One thing all the marketing strategies have in common is that the product must b
ID: 327368 • Letter: O
Question
One thing all the marketing strategies have in common is that the product must be the center of the brand building effort. There is a lot of competition and everyone is trying to make their brand the best. It is important to be creative, unique, and original when building brand equity and introducing the product into the marketplace. This involves setting good prices, making adjustment to the price when needed according to not only the market price, but also demographically. Let me know you thoughts as to how you would go about this?
Explanation / Answer
As mentioned in the article, for any successful campaign, product has to be the centrepiece. Without a good product, it is very difficult to sell the same or even promote it to the mass audience. It is common for every marketing campaign to make the product the highlight. There have been may media ads which rather than focussing on the product have on the qualities of the product and only revel the product towards the end. While such initiatives can create brand recall in the consumer mindset, it also confuses the audience in regards to the product highlights and features. It is always best to keep any product advertisement by keeping the focus on the product itself.
When a product gets launched in the market, it might be unique but that stays only for a certain period of tie. Pretty soon, other begins copying the feature or creating better versions of the same. The consumer who only had one option at the start now face the choice of selecting from multiple vendors or companies. To beat this, every organization continually tries to innovate the product in such a manner that others do not have this feature yet. Apple iPhone is a prime example of this. The features shared at the launch are pretty soon copied by others and hence they have to keep creating newer and better versions of the same. More often a product gets upgraded with features only to beat the market completion.
While building the brand equity, there should be a connect with the consumers. It should not happen that the target audience cannot understand the product benefits. To ensure such an occurrence do not happen, all brand campaigns focus heavily on the product and how it can effectively connect with the consumer. It can be done with good promotions, proper pricing strategies, price revisions and area based customization. Long gone are the days where a product launched could sustain the company for a longer time, now companies are forced to make adaptive changes and find new creative ways to ensure they have the upper hand in the market.
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