Marketing Analysis : Price And Brand Image

Today’s consumers are constantly trying to judge the quality of products. But what is quality? How and by whom is quality determined? Some would say the designer creates specifications, which in turn dictate the quality of a product. That quality is also based on the acceptable value of a part within a whole product.

Jaworski (2003), the process of purchase could be divided into three sections: pre-purchase, purchase and post-purchase. Authors claim that every part of purchase process is important because it is a complex action. Firstly, when a decision to buy a product is made, personal evaluation of product purchase process begins. Consumer starts collecting information regarding the criteria that determines the choice of the product and the location where the purchase is to be made. The question about loyalty to the brand is raised as well when it comes to utility of the product and service that the customer receives on purchase day. According to D. Schultz (2005), a satisfied customer will demonstrate the loyalty to the brand in a way that shows the willingness to repeat the purchase and provide positive comments to the social groups using word-of-mouth technique. The product brand itself and its importance to the client is included in purchase decision making as well.

The key benefit of this is to deliver superior value to the target market and while doing so, sustain competitive advantage in the market place. Marketers tend to focus on the customer end of the value network , developing important customer relationship management practices , with the view to incorporating the needs of the customer into the product /service benefits.

The market is the set of actual and potential buyers of a product. Building customer value and satisfaction is the key to product success. Marketing is about understanding customers needs and developing a product that provides value and promotes effectively. Marketing, in addition, is also about wants and demands. Wants are shaped by culture and personality. Demands are wants that are backed by purchasing power. As a marketer responsibility is formed to provide a combination of products, services, information, or experience to satisfy these needs, wants, and demands. Customers form expectations about the value of products and

The American Marketing Association defines marketing as - It is the activity includes set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large which adds to profits ( kotler & keller, 2012). Marketing Management means the analysis, planning, implementation and control of plans or programs designed to create, build and maintain beneficial exchange with target consumers for the purpose of achieving organisational objectives. The objectives of marketing management are to create demand through different means by providing information about the utility of product, customer satisfaction, to increase market share and profit, to create goodwill and public image. Today’s marketers are focusing to maintain reputation in the eyes of their customers. The term of marketing changes as the marketing environment changes. Now, marketing functions are not limited. Customers are smarter and more

According to Graeme D. and Ensor J., (2005) ‘’Marketing is essentially a simple process and success stems from the understanding of the costumers need’’. The concept of marketing could be simple but it is the implementations that is highly complex and requires a range of interdependent variables. These variables must be given focus and direction in order to achieve successful fulfillment of customer needs. Marketing is also the means to provide such direction. Additionally, the provider must understand the needs and wants of the customer. Therefore marketing offers a mechanism that facilitates understandings, communication and the development of products and services as solution to the customer needs. Finally, marketing is an interface between the

become aware of the label and eventually decides to make a purchase. Hence theories of

Aaker (1991) defines brand loyalty as ‘the attachment that a customer has to a brand’. Two different levels of loyalty are classified: behavioural and cognitive loyalty (Keller, 1998). Behavioural loyalty can be indicated by a number of repeated purchases (Keller, 1998). Cognitive loyalty refers to the consumers’ intention to buy the brand as the first choice (Keller, 1998; Yoo and Donthu, 2001). Another indicator of loyalty is the customer’s willingness to pay higher price for a brand in comparison with another brand offering similar benefits (Aaker, 1996).

“The customer is always right “is a popular phrase denoting that business direction is determined by its consumers. It is a phrase with which many marketers are familiar, and one by which most successful companies are driven. But why is this seen as a golden key to business success? Lee & Carter (2012) argue that the ultimate marketing goal is to fulfil consumer needs and wants in a manner which is better than that of the competition. Being consumer focused in today’s world has to be seen as a complete necessity in order to drive business. Some would say it is a “licence to practice” (Zairi, 2000). This paper will examine and critically discuss the key elements in understanding why the consumer is your most valuable asset, and why fulfilling their needs is paramount to business success.

Marketing is about the relationship between an organisation and its marketplace, and in particular its customers and potential customers. Customers are the lifeblood of a

Marketing is about creating values. Prosperous companies rely on returning consumers making purchases repeatedly and the aim is to have a sustainable long lasting relationship with clients (Jobber and Chadwick, 2013).

Using marketing analysis tools this paper aims to give a view into a product and brand strategy. With the use of marketing tools we gain insight into what a product is, and what a brand’s position and strengths are. Which directly and indirectly shapes and offers a view into product and brand strategies likely to be successful moving forward. We aim to give an introductory look at product and brand strategy through the lens of a specific product class in terms of the product, key brand characteristics and the brand itself. We will look at automotive vehicles as the product to examine and Toyota as the brand in order to give a clear look at product and brand analysis as it is applied. This will be done by first looking

For marketers who are fortunate enough to be market leaders and to enjoy a significant amount of customer goodwill and loyalty, the overriding goal is to fortify the existing positive attitudes of customers so that they will not succumb to competitors' special offers and other inducements designed to win them over. Most competitors; take aim at the market leaders when developing their marketing strategies. Their objective is

Marketing is defined as an organisational function containing a set of processes for designing, communicating and delivering value to consumers and managing consumer relations in manner that benefits an organisation (Sheth & Sisodia, 2006, p. 105). Some of the processes involved in delivering and communicating the value to consumer include advertising, packaging design, use of discounts, product or service campaign meant to create awareness, and celebrity endorsement. Marketing is what an organisation does to gain consumers and retain a relationship with them. The main goal for marketing is persuade consumer about the value of products and services being offered, hence, ensuring increased sales and profitability.

When evaluating potential alternatives, consumers tend to use 2 types of information: (i) a “list” of brands or models from which they plan to make their selection (the evoked set) and (ii) the criteria they will use to evaluate each brand or model. Evoked set (consideration set) refers to the specific brands or models a consumer considers in making a purchase within a particular product category. Inept set consists of brands or models the consumer excludes from purchase consideration because they are felt to be unacceptable or inferior. Inert set are brands or models the consumer is indifferent toward because they are