Marketing managers are often faced with many decisions on how to best develop a brand. Branding is a focal part of marketing which helps companies distinguish themselves from one another. Today’s marketers are faced with challenges on selecting the best branding strategies; should branding be done using functional marketing and or using physic(emotional) marketing? Marketing is an ever-evolving dynamic process that doesn’t seem to have a one simple cut solution. It’s important for a company to convey their brand in a powerful manner while embodying the true essence of what the company stands for. Today’s marketplace is more challenging than ever and it’s important to have a strong marketing ...view middle of the document...
Target marketing becomes more precise as marketers can use effective marketing strategies to best serve and reach this demographic.
Value Opportunity Gap and Competitive Opportunities
After selecting a target market, marketers begin looking at the unmet desires of the consumers. These desires can derive from functional problems and or stimuli-related (Cagan & Vogel, 2013). Changes in the economic environment, paradigm shifts in social and cultural trends, and technological innovations product the byproduct of emerging value opportunities in the marketplace. These changes help provide companies with opportunities to better develop and refine a more substantive brand message. Companies also respond to these changed by re-assessing current product designs, by innovating and providing more value for products. This methodology adopted by marketers is known as customer-centrism. Ultimately the goal of this practice is grow a satisfied customer base and increase brand equity, which will result in larger growth.
Creating a Brand Concept
A brand is a unique element of a product that identifies and distinguishes a product from its competition. In order to build. Branding a product builds an emotional connection between the consumer and the company. Companies allocate a lot of resources to advertise their brand, when a consumer prefers a particular brand over a generic version, the company has successfully built brand equity (Solomon, Marshall, & Stuart, 2008). According to Kevin Lane Keller, the top successful brands share these ten characteristics:
* The brand excels at delivering the benefits customers truly desire.
* The brand stays relevant.
* The pricing strategy is based on consumers’ perceptions of value.
* The brand is properly positioned.
* The brand portfolio and hierarchy makes sense.
* The brand makes used of and coordinates a full repertoire of marketing activities to build equity.
* The brand’s managers understand what the brand means to consumers.
* The brand is given proper support, and that support is sustained over the long run.
* The company monitors sources of brand equity (Keller, 2000).
When developing a brand strategy, marketers must select an approach that maximizes all of these characteristics in a balanced manner. Successful branding will leave customers with a memorable experience, which translates into future and continuous sales.
Customer Branding Mind-Set
After developing a branding strategy, marketers want to ensure the brand resonates as intended in the mind of the consumer. Consumers respond differently to marketing ploys, depending on mindset, lifestyles, geographical locations, functional needs, etc.; customers reactions are variable and uncontainable (Thomas Net, n.d.). Marketing managers are faced with the difficult task of determining the best strategy to use in differentiating a product amongst rival products. Should the advertising strategy adopt a functional...