Describe the relationship between branding and marketing.
Branding is the process that builds a product/service. It is the responsibility of all aspects that go into building the entity. It has a strategic significance and links all activities within the organization, making it the focus of all functions and decisions. Marketing is the actions that build of the brand to its value. Both are in a relationship without one another the entity would not succeed. Marketing offers the chance to identify market needs in order to produce entities for each opportunity. Branding involves multi functions that incorporate marketing, management, finance and design in one process. Marketing supports the development of the brand in all stages. "Marketing supports the development of brands in all of its stages; it plays an integral role in the creation of the emotional value through the shaping of the brand personality and then communicating it to the outside world through its various communication channels" (Hameide, 44).
How does the decision-making process differ between that of luxury brands and mass-market brands?
For luxury brands offer a higher quality in their products and entity so they must set high prices as where a mass-market brand must have a standard price point to reach the mass-market. The same concept goes into the distribution of each of these products, a luxury brand has an exclusive distribution, it distances itself from its top competitors and adds value to the product. A mass distribution is centered to target the masses and generate high volume prices and can be found in almost any retailer. "They follow the footsteps of luxury brands and are meant to sell to a larger market at a more moderate price" (51).
Explain the meaning of "brand identity" and highlight its role in the positioning strategy.
The brand identity is one of the most important aspects of the brand. It can be described as the meaning of the brand. Finding the brand identity consists of realizing the positioning strategy, by the image it has established and by how the consumer sees the brands identity and value. The image can take various forms, "such as a name, logo, color and packing design. A strong visual identity makes it easier to visually identify a brand in a market full of competitors, make it easier to recall from memory, make it easier for consumers to buy a product, and make it easier for sales personnel to sell a brand" ( 61).
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