertising

  • producing a short and memorable song

Brand awareness: The degree of consumer recognition of a product by its name. Creating brand awareness is a key step in promoting a new product or reviving an older brand. Ideally, awareness of the brand may include the qualities that distinguish the product from its competition.

Brand preference: When you choose a specific company's product or service when you have other, equally priced and available options. It is a reflection of customer loyalty, successful marketing tactics, and brand strengths. Once you prefer something, you buy it more than one time and you become brand loyal.

Techniques used: Could be similar to brand loyalty´s techniques. 

Brand loyalty: the habit of always buying a product with the same name, made by the same company.

Techniques used: 

  • Quality

  • Brand values

  • Experience

  • Culture-habit-familiarity

  • Loyalty programmes 

  • Discounts

APPROACHES TO MARKETING

 

PRODUCT-ORIENTATED

MARKET-ORIENTATED

Definition (Characteristics of)

Also be known as an “inward-looking” approach where the firm develops a good/service and convinces the market to buy it.

Also known as “outward-looking” where the firm engages in market research to identify the products that have a demand before producing and selling the product. 

Differences: 

*focuses on the product itself, high costs on innovation/research and development of the product, may charge higher prices, can achieve high quality

* focuses on market research 

Strengths



  • Associated with high quality

  • Builds a good reputation and success in slow-changing industries 

  • Control over its activities 

  • Higher rate of success because market research allows the firm to develop what is demanded 

  • Can respond to the changes to the preferences of the market 

  • Strong position to meet the challenge of new competitors 

Limitations

  • Higher risk of the market not accepting the product

  • Higher spending on R&D without considering consumer needs 

  • Higher costs in innovation do not guarantee that the market will buy the product

  • Market research is costly

  • Having knowledge of market does not guarantee success because behaviour is dynamic and unpredictable

  • Uncertainty about the future and external economic conditions 

MARKETING APPROACHES BASED ON OBJECTIVES 

Commercial Marketing: marketing strategy which aims to develop goods and services  and later generate profits. Mainly used by for-profit organizations. 

  • Convince customers to buy and eventually generate profit

  • To strengthen brand loyalty

  • To develop brand image

  • To create brand awareness and recognition

Social Marketing: marketing approach which aims to influence behaviour to generate positive benefits for society as a whole. Mainly used by non-profit organisations and the government. 

  • To develop brand image

  • To create brand awareness and recognition

  • To encourage society to contribute to the mission and cause of the organization

  • To strengthen the credibility and reputation of the organisation and its cause.

Social-Media Marketing: refers to the use of social networking applications and platforms to sell their products and/or to promote a cause. Social media is used to complement other marketing techniques. 

  • To expand the organization’s reach to global level

  • To strengthen brand recognition

  • To interact directly with current and potential customers

  • To collect market data to investigate customer behaviour and trends 

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