Brand Names Mean Less Today Term Paper

Pages: 4 (1511 words)  ·  Bibliography Sources: ≈ 2  ·  File: .docx  ·  Topic: Business - Advertising

¶ … brand names mean less today than they did years ago, how should companies react? If you were running the marketing department of a company, how would you reach out to customers, who aren't as committed to brand names? On a personal note, how important are brand names to you? Has that changed over time? (ie, think about your mentality in middle school, high school, and now...and what it might be like 10 years from now...). Explain the importance (or lack thereof) of "branding."

Branding continues to become more and more transparent over time, partially driven by the lack of credibility that marketers have as a result of claims being proven false or over-inflated, and in large part due to the Internet becoming a clearinghouse of the voice of customers weighing in with their true thoughts. Branding must more than ever be trusted and be seen as contributing to the consumers' image they are attempting to portray as well. Branding still has an aspirational component to it, yet that aspiration is tempered with realistic assessment of the truth and credibility of brands. Now more than ever branding must connote, earn, and keep trust.

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The impact of the Internet, and now specifically blogs, are revolutionizing how many people view companies and their products. The value of brands is being increasingly influenced by the many forms of consumer-generated media that is growing rapidly on the Internet including blogs, Wikis, and even discussion forums. Customers of both consumer and business goods place much more of a value on credibility and trust than promises of performance. As a result, brands and the professionals that manage them have had to get away from being all things to all people in their statements of value and focus more squarely on what is the most critical to customers.

Term Paper on Brand Names Mean Less Today Than They Assignment

Before the widespread adoption of the Internet and the pervasive influence of consumer-generated media took hold, brands could project an image that in reality sometimes connected with the truth of their company, and sometimes not. Yet today customers from both the consumer-to-consumer and business-to-consumer market arenas are in search of the truth, and further, want to find a trusted advisor specifically to provide honest advice. The role of the unique value proposition in defining and maintaining greater brands is defined by Columbus (2006) as needing to have a resonating focus over merely listing all features and benefits. The value of brands as it relates to the unique value propositions has also significantly changed. As these statements of value would attempt to be all things to all people, today unique value propositions that are the most effective focus only on one or two discernable points of differentiation.

In many respects branding has much more to do with relevancy and much less to do with making claims and promises in an attempt to be all things to all people. Branding today focuses more than ever on credibility and transparency; and the use of consumer generated media including blogs, Wikis and the Internet to show transparency and trustworthiness of a brand is more important than ever before. The power of brands and brand equity in persuading consumers to move from one product to another continues to become a strategic focus for the leading consumer and commercial products and services companies. Yet only in their products or services reinforcing the claims of the brand, over and over again, will these companies be successful in getting consumers or business customers to change from one another to another.

The bottom line is that the Internet has changed branding forever, and forced marketers to be both more transparent but also more creative in their definition of the core identity of any product, which is in essence the message of any brand.

For any brand to succeed it must be trusted.

2) How important are customer insights to the success of a product? If I asked you to create and market a new beverage, what information would you need (if any) to make the product successful. Ask four or five people that you know what type of beverage there is a need for in the market place. A new beer? A new soda? A different type of juice? Something else? Based on their responses, tell me what needs to be made, and what type of questions you asked them. If you were to do this on a national level, would you ask more people? How? Where? What would you ask specifically?

It is critical to gain the insights of potential customers for a new product before investing in the development of prototypes and later, production. Knowing the unmet needs of customers, their preferences, wants, needs, preferences in packaging, messaging, distribution, pricing, and promotional strategies are all critical. it's imperative to have a systematic and organized effort to gain insights from potential customers on a proposed new product before actually introducing or launching it; having this knowledge greatly reduces the level of uncertainty and financial risk associated with a new product introduction. The aligning of a new product with the needs of its proposed market is critical for its success and must be undertaken during the development stages of the product.

In asking five people regarding their opinions for a new sports energy drink, specifically focusing on taste, vitamin and nutritional value, packaging, pricing, and their energy levels after drinking the beverage, the following results were obtained. The questions asked specifically focused on favorite flavors, types of vitamins and nutrients that needed to be in the drink, the packaging and pricing considerations, and lastly, the energy levels of those trying to beverage were explained. In asking five acquaintances and friends for this feedback the following results were obtained:

The most popular flavors were Fruit Punch and Lemon-Lime flavored drinks with no aftertaste. One person mentioned they would like to have a slightly sweet, fruity taste to the beverage.

When asked which nutrients that needed to be included, the majority said antioxidants, Magnesium, Vitamins a, E, C, and amino acids. One said there needed to be a version of the drink that also had caffeine in it as well so they could drink it on the morning, on the way into work.

Packaging in smaller containers that could easily be stored in backpacks and also in compact spaces in lockers and apartments was critical, as was the requirement of not requiring them to be refrigerated immediately after they were purchased as well. The respondents also said that there should be multiple sizes to match the preferences for bicycling, running, going from class to class, to and from work, or driving.

Pricing was predictable as the respondents wanted the beverage to be less expensive than Gatorade's low prices for smaller bottles, yet also wanted to have the drink distributed through vending machines nationally.

In developing a sports nutrition drink based on these requirements, it would need to be more effective than Gatorade, Red Bull, Power Aid or other energy drinks in alleviating fatigue yet have a fruitier, sweeter taste than any of these competitors, at a lower price, with broader distribution, in more innovative packaging. The critical need is for creating an entirely new approach to bottling nutrition and sports drinks.

In looking at how to define the national research program for this proposed beverage, the questions would need to be increased to include additional sports and outdoor activities, and would also need to include mock-ups of the actual packaging to get greater clarity on this specific point. In addition, a pricing study would need to be completed to determine how effective the proposed drink could be in achieving break-even over time, in addition to defining the elasticity of demand for the drink over the initial year of its launch. Included in the pricing analysis would need to be… [END OF PREVIEW] . . . READ MORE

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