The customers in the market need the proper and correct information about this product or service before they buy it. The ways we communicate features and the benefits to potential customers is called a promotional mix. When we promote the product in the market which is newly launched, engaging in persuasive communication: Want to convince others to buy from them. It must select the right promotional strategy to: 1. To capture the attention of the right group of potential customers at a right time in a credible yet catchy way.
Different Models of Brand Equity In modern marketing, brand equity is considered one of the key principles that brings the added value to products and services. Brand equity can be defined as a marketing process helping indicate the relationship between the overall customer’s satisfaction and loyalty to the brand. David Aaker, a branding expert, defined brand equity as a set of factors and features related to a brand name and symbol that increases the value provided by a product or service (Aaker, 1991). Basically, if a product is not associated with a brand, it relates to a commodity. At this point, brand equity starts demonstrating its value by bringing the benefits to the revenues by means of increased sales and customer’s willingness to
The conjoint analysis or trade analysis (Green and Srinivasan, 1978) can be used to explore the main effects of the brand name and interaction effects between the brand name and other marketing mix elements such as price, product or service features, and promotion or channel choices. To measure Brand Associations there are many
Therefore, the added value the brand has gained due to being popular. There are different ways one can calculate brand equities. Marketing scholars have come up with various brand equity calculating methodologies such as Asker Model, which evaluate the different attributes of the brand. Moran brand equity index measure the brand equity by three factors – effective market share of the brand in the market, the relative price as compared to competitors and the durability, which is the customer loyalty to the brand. Young and Rubicam’s Brand Asset valuator they also measure brand equity using different dimensions which are differentiation, relevance – meeting the customer needs, esteem where customers can relate to their personality and the knowledge – consumers awareness of the brand.
A company has to build the right type of experiences around brand, to manage touch points and moment of truth, so that customers can have positive thoughts, specific feelings, relative association, and matching perceptions as company hopes and plans. After brand salience has been realized, the process moves on to the development of brand meaning. To boost overall brand equity requires paying attention to brand meaning, which is related to both brand performance and brand imagery. Raising brand performance starts by delivering products or services that can meet current consumer needs. A good product is at the heart of brand equity and it is the primary influence of consumer experience with a brand.
What is the ‘promotion mix’ and how does a business decide what mix to use? • A successful promotional mix will involve a good balance of both above-the-line and below the line promotional methods. This could involve using an appropriate mix of advertising, sales promotions, personal selling, direct marketing, and public relations when communicating the advantages of a product to customers or supporting a firm’s marketing goals. • Cost, legal framework, target market, stage in product life cycle, type of
According to Payne & Frow customer relationship management can be defined as follows: “CRM is a cross-functional strategic approach concerned with creating improved shareholder value through the development of appropriate relationships with key customers and customer segments. It typically involves identifying appropriate business and customer strategies, the acquisition and diffusion of customer knowledge, deciding appropriate segment granularity, managing the co-creation of customer value, developing integrated channel strategies and the intelligent use of data and technology solutions to create superior customer
However, the attitudinal dimension refers to customer’s positive beliefs and feelings toward a brand among a set of competing brands (Odin et al., 2001). According to this view, brand loyalty is recognized as an attitude presented mainly by consumers’ brand preference or psychological
Retail store design factors into window displays, furnishings, lighting, flooring, music and store layout to create a brand or specific appeal. Employees working in this area are responsible for designing the store and presenting merchandise and fixtures in the store (Michael Levy and Weitz, 2010). Arvind Singh (2004) in his article argues that the truly most productive and desirables assets are not buildings and fixtures but a profitable customer base. He also states that enhanced customer relationship implies taking customer service and associated profitability to new heights by increasingly interactive retailing. He also discusses extensively, now the advancements in technology have changed the face of retailing and have compelled retailers in India to rethink their strategies.
Moreover, the parent brand loyalty, equity and personality also play a huge part in the brand extension process. Ranjabraien et al., (2013) researched analyzing brand extension strategies in Service Companies indicate that the probability of success and acceptance of brand extension in order to have a competitive advantage are strongly influenced by the Perceived product quality and the perceived fit between the extended product and other products of the brand and consumer 's attitude to extension. If the extension is according to the perceived fit the brand extension strategies can be a success. Dr. Jayakrishnan et al. (2015) concluded that a recognized brand name could provide competitive advantage and hence, is considered as one of the firm’s most valuable assets.