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Theories of brand management
5stages of brand management life cycle
History of tea topic
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1.1 Problems Background
The brand development process is categorized as an important element of business development matrix. The overall sustainability and progress of the business depends on brand development framework of the organization. In this reference the role of consumer is significant to contribute significantly in brand success and determine the profitability of the firm. Consumer contributes positively to improve the marketing strategy of the firm and helps to understand the consumer psychology that includes consumer thinking process, consumer perception regarding the brand, consumer behavior toward the brand, key characteristics of the brand that are considered significantly by consumer to determine the consumer taste and make purchase
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1 World Tea production and sales overview
Source: Pakistan Tea Association
There is significant growth is observed in the beverage industry after 2000 with a steady trend in the era of financial crises but in the same period the growth of tea has shown an average growth of 3.75 percent in terms of production globally. At the mean time the consumer of the tea increased on an average growth rate of 3.45 percent globally.
1.2 Research Context
Tea is common beverage used in the Pakistani culture and has significant influence on the overall economic, social and cultural environment of the country. In Pakistan daily consumption without tea cannot be considered realistic. It is domestically prepared and consumed. In Parallel, it is also a part of business activity in the form of tea points. It is used among all the economic segments of the economy and significant proportion in CPI index of the country. It is the compulsory of social events among all the social class segments and considered as compulsory part of the event. There is number of factors that are identified that with the progress of time has highlighted their significant influence on the tea brand selection and affected the position of tea brand within the local market. It includes brand marketing, brand loyalty, tea brand aroma, tea brand color, pricing policy of the tea brand, market position, demonstration impact, available tastes and quality and many other
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In 4Ps the first and foremost is product that define the key feature of the product or brand design. It is added through different studies that product features based on the compressive consumer and market research better meet the consumer expectation and receive appreciation from consumer to the part of preference list. Secondly, pricing structure of the tea brand an expensive brand is less appreciated among consumer within the market place with less expensive offers with competent features. Hence it is necessary to structure the pricing of the tea brand as per market practices and reflect the consumer purchase capacity.
Furthermore the distribution channel is also considered as significant elements to affect the consumer tea brand selection process in Pakistani market. On time availability is considered very significant and necessary among the marketers and retailers as a key success factor for a tea brand and determine the customer loyalty towards the tea brand. Therefore a tea brand with significant and strong distribution channel is considered as a competitive edge to the tea brand to better potion the market and meet the customer
Mise, J. K., Nair, C., Odera, O., & Ogutu, M. (2013). Determinants of Brand Loyalty and Product Quality of Soft Drink Consumers. Asian Journal of Business and Management , 1 (1), 8-13.
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
The one of main factors is that costumers are swayed by product itself. Where are we buying it? What is the trademark of the product? How much is it? What is the product’s appearance? How about product’s use? And, does the product have a good quality? All of these questions will appear in our mind when we are making decisions. Thus, every consumer will accord to analysis by synthesis product itself, and focus on the product that he or she most favorite. The ways of vendition and the environment of vendition impact the buying behaviors of the customers. The seller makes an attempt to choose the right way and sell the products in the right environment. Consumers will select a safe channel, and according to legal order trade with the marketer. So, having a good channel and place is very important. Usually, a well-known trademark can attract customers to buy the product, because of its influence, history, or another factors. In
The aim of this report is to examine Innocent Drinks position within the market and to see how their position of strength can be built upon, both in the current market and any potential new markets.
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.
Martin, Laura. Tea: The Drink that Changed the World. North Clarendon, Vermont: Tuttle Publishing, 2007. Print.
In the United States, coffee is the second largest import (Roosevelt, 2004). Furthermore, the United States, consumes one-fifth of all the worlds¡¦ coffee (Global Exchange, 2004). The present industry is expanding. It is estimated that North America¡¦s sector will reach saturation levels within 5 year (Datamonitor. n.d.). According to National Coffee Association (NCA), 8 out of 10 Americans consume coffee. In addition, it is estimated that half of the American population drinks coffee daily. The international market remains highly competitive. It is estimated that 3,300 cups of coffee are consumed every second of the day worldwide (Ecomall, n.d.). The latest trends included dual drinkers, an increase in senior citizens...
The original target market has not changed, but has expanded into the demographic of the store location. The demographics of the company has not a specific gender and varies between the age from upper 20’s to mid 35’s. The audience is predominant men and women living an urban life with a steady income. Lately the company is bringing their culture of tea closer to college campuses, believing that hitting consumer, such as students, will make them seek the product after school. The strategy of opening Argo Tea shops in urban settings facilitated and helped to expand the brand quickly and acquire customers beyond the city.
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin
Apart from this marketing faces a growing marketing terms of population. One of the greatest opportunity that RTD tea market has its huge market which is increasing as the population is increasing. New product in the global will capture the early adaptors. Today’s world population exceeds 6.6 billion people and is expected to increase to 8.1 billion by 2030(1.2% annual increase).Tea is the most widely consumed beverage in the world next to water, and for example can be found in almost 80% of all U.S. households. It is the only beverage commonly served hot or iced, anytime, anywhere, for any occasion. On any given day, over 158 million Americans are drinking tea.Approximately 85% of tea consumed in America is
Talbott Teas could certainly have the opportunity to segment their markets. Rather than pursuing a larger demographic of people they can divide their audience into smaller groups and provide more specific products to meet particular wants and needs of certain groups. Talbott can segment their younger age market and gear products that are more fun and contain exotic and trendy flavors as well as focus toward the healthier groups by providing teas that have added vitamins and minerals.
The review of relevant literature is to identify what's brand awareness and how to carry out in strategic marketing, and consumers' behavior. The study prove that the significant factors on brand awareness as a perception of product, service, and image of the company and has a tremendous effect on consumers’ evaluation of system results. From reading all of the relevant journals, it is understandable that the significant factors on building a successful brand image and awareness is consumers and their relationship with the brand, company, service and the product. Brand awareness is the vital importance to marketing strategy and marketing communications because it links customer behavior to firms’ financial metric. Keller (2001), noted, customers’ reaction toward brand awareness is associated profitably brand equity.
Secondly, some light has been thrown on the previous researches by various authors on the similar topics by providing with a summarised form of the same. It helps in better understanding of the ongoing concepts and perceptions on the concept of brand and its importance.
People are buying the product which gives them prestige. Marketers have interest on consumer psychology and they are playing with every day by showing that their product will give prestige in the society. It’s true that the transparent societies now needs brands image. Marketers analyze the interest and needs of consumer than create the product according to the need of the society. Brand can attain the people attraction and the business can have the good reputation by giving satisfaction to consumer. If the brand gives satisfaction and function are according to the expectation of consumer than the brand gets good image on the mind of consumer. brand image is great weapon to use for the competitors it builds in years , at once the business gets brand image it has competitive edge from other brands in the market. When consumer rely on the brand the company can create the long term relation with the consumer, in other words (CRM) consumer relationship management. The brand image has effect on the choice of every individual there believe and attitude change their preferences. Brand image can be effected by price as price is an important part for consumer when they are making purchase decision if they find the value of brand is equal to the pricing they purchase that brand if not they refuse it. Similarly the image of brand can be effected by the attributes and features or
For millenia, tea was used as a medicinal beverage because it flavored water and seemed to help prevent sickness, It became a daily beverage around the 3rd century A.D. When the tea trade began, it was transported around China and beyond its borders by caravans consisting of 300-500 horses. The men leading the horses discovered that a tasty ora...