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Customer orientation goals
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Real Estate Case Study: Security Captical Pacific Trust
1. The lack of branding in SCPT?
There are several reasons that explain the traditional lack of branding in the real estate industry. One of the most important reasons is that the real estate industry has been seen as a commodity business for hundreds of years; the main focus was on the property ' and so the product was considered as a tangible aspect only ' not about the customer. E.g. SCPT did not even know who its customers were (Fournier & Thorp, 2001). There was almost no information on their key customer segments, the key drivers of customer choice, preference and satisfaction. Also, branding is seen as a natural process, what assumes extra attention to branding is not necessary. Besides, because competitors neither focus on branding, and organizations tend to imitate each other (Levitt & March, 1988), branding seems less important. Hence, real estate businesses can be seen as financial organizations, in which it is difficult to come up with a look and a feeling. These are essential to position a brand and to create a certain brand image in the consumer’s mind. Moreover, this look and feeling are needed to create a clear brand identity and purpose in the employee’s mind. By mainly focusing on the tangible aspect itself, the unique selling points (USP’s) can be communicated clearly, while the emotional selling points (ESP’s) are often forgotten. For the creation of a branding strategy, these ESP’s are most important (De Pelsmacker et al., 2004). With the addition of emotional aspects, the consumer will get a certain feeling or emotion towards the brand and its products, while with the use of USP’s only, this goal of setting a certain brand image will be almos...
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.... To realize this, SCPT should focus on the relationship and level of personal identification their customers have with the brand. When SCPT has realized this, their customers are willing to invest time, energy, money, or other resources into the brand (Keller, 2001).
References
Fornier, S. & Thorp, S. (2001) “Security Capital Pacific Trust: A Case for Branding.” Harvard Business School: pp. 1-30.
Keller (1999) “Brand Mantras: Rationale, Criteria and Examples,” Journal of Marketing Management, 15: pp. 43-51.
Keller (2001) “Building Customer-Based Brand Equity”, Marketing Management, 10: pp. 15-19.
Levitt, B., March, J.G., (1988). “Organization Learning”, Annual Review of Sociology, 14: pp. 319-340.
Pelsmacker De, P., Geuens, M. & Van den Bergh, J. (2004) “A European Perspective”. Journal of Marketing Communications . Pearson Education Limited, pp. 185.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill Company.
Pride, W & Ferrell, O.C. 2000, Marketing Concepts and Strategies, Boston: Houghton Mifflin, p. 103.
Increasing awareness of a personal and unique identity distinguishes us from the pack. A brand mantra differs from a tagline, explains Guy Kawasaki, as a mantra describes internal business, a standard for a company to abide by. A tagline is for customers and what they can expect to be delivered (Martinuzzi, 2014). John Jantsch, founder of Duct Tape Marketing defines branding "the art of becoming knowable, likable and trustable” (Martinuzzi, 2014). Many specialists on the subject agree that trust building is essential in success. Being honest is one of the top five steps Forbe’s advises when it comes to brand building (Biro, 2013). Some suggestions to follow from, How to Build an Unforgettable Personal Brand (2014) include, making sure customers are provided what is promised, leading with unwavering quality and being consistent in making good on one’s word. The article also warns that the public will assign a default brand if a
A brand is utilized by a company to differentiate its products from others in the market. Some techniques for accomplishing this are through the use of distinguishing logos, names, color schemes, and slogans. An effective branding strategy is one of the most important components for gaining a significant advantage in a progressive market. Basically, a company brand is its promise to its customers about what can be expected from its product and how it differentiates from the competitors. The branding strategy is the part of the marketing plan that explains how and to whom the company proposes on conveying its brand messages. It will also explain where the company plans to advertise and what it will publicize both visually and verbally (Williams, 2013). Home Depot’s marketing plan will contain domestic and global branding strategies and will be a collaboration of brand messages from both Home Depot and Reach the Top®.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
Jobber,D & Ellis-Chadwick, F (2012). Principles and Practices Of Marketing. 7th ed. : McGraw Hill Higher Education. p19-21 & 352-354.
Lamb, C. W 2010, Marketing (4th ed.). Cape Town, South Africa: Oxford University Press Southern Africa.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
Mooij,M de.2004.Consumer Behavior and Culture: Consequences for Global Marketing and Advertising. Sage, Thousand Oaks, CA.
7. Gommans, Marcel, Krish S. Krishnan, and Katrin B. Scheffold. "From brand loyalty to ...
Tanner and Raymond (2014) describe branding activity as “strategies that are designed to create an image and position in the consumers’ minds” (c.6). When branding messages coincide with its offerings’ characteristics, it establishes consumer trust, and brand strength. For example, when first introducing Dove brand in 1957, by labeling its product as a “beauty cleansing bar . . . [with] ¼ moisturizing cream, that rinses cleaner than soap” (Unilever, 2016), we can see that marketers associated the brand to moisturizing and beauty, and disassociated the brand from common soap. Over the years, this consistent message coinciding with product performance has strengthened the Dove brand. Strong brand equity is derived from consistent, strategic branding that establishes perceived quality and emotional attachment (Entrepreneur, 2016); therefore, consumers are more likely to pay higher prices, as well as purchase new offerings connected to the
Kotler, P., & Keller, K. (2012). Marketing management (14th ed., Global ed.). Boston, [Mass.: Pearson.
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
Jobber, D. (2013), and Ellis-Chadwick, F, “Principles and Practice of Marketing, 7th edition.” McGraw Hill.
Gogel, R. and Larreche, J.C. (1991). Pan-European Marketing: Combining Product Strength and Geographical Coverage. San Francisco, California: Jossey-Bass