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Importance of marketing
The importance of branding in marketing
Importance of branding in marketing
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Marketing and branding, two of the most common used words in the contemporary world, is closely linked to each other without doubts, but the importance of branding to successful marketing is enquired to measure in term of the question. In fact, various people have different ideas on marketing and branding. For most of people, or customers, the two are normally combined in their minds or even equal to each other. For example, people could raise Apple as the answer for both questions of "what is good branding" and "what is successful marketing". In fact, they are two separate topics on academic, and branding is just one of the numerous marketing activities apparently. However, the perception of consumers might be a good guide to answer the question. In the following of this essay, the importance of branding and brand loyalty would be discussed in theory firstly, and further analysis would be made on them separately, supporting by examples of Virgin Atlantic airway. Finally, a conclusion will be given out. In general, there are numerous definitions of marketing as it has various features to involve, and the one below has concluded main factors of it: "Marketing consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion and pricing of goods, services and ideas." (Dibb et al 2001, p1) According to this, it is obvious that the objective of marketing is to satisfy demand of customers by those ‘individual and organizational activities’ like promotion or pricing of goods, which are all just means to achieve that. Additionally, organizations could stand out from their competitors once they meet the needs of customers better than others. Thus, it can be said that the successful marketing is to provide competitive advantages for organizations by doing better in satisfying customers’ desires through products and other marketing activities. Product is the core of marketing, which including tangible goods like food or drinks or intangible services, as it is the major way to embody customers requirements; and, branding is directly associated with it. In fact, branding is all about decisio ns of products, like brand names or trademarks. Stork (2007) asserted that a brand is a unique business identity which represents the personality, quality or origin of products. And, such a product which added value by branding would appear in every activity of marketing, namely, branding is actually react on the whole marketing system directly and indirectly.
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
One of the best ways to describe marketing is: Marketing is managing profitable customer relationships. The goal is to attract fresh customers by promising greater value and to keep and grow current customers by delivering satisfaction. We further define marketing management as the art and science of selecting target markets and building profitable relationships with them. This is how the marketing strategy was formed in this submission.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
The word “Brand” owes its origin to the Norwegian word “brand” which means to burn. Farmers used to put some identification mark on the body of the livestock to distinguish their possession. Products are what companies make, but customers buy brands. Therefore marketers resorted to branding in order to distinguish their offerings from similar products and services provided by their competitors. Additionally, it carries an inherent assurance to the customers that the quality of a purchase will be similar to earlier purchases of the same brand.
When people go to a store in order to buy food or commodities, they are faced with a problem of a wide choice of goods because nowadays there is a huge range of different producers. Moreover, all of them try to be recognized on the market by creating a significant image. As a result, companies create own brands. According to American Marketing Association (2013), a brand is “a name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers.” Also, the process of creating connection or association between emotional perception of the consumer and company’s product with target of creating distinction and building loyalty has known as a brand management (Hislop, 2001). For instance when someone mentions Apple, most people instantly think about high quality and high-tech. Another example is Coca-cola. This company many years has and develops long-term relationships with customers by not only selling cold drinks but also providing a lifestyle. That means that loyal customers are satisfied with added value that the company offers instead of other companies (Bergström, Landgren & Müntzing, 2010). Hence, brand management influences consumers’ behaviour and satisfaction by creating brand identity and loyalty.
What comes to mind when you hear the term “brand” or “branding” in marketing? Nike? McDonalds? Five dollar foot long? Whatever it is, the importance of branding in the marketing mix should not be argued against, instead, it should be studied further to reveal what makes this aspect so important. Therefore, the following is an assessment of what a brand means to consumers and the effect it has on their purchasing behavior. This will also evaluate the importance of brands to the companies that own them and the qualities each company hopes to attain when creating their brand. Lastly, this assessment will uncover reasons for brand failure and offer suggestions on how businesses may build a stronger brand.
Marketing has been a major component in organisations, it exhibits the primary focus on transactional exchange and its key focus on the products or services may be of interest to customers, and the strategy to use in sales, communications and business development (Kotler, 2009). The history of marketing and marketing practices itself can be related back to as far as 7000 B.C. (Carratu 1987), it derived from the changing revolutions as well as the rise of economies particularly in the 19th century (Robert 1988). Marketing come from evolving practices, approaches and theories that have been accumulated and brought up from scholars, business people and practitioners. The changing environment in organisations, social changes, development, and particularly the growth of national and international economies has led to organisations into the field of marketing.
This chapter discuss the general branding phenomenon, the concept of brand, brand identity, brand image, and how making a creation of brand. And explain the importance of branding and the relation between branding and architecture. There are various terms used when analyzing brands, and working with the concept of branding. Therefore, in this chapter will account for the most relevant terms included in this thesis to clarify the interpretation of them in this particular context. And clarification of the definition of a brand, which is the very core of the term branding. This will lead to a clarification of brand identity and brand image which will continue to discuss place image and will end by explaining
This article studies the relationship between advertising and sales promotions and their impact on brand equity. A main priority for most companies is to establish and achieve a strong and powerful brand name. A company can build a strong brand name by creating the market for their customers want. By creating a strong brand name, a company will become more established. Brand equity is important to the producer, retailer and consumer. The consumer knowledge of the brand says how the producer will produce and market the product. The consumer knowledge of the brand name also determines the quantity the retailer will sale. Brand equity can have a positive or negative effect. A positive effect would be for everyone to recognize the name and purchase the product. The negative effect would be to have the product recalled. Brand equity is important because it can offer many advantages for a company. Brand equity can create a high demand for your product, reduce marketing cost and the company’s brand name will have high credibility.
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
Moreover, brand name, brand advertising are important to identify the uniqueness of the brand in the mind of customers.
Kotler, P, Armstrong, G. Saunders J and Wong V (2005) Principles of Marketing 4th European edition: Harlow; financial times prentice
Modern customer is very brand conscious. Branding is a process of stamping a product or a group of products or something else which the marketer offers, with some identifying name and mark or combination of both (Kotler, 2001). It creates individuality in the offering facilitating it to be easily distinguished and recognized in the market from rival offerings (Lamba, 2013).
Marketing is the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. Many people believe that marketing is just about advertising or sales. However, marketing is everything a company does to acquire customers and retain a relationship with them. Even the small tasks like writing appreciation letters, bringing a client for lunch, returning calls quickly and meeting with a past client for coffee can be thought of as marketing. The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensuring profitability. (Anon., n.d.) The term consumer behaviour refers to the behaviour