An overview of the concept of marketing
An overview of the concept of marketing
Order Instructions:
You are to provide an overview of the concept of marketing from the early stages to current marketing initiatives, strategies, processes, and trends. You are to fully support the midterm paper with extensive research with both text material and peer-reviewed literature.
This is an academic assignment and authoritative/scholarly sources are required You are expected to discuss the concepts of marketing in a way that demonstrates graduate-level critical thinking skill, extensive analysis, and evaluation of current research.
The paper is to be written in accordance with APA writing standards, which includes a cover page, an introduction, the body of discussion, a conclusion, and a reference section.
The key terms to use in the paper are as follow:
Branding
Brand equity
Brand strategies
Brand management
Types of branding
Value of branding
Effective strategies
Various brands
SAMPLE ANSWER
Each and every business organization develops marketing strategies with the aim of winning more and more clients and gains a competitive edge over other producers in the market. Consumers are spoilt for choices as there are different alternatives available for them in the market. Therefore, organizations must focus on developing winning marketing strategies that can actively promote their products and increase their market share. Marketing also helps in building customer loyalty by constantly reminding consumers about the availability of a product on the market.
In a nutshell, marketing refers to communication aimed at informing consumers about the value of a product, service or a brand with the goal of promoting the product in the market (Armstrong et al., 2013). On the other hand, branding refers to a company identity branding expresses the intrinsic value of an organization, product, or a service. It is the expression of values and attributes that give identity to an organization. Branding goes beyond marketing to the practice of creating a name, design or symbol that can be used to identify or differentiate a good from other available products in the market (Aaker & Biel, 2013).
However, this paper discusses the development of marketing and the marketing process. On the same note, the paper discusses branding and brand management are giving a couple of examples of some popular brands existing in the market.
An organization with a strong marketing strategy put in place can align the marketing activities with the organization objectives. This ensures that the enterprise can maximize the proceeds from their marketing efforts. A marketing process encompasses the development, planning, implementation, documentation and review of marketing systems and procedures (Boone & Kurtz, 2013). This is imperative to ensure that the marketing goals of delivering the right product and quantity in the right place at the time required and in a profitable manner. The marketing concept goes through a system of steps beginning with situation analysis, development of a marketing strategy, marketing mix decision and finally implementation and control.
The Marketing Process
Situation Analysis: It is imperative that a firm perform a in-depth research of the situation so as to discover any available opportunities to satisfy unfulfilled customer needs. On the same note, the firm must analyze its capabilities and the business environment in which the company operates. The organization must analyze both the external environment and internal environment. External environment refers to micro-environmental factors that have an effect on the firm operations.
Situation analysis should not only look at the present but also the past and the future aspects. The organization should analyze the different trends in the market so as to accurately forecast on the market situation (Czinkota & Ronkainen, 2012). A good situation analysis should be able to reveal challenges and opportunities existing in the market. Some of the frameworks used in carrying out situation analysis include the 5 C analysis, PEST analysis and SWOT analysis.
Marketing Strategy: After the identification of opportunities in the market, the firm should develop a strategic plan aimed at taking advantage of the available opportunity. The market research will provide insights about the market to give the business an opportunity to choose the market segment and optimal position itself in the market. The marketing strategy encompasses of market segmentation, target market identification, and value proposition.
Marketing Mix Decision: This involves the development of convenient constraints of the marketing mix. Marketing Mix encompass product development, pricing decisions, distribution contracts and the development of the promotional campaign.
Implementation and control: after developing a good marketing plan and launching the product, the organization should closely monitor the outcome of the marketing efforts and make necessary changes accordingly.
Brand Marketing and Brand Concept
Branding refers to the marketing activity that involves creating a name, design and symbol that clients can identify with when buying a product in the market (Balmer, 2012). Developing an effective brand strategy enables a firm to obtain a competitive edge over other competitors in the market. A good brand communicates a promise to the clients. The brand tells a consumer what to expect from the company products and services. Branding helps to differentiate firm products from those of its competitors. An organization brand is derived from the firm’s identity, what the firm intends to be and how consumers perceive the firm to be.
A brand strategy involves how, where, when, what and the citizens you plan communicating and conveying the firm’s brand messages. Marketing strategy such as an advertisement is part of a brand strategy. On the same note distribution channels is also the firm’s brand strategy. Branding is a wider concept that precedes any marketing effort and should cover all the creative and innovative elements that help to convey your identity to the market.
A consistent and strategic branding often result in a strong brand equity. Brand equity symbolizes the value added to the firm’s goods and services because of a recognizable name as compared to other identical unbranded products in the market (Keller et al., 2011). Business enterprises can craft their brand equity by developing products that are memorable, easy to recognize, reliable and possess superior quality as compared to its generic equivalent in the market. Having an extensive marketing campaign can also enable an organization to create brand equity (Chaston, 2014). A good example of an organization with strong brand equity is Coca-Cola. Consumers are disposed to compensate a higher price for a bottle of Coca-Cola as compared to other brands of soda in the market.
The value added because of brand equity arises from the perceived superiority or emotional connection to a brand. Coca-Cola products are often associated with happiness and customers will always transfer the emotional feeling of happiness by opening a bottle of a Coca-Cola product. Creating brand equity is a long process, and it requires consistency and persistence in the market. Brand equity is imperative when launching a new product in the market. A company having positive brand equity can increase the chances that clients are likely to purchase the firm’s new product by associating the new product with an existing and triumphant brand.
A good brand strategy is also created by creating a superior product, good positioning in the market, longevity, a comprehensive marketing and good advertising strategies (McDonald & Wilson, 2011). For the branding process to commence, it is essential that the company can create a perceived promise of quality to the consumer. Some of the essential components of a comprehensive branding strategy include:
Purpose: A successful brand should have a defining purpose because there are many competitors and consumers budget constraints are high. Therefore, firms should develop a purpose by creating a functional brand by coming up with concepts that focus on the appraisal of success based on the market expectation. Purpose can also be created based on the concept of intention of associating success with making profits and giving back to the society. A good brand should exhibit the willingness of achieving more than just proceeds.
Consistency: a good brand should communicate in a consistent manner and in a way that it enhances the organization’s brand. For a brand to stand out, it is paramount that the organization messaging is cohesive. This is because consistency creates brand recognition and customer loyalty. A good example of an organization that has achieved brand reputation is Coca-cola. The company can maintain consistency by making sure that each and every marketing element works harmoniously together to achieve organization sustainability.
Emotion: a powerful brand should be able to invoke emotions that consistently convince a customer from buying from one company as compared to another. This can be achieved by creating a community around the brand. Firms can give their clients an opportunity to feel like they constitute the part of the organization by consuming their products.
Flexibility: a good brand should be flexible and able to change constantly and adapt to the changes in the market so as to remain relevant. This objective can be achieved by engaging clients regularly in fresh and new ways.
Employee Involvement: a good brand should involve employees to engage clients and other stakeholders to achieve a greater good. It is imperative for employees of the firm to communicate well with customers and represent the brand in a memorable and innovative ways.
Competitive Awareness: Organization should embrace competition as an opportunity to improve the company strategy and create a greater value in the firm’s overall brand.
Brand Management
Brand management is part marketing that employs strategies to help enhance the perceived value of a merchandise line or a brand over time. It encompasses analysis and planning of how clients perceive the brand in the market and mounting a good relationship with the target market (Torres et al., 2012). Some of the tangible rudiments of a brand management are the product itself, price, look, and the packaging among others. The indefinable elements of brand management, on the other hand, include the experience clients had when utilizing the brand, and the customer loyalty to the brand. An effective brand management can help promote a product resulting in an increase in price and building of customer loyalty. This benefit is achieved because of positive brand association, good organization reputation and a strong market presence of the brand. It is imperative to possess a comprehensive understanding of the brand, target market, and the firm’s long-term objective so as to develop a winning strategic plan that can help maintain brand equity and gain brand value.
Therefore, when implementing marketing plans, it is imperative that the core brand values are emphasized, and it is aligned with the company objectives through internal or external branding. It is also equally imperative to understand how the organization compares with other competitors in the market. Some of the metrics that a brand manager can use to evaluate the effectiveness or campaigns include profitability, testimonies, and clients turnover.
Note that an effective brand management can result in an increase in demand for not only one good but also other goods and services associated with that specific brand. For instance, if a client loves pizza from McDonalds and trusts the brand, then he is likely to try some of the other products offered by the organization such as fried chicken.
Types of Branding
There exist various types of branding which collectively helps to achieve marketing goals, organization goals and finally organization sustainability. Some of the types of branding include corporate branding, personal branding, product branding, employer branding, and culture branding (Wheeler, 2012).
Corporate branding: Corporate branding is developed based on the foundation of promising to deliver quality products and service promptly to the clients. The purpose is to attract new clients and retain past customers through creation of brand loyalty.
Product branding: Product branding is reflected in the uniqueness of similar products produced by different firms in the market. A firm differentiates its product by branding through packaging, tastes, quality among others. An effective branding is what motivates a client to select one brand over the other.
Personal branding: personal branding is common among politicians, musicians, sportsmen and other celebrities. A politician, for instance, will focus on portraying himself as an honest and a performing person so that voters will want to put him in the office. A celebrity, on the other hand, has to be self-branded based on his/her personality, dress code, and voice. Organizations can use celebrity as a brand and marketing strategy for their products. For instance, Samsung Mobile uses Didier Drogba, a popular football player to promote their brand in the market. Chevrolet uses Manchester United to market its products across the world by associating the game with their products. Popular musicians have often been used to promote brands especially clothing and accessories such as tablets and mobile phones. Organizations also use different music from different artist as their theme song in advertising their products.
Employer branding: Employer branding center of attention is on making the organization employees to conceptualize the mission, vision, objectives, products and services of the company. The aim is to enlighten employees so that they can uphold the corporate brand when communicating with the organization’s client.
Culture and community branding: Community branding involves building organization reputation by engaging in activities that shows the collective good of the company to the community and employees. This can be achieved by developing programs aimed at helping people in the society through corporate social responsibility (Torress et al., 2012).
Some of the effective strategies for brand building and brand positioning is understanding the market. It is imperative for an organization to understand the market and customers needs before embarking on branding and developing a marketing strategy. After proper understanding of the market will enable a firm to define its brand based on customer requirement. Defining a brand is critical because in the end it will be what the organization truly stands for. An organization should look for the core strengths to capitalize on and weaknesses to improve on and create a better brand.
A company should also strategize by differentiating and positioning the brand in the market. This trend is imperative as it helps the company to win new clients and maintain a competitive edge over other producers in the market. A company should always focus on creating unique advantages in clients mind to create perceived value. After creating a unique value proposition, the firm should focus on developing an effective marketing and branding strategy to help gain market share by permitting consumers to appreciate the greater value of your products.
A firm should also focus on building and exposing the brand. Branding takes a lot of time to grow but has numerous benefits. Firms can use marketing strategies to expose a brand. This can be achieved by using promotional channels, online forums, blogs and social media.
Finally, it is essential that a firm constantly review its brand, marketing plans and other critical features that can help the organization to attain organization sustainability. A company should develop a brand cycle where new events, changes, and environmental conditions are evaluated to identify opportunities and challenges a brand face (Balmer, 2012). This is important as it can be used when enhancing brand product and re-establishing it to stay relevant in the constantly changing business environment.
A brand may be expressed through storytelling. Some of the most popular brands in the world include
Coca-Cola: Coca-cola is one of the oldest firms that have existed in the market for a long time. The company can stay relevant in the market through effective marketing and branding. The company uses color coding and the design of the actual bottle that soda is packaged because it is a source of competitive advantage. Most consumers like to be associated with the company slogan of creating happiness through the production of refreshing products. Coca cola competitors such as Pepsi may win consumers, but most people would like to buy Coke because they enjoy the experience of drinking Coca-cola products. The company has built brand loyalty through effective marketing to become one of the most valued products across the globe
Volvo can position itself as a company that produces safe vehicles to ride on the road. Nike, on the other hand, is able to build a brand reputation by producing quality sports products such as shoes. IBM is also another example of a company that has been able to produce quality computers that consumers will want to buy over other computer accessories in the market.
Starbucks coffee has been able to build its image and reputation over the last twenty years. The company has not only made an impact on the coffee industry but also on the society. The company focused on building its brand identity based on color and shape excluding the use of typography.
By and large, it is evident from the discussion that marketing is not just focused on advertisement and use of promotion to increase market share. It also involves crafting a memorable experience by building a reputable brand that consumers will want to associate with everyday (Kapferer, 2012). Successful branding often results in enormous benefits beginning from an increase in market share, the price of a product and customer loyalty. However, it is important that a company image can be tarnished easily when an organization participates in activities that can hurt customer or the community in general. In conclusion, firms should focus on developing marketing strategy and brand strategy that can help in increasing profitability. This can achieve through branding and branding strategies aimed at creating brand value and obtaining a competitive edge over the competitors and hence organization sustainability.
References
Aaker, D. A., & Biel, A. (2013). Brand equity & advertising: advertising’s role in building strong brands. Psychology Press.
Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing. Pearson Australia.
Balmer, J. M. (2012). Strategic corporate brand alignment: Perspectives from identity based views of corporate brands. European Journal of Marketing,46(7/8), 1064-1092.
Boone, L., & Kurtz, D. (2013). Contemporary marketing. Cengage Learning.
Czinkota, M., & Ronkainen, I. (2012). International marketing. Cengage Learning.
Chaston, I. (2014). Small business marketing. Palgrave Macmillan.
Kapferer, J. N. (2012). The new strategic brand management: Advanced insights and strategic thinking. Kogan page publishers.
Keller, K. L., Parameswaran, M. G., & Jacob, I. (2011). Strategic brand management: Building, measuring, and managing brand equity. Pearson Education India.
McDonald, M., & Wilson, H. (2011). Marketing plans: How to prepare them, how to use them. John Wiley & Sons.
Torres, A., Bijmolt, T. H., Tribó, J. A., & Verhoef, P. (2012). Generating global brand equity through corporate social responsibility to key stakeholders.International Journal of Research in Marketing, 29(1), 13-24.
Wheeler, A. (2012). Designing brand identity: an essential guide for the whole branding team. John Wiley & Sons.
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