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Importance of branding in marketing
Importance of branding in marketing
Note on brand awareness
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We are all consumers, and we buy diverse products every day. But, do you know what the main factor is that influences us to choose a product? If someone selects a cloth, maybe he pays attention to its quality! Customers’ decisions can be changed depending on what the main factors they are looking at. Various influences can cause consumers to select different products. 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 …show more content…
The consumer decision process consists of these six steps. First, problem recognition: Awareness of an unmet need. Second, information search: Search for alternatives that will meet your needs. Third, alternative evaluation: Evaluate the alternatives. Forth, purchase decision: Decide on the best alternative for you based on your criteria. Fifth, post-purchase behavior: Determine if you are satisfied with your choice. Sixth, disposal of product: Determine if you will keep it, upgrade it, or get rid of
These data affect the consumer decision-making process through alternative evaluation, the consumer compares the different choices to best meet their individuals need. The consumer decides the criteria for judging the alternative products or services by evaluative criteria. Consumers use tangible and intangible criteria, and when evaluating alternatives, determine qualities that are important and evaluate the alternatives.
According to the topic that has given to us, I select about the segmentation, Targeting and Positioning. There are many kinds of companies who are selling the same products with different prices however the quality of products is not the same. Every person likes good quality products no matter what price. Even though they produce is good product there is always segmentation targeting and positioning for each. This is also look for the appropriate place to go.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Customers were looking for a well branded bike with high quality and the lowest price. Depending on the market segments, the customers had different preferences of what they wanted from a company. Customers influenced by advertisement options, price, quality, public relations, and many other factors that strongly altered their buying decision.
Problem Recognition is the first step in the consumer decision making purchase. When customer passes through this step, it moves to the second step which is known as information search. Zara focuses on this step. When customers starts collecting information to know about a particular brand or various alternatives available in the market. As per the customers of Zara, various factors can influence their decision to choose Zara. Some of the factors that can influence the decision of its customers are products, brand image and brand identity, coming up with new products every two to three weeks and ambience of Zara stores and outlets. The decision factors differs from a person to person are unique for every person. Zara has to focus on factors like brand image, brand identity, products, ambience of its stores, so that it can influence the consumer’s decision and attract more customers to choose Zara. (Vaxjo, K. 2011)
Consumer Decision Process From buying a hamburger to buying a house people use a process in order to make a decision on what to buy. (book cite) describes this as the consumer decision process (pg.175). Utilizing a consumer decision process model, marketers are able to better understand how consumers are purchasing products and services. The five step consumer decision process model includes need recognition, information search, alternative evaluation, purchase, and post purchase.
Consumers with brand loyalty are indifferent with too many choices in shopping as they tend to ignore other brands and chooses product from their preferred brand.
Every company wants to understand why people decide to buy its products or others. Firstly, we have to understand why people buy certain kind of product. People buy products because they need them. A need is activated and felt when there is a sufficient discrepancy between a desired or preferred state of being and the actual state. (Engle£¬Blackwell and Miniard. 1995. p407 ) For example, when you feel hungry, what you needs is some food. It is very important for marketer to understand the needs of consumers. All the consumers may have the same needs, but the ways which they satisfy what they need are different. Here is a example, Chinese people would choose rice when they feel hungry, whilst British people may choose bread to satisfy their needs.
Consumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision process.
Even with commodities, there are quite a few parameters which brands can use to position themselves to capture a place in the consumer’s memory and consequently in their shopping basket. A few of the more widely accepted of them are: Consistency of Product Quality, Customization of the product to the extent possible, Providing a wider range of products, Identifying the most profit generating segments of the market and modifying or adding an offering to cater to their specific needs, Unique packaging, Emotional Branding and even basing branding on building a unique image to the extent of professing to have a brand personality. In fact focusing on getting consumers to build an emotional identification with the brand and its personality has a far longer lasting effect and builds far greater loyalty than focusing on just functional and utility attributes which a competitor would also able to easily match if not surpass.
Defining the product strategy and pricing are the most critical activities for every company. These activities include the creation of such a product that meets the needs and desires of specific groups of customers. In order to satisfy customers' needs, it is crucial to identify optimal combination of marketing mix elements. In succeeding that, managers have to find the answer to the questions like: What product's characteristics are relevant for the customers? Is there a need for designing variety of same products? How to differentiate a product? What price the customers are willing to pay for a given product? The answers to these questions are particularly important if we bear in mind that in today's business environment it is necessary to make it attractive to a particular target market, which means to distinguish a product or offering from the similar ones. Product differentiation is the process of distinguishing a product both from the offering of competitors and firm’s own product offering. These differences may lead to competitive advantage if customers perceive the difference and have a preference for the difference. It is therefore necessary to elicit the preferences of customers prior to product differentiation.
The ability of the management in positioning and establishing the product is a success in any company that operates for marketing and profit acquisition. Furthermore, the ability of the company and its management to complete and maintain a competitive edge among its competitor throughout the product differentiation is another basis to say that is successful. Also, innovation and the constant development on the product lines and the growing number of customers also define the corporate standing of a company. Effective branding strategy and strong brand name are an important part of the profitable business. But, all the strategies and all marketing theories can be worth nothing without the compliance of the desires of consumers.
He listed these five factors as follows: “(1) informing, (2) influencing, (3) reminding and increasing salience, (4) adding value, and (5) assisting other company efforts.” (p.246). To clarify that, the first most important aspect is informing people, which means company needs to enhance the awareness of the consumer about their products by mentioning its advantages and features. Advertising also affects the products in two ways. Firstly, by basic demand, which builds consumer desires for old products of the company and secondly, refers to a new brand of the company.
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
Several factors affect consumers’ attitudes, actions and decisions. Public catch information from social networks, which is an important source of getting information and this, is also a very suitable source of information. People talk about their experiences with each other regarding a product or brand. This is how people get different kind of information about different brands and products. In marketing we call this thing electronic word of mouth. Word-of-mouth is evaluating or sharing experiences...