Mkt624 Assignment No. 1 solution
Friday, October 29, 2010 Posted In Mkt Edit ThisQ#01: Why do you think it is important to convert a product into a brand?
Ans:
Because a brand name is a specific notation, or word for a product or service. It is a trademark that identifies a brand. It comes under the proprietary rights of a company. In fact if a company is expanding internationally then it becomes necessary for the company to adopt such a brand name and logo which can prove an excellent identity for the company. After the invention of advertising, in 1930 the concept of brand name emerged. Have you ever noticed that people who are brand conscious always love to use branded products which have a brand name on it.
Importance of a brand name in advertisement is also clear if you think for a while that whenever the name of fast food comes you think about McDonald, and Subways. After making a strong brand positioning, brand name of the company becomes its identification and a tool of marketing and promotion.
Q#02: State five of your favorite brands and discuss briefly why they are so dear to you?
Wall’s dairy ice cream. It is so dear to me because not even a single time I went fad up by buying it because it is a largest selling brand in ice cream products & has a very wide range of products in a single banner. So whether if talk about taste or about quality & flavor, it will win all the time & I can bet upon it. The major motive to choose this product is, its international recognition & I feel pride to be a part of such product.
Gourmet sweets & bakers. If we talk about confectioners then the largest selling brand in sweets & bakery products in big cities of our country is Gourmet. Whenever I visited their outlets, every Time I enjoyed their privilege & clean environment. All the stuff is so much dainty & hygienic there & whenever I want to buy some confectioners for relatives or friends then there is only one name in mind, “Gourmet” Also there is a pride of buying quality products which has its recognition too.
Virtual University. If we talk about educational institutes then VU is one of that institutes which are spreading knowledge at our door steps. Its online study system is very helpful especially for females & working students. The way of learning is so simple that a student if regularly attends the lectures, always gets the degree. The main benefit of this institute is that the VU brand globally recognized which has its branches worldwide.
Gold Leaf. In cigarettes, gold leaf is a largest selling brand in Pakistan. This brand is its recognition in itself. The tobacco quality, packing quality & the brand logo enough for feeling pride among friends.
Nestle. If we talk about health products then globally there is one & only brand is arisen in our minds, Nestle. I feel proud to be a part of Nestle family due to its trust among customers.
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Another Solution:
Q: What do you think that it is important to convert a product into a brand?
This simply means that branding is just not about wrapping a product into a nice package and selling that in a hope that I have turned a product into a brand. The brand must require special or superior value preposition, the brand must be maintained a good relationship with customers, and also changes in response to fierce competition yet meaning the same to its loyal customers.
The customer must feel that they have full value of their money spending in terms of quality; the value has to be more than the generic product. The customer can get feel satisfaction from the products. Thus a good brand must create a good value for the company or the organization. Therefore, a brand creation is the end product of a team of professionals, nor just a single person effort it is a team effort.
The firm or the organization need to do consistent hard work to give meaning to the product to turn into a brand. The brand must represent the quality and the satisfaction of the customers. a brand represents itself in the differentiated form and features for the customers to acknowledged without differentiation a product does not qualify to be acknowledged .as a brand of the product can occupy an intended position in the customers mind than the product can convert into a brand .competition creates challenges for the brand management tools the team of professionals can face the challenges and live up to those by responding professionally. Brands go through the rough and timbre of market dynamics.
A perpetual effort is required to sustain it in the market. a good brand works as a good future sales good future earning and a source of good future demand and lasting attractiveness for the company , it also shows a strong entry barriers to competition. It also carries its value in the local market as well as in the international market a good brand must offers economies of scale in advertising, and promotions. Brands must be managed keeping in view their value for the consumer and for the company
Q 02: State five of your brands and discuss why they are so dear to you?
Q 02: State five of your brands and discuss why they are so dear to you?
brands must maintain its quality and satisfaction of customers in their mind. It is not a single person creation it is an effort of team of professionals
01. ST MICHEAL: It is a firm or organization can create good quality products for the valued customers. It has a local and international market. It creates shirts, trousers, socks, sweaters and so on. For their customers. The company can create a good image on the customers mind. The company can make its products according to its customer’s needs. In 2006 I was in USA, I bought the trouser from the store of the ST Michael‘s store. After a couple of days I thought it is not so good enough, I was go there ask to the reception officer if there is any possibility I want to change the trouser with the new design and new style trousers. He asks me you go and change as you want. I was very pleased to him and thanks to him. That’s the company policy can create a good image in my mind I give him a price differentiation money and says thanks to him. That’s the tool through which the company can create a good satisfaction in the customer’s mind and also the customers can want to buy in the future.
02. SONY: It is a firm which can produce mobiles phones, television, LCD, monitors, stereo systems etc. it captures its local market as well as its international market. it creates a good quality product which can use after its warranty expires. It has created a brand name in its customer’s mind. After a product is purchased by the customer the company can provide its free spare parts warranty in the limited period.
The company can create its product according to the customer’s need. That the customer can easily afford to buy it. The firm or the company can create lots of difference in their product among competitors. The person or the customer of electronic product he must first prefer to buy a Sony product that is a good and long life product. The company can also introduce a new technology in their products. That the customer can want to buy it. Some customers have special attention to the new technology products and it prefer to buy it as soon as possible.
03. HONDA: it is that firm or company which produces a vehicles or cars for its customers. The company can differ in styles, quality products, luxurious and lifelong in their products among competitors. it can create an image on the customer’s mind. Company can create or turn its products into a brand and thus now he has generated a good cash flow, good future revenue for it. As time passed it introduces new technology in their vehicles manufactured so that the valued customers can want to buy it. The company can produce a product that can be durable, long life and good quality products.
04. IBM: IBM is a firm which can produce computer systems, LCD’s, keyboard, and other applications of the computer systems. it produces a short body system which have a greater speed of there applications. There products must be long life and there products might be working in extreme cold and hot conditions or climate. The system user can already know its durability and quality of the IBM it produces its products in all sizes, different designs which can show the company’s image. The spare parts of the system can be easily in local market as well as in international markets.
05. NOKIA: it is multinational company. It produces mobiles phones and there accessories of mobile phones for their customers. It produces a good quality and long life mobile phones. The new and old customers can know its performance and durability so that’s why the every customer can want to purchase according to its range. The company can introduce a new technology features in its products. The company can create its products in different sizes, styles, and designs which the customer wants. NOKIA can create its huge market in he whole world. Its competitors cannot compete in mobiles phones applications. The customer first preference is to buy a new good looking product. It also give its body parts and other accessories of the mobile phone in the market. The price of the product can also attract the customer itself.
