Summary
The paper is focused on the concept of ultimate branding opportunity. In the first part, the complexity and types of products are discussed. Then, readers may learn information about the strategies that firms utilize to adjust their product lines with the purpose of responding to the changing market conditions. The paper observes branding along with its value for enterprises and customers. In addition, this part discusses varied types of branding strategies. Finally, the last part makes an overview of product design, packaging and labeling issues to explain how the image of the product affects customers’ decisions.
The main message of this paper is that the core customer value of a product is produced by the combination of the brand name, quality of a product or service, packages, labeling, and positioning (Grewal & Levy, 2012). Customers integrate their awareness of a brand with their buying experience, quality certification, observing, consuming impressions, and everything they read or hear about it. Although brands are tangible, which means that the essence of a brand exists only in people’s minds, companies are able to create the face of a brand by means of using distinctive packaging, logos, and other visual representations (Grewal & Levy, 2012). Brand awareness is the key variable affecting the marketing success of a product or service (Grewal & Levy, 2012).
Personal Response
Having a row of business ideas in mind, I was thinking about ultimate branding opportunities for the promotion of those projects. The knowledge helps me understand that to create the core customer value of a product, it is important to ensure sufficient quality level, packaging features and design, brand name, and associated services such as product warranty, product support after-sale, and financing.
Additionally, I have learned how branding should be performed to meet customers’ expectations and how to affect customers’; experience to create their positive awareness of a brand they consume. Another important point I have marked is that labeling and positioning are categories of top priority as well and it is crucial to invest enough time and effort in the development of attractive packaging. Finally, I have acquired a better understanding of the strategies of line extension, brand extension, multi-brands, and new brands. Particularly,
- line extension assumes brand name extension to new flavors, sizes, forms, etc;
- brand extension assumes brand name extension to new product types and categories;
- multibrand assume new brands introduction in the same categories of products; and
- new brands assume development of new brands in new product categories.
Moreover, the information from this class reading fully connects to the current business situation and marketing issues. Today, customers have developed high brand awareness, which motivates their consumer behavior. People’s decisions are connected to their social and economic background; likewise, people aim to emphasize their status and position in society by loyalty to certain brands. Therefore, it is clear that targeted branding should be a primary strategy for an enterprise in today’s business situation. Overall, examining of different sources on changing customer behavior reveals the importance of implementing new branding strategies to establish a new level of customer loyalty (Grewal & Levy, 2012).
Reference
Grewal, D., & Levy, M. (2012). Marketing, 3rd. ed. New York: McGraw-Hill/Irwin.