Why is Branding so Important in Marketing – Assignment Example
The paper "Why is Branding so Important in Marketing" is a great example of a marketing assignment.
Branding is a marketing strategy in which a product with excellent quality and durability has established a firm belief in the consumer’s mind and there is a general consensus that a particular brand is going to be definitely good. Once the market for such a product has been established, this belief is exploited by marketing experts to promote more products, taking care that they offer the same quality which further affirms the confidence in the consumer. Once an exclusive product establishes its identity as a market leader, there is no looking back for the company, provided the product has scope in the future as a necessity.
Moving a cult brand to the mainstream involves identifying the general masses that are vulnerable or desirous of a particular product which has an established appeal factor. The target consumer base is then broadened with aid of the firm believers in the brand (www.swlearning.com). Promotional endeavors in form of advertisements and electronic media are then used to attract the consumer and invest in the product.
2-Do you think that the "types" in marketing to men and marketing to women make sense or are they too simplistic?
Marketing based on the sex of the consumer is an effective mode and makes sense as certain products have an exclusive appeal to either sex. Cosmetics, baby care products, and jewelry have intense appeal for women and marketing should be targeted according to the media they are likely to be exposed to. Similarly certain products like bikes, electronic gadgets, arms, etc. have more appeal in men and marketing is exclusively targeted at them. Marketing on the base of sex, therefore, holds definite merit.
3- How important do you think that innovation is for a company to be competitive? (Use Toyota as an example)
Innovation involves identifying the customer’s needs according to the latest trends in society, the spending power of the consumer and the economic situation within a country. Toyota is an established name in automobiles and it targets its consumers in different countries according to the type of vehicle that can meet their requirements. In developed countries, it offers the latest gadgetry like GPS navigation, electronic sensors, etc. while in developing and poorer countries, it offers just the basic product which can satisfy the local demand in drivability and convenience.
4-How has McDonald's used the concepts of segmentation, targeting and positioning to grow its business in the US?
McDonald’s identifies a single product which has appeal in certain geographical locations and then goes for mass marketing of that single product which it promotes extensively. Fish and chips might be favored more in certain locations while the meatier maxi burger can be a more desirable product in certain locations. McDonald has lately changed its strategy to focus more on ‘one brand, one product, one position’ by initiating changes in its historically practiced mass marketing strategy