Marketing Plan For A Company

They can investigate the option of improving their current products to be able to compete with the new technology in some way and to invest in product innovation to see if there are possibilities of improving or matching this new technology. This should be done cost effectively to also be able to offer products at an

Extensions are usually introduced as they have more advantages and these can be transferred to a new product, with the same attributes but in a different form.

According to the American Marketing Association (AMA), a brand is a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”. However, as Keller highlights, a brand is also “something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace”. Therefore, a brand is an identity created to differentiate itself from the competitors and to be remembered in consumer’s mind.

Since an increasing number of people focus on brand names instead of product, brands become important elements for customers to choose products (Carroll, 2008). When customers trust the brand, the benefits for the manufactures are generated. In the first place, brands can be used by products as the tool to identify and differentiate themselves from various products. Secondly, brands are helpful for companies to build a competitive advantage (Bick, 2009). Therefore, organisations take more attention to branding.

New Indications – Expansion of reach for the company’s products, including the new products listed above, through new or expanded regulatory approvals within the United States and international markets;

Within this demographic “space” requirements are continually challenged by the availability of funds to acquire it, particularly when speaking of home renovations and expansions. This will be the largest of the three identified Target Markets, consisting of approximately 1/2 of the overall TM. Geographically, this target market is located throughout the valley, in the middle-income neighborhoods which is approximately $30k to $62.5k household income (US Census Bureau, 2006 – Appendix A). The slogan “the cheapest way to add a room to your home” will be a key marketing tool for this particular segment of the target market. With the economic conditions and growing families, space is desired but not always an option due to cost so this will be a key focal point. This particular market makes up 52% of the total available market, more than 128,000 homes. (U.S. Census Summary File 3, Profile of Selected Housing Characteristics: 2000)

In today’s dynamic and ever changing market. The marketers are finding very difficult to differentiate their products from the competitors. The tastes of the consumers are changing frequently. Therefore, the companies have to always take this into consideration about brands the products in order to create image in the customer mind. So the company has to fulfill the needs and wants of the customers. Brand is the personalities of the product and brand positioning is a key to the success of marketing in any company.

This is defined as the development and introduction of a product not previously manufactured into a marketplace or the presentation of an old product into a

What exactly is branding? Branding is defined as “the process The process involved in creating a unique name and image for a product in the consumers ' mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers” (business dictionary, 2016). Nike, Adidas, Starbuck and Apple are some of the largest brands in the world. Each started from a simple idea and over time transformed in the colossal brands we know today. In order to reach such heights, a brand strategy must be developed and strictly followed. Brand strategy is simply “how, what, where, when and to whom you plan on communicating and delivering on your brand messages” (entrepreneur staff, 2016). Strong brands deliver stronger

“The Marketing plan provides clear and ambiguous statement about strategies and actions that will be implemented, by whom, when and with what (anticipated/required) outcomes.”

The discussion of product and brand strategies must first begin by defining their meanings. A product is any good, service, or idea that can be offered to a market to satisfy a want or need (Boundless, 2015). Products can be viewed as follows: [1] Tangible, which are items that it can be perceived by touch such as a car or shoes, or intangible, which is a product or service that can only be perceived indirectly, like AmazonPrime. [2] Extended products that are tangible products that have additional products or services attached such as a warranty. [3] Lastly, generic products that offer consumers the essential benefits that they expect to receive [e.g. Pantene shampoo]. Products are then classified under organization goods or consumer

A brand is more than a physical good. The brand is a company’s key strategic asset (Kapferer, 1997). Brand is something that resides in the consumers’ minds which helps consumers to differentiate the products of one creator from the others. As such the brand becomes a symbol that connects the company or its products with the customers in a relationship and represents the entire “product personality” (Leuthesser, 1988, p.2; Keller, 1991, p.4; Rajendra K. Srivastava and Allan Shocker, 1991, p.5; Aaker, 1996, p.7,35).

Some analysts see brand as the promise of something. That something is intangible, but it could be a guarantee of quality, a sense of prestige, or of heritage. Everything the customer experiences in the process of evaluation, trial, purchase, and adoption is a verification of

Boosting the value of product and services: Higher benefits to the consumer product flexibility modularity and functionality. Focus on buyers needs by providing additional services such as upgrade or exchange (Stigson B 2000):

Branding more or less for centuries has been a mean to distinguish goods of one producer from those of other. Brand can be contemplated from two frames of references one from companies perspective and other from consumers’ perspective. Reference proposes the definition of branding as an avowal of the bundles of peculiarities that someone purchases and provides reparation. The peculiarities that make up a brand may be substantive or fallacious, cognitive or emotional, tangible or invisible.