Introduction success factors, and key success details. (Acker,

Introduction

 

Throughout this report, five concise critical commentaries (CCC)
will be discussed. These five CCC’s will compromise of relevant concepts and
theoretical models of key practices and principals surrounding them, while also
offering a critical and evaluative account of each ones main limitations and
benefits. The five CCC’s this report will discuss are;

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Analysing Customers and MarketsPlanning for Products and BrandsPlanning for PricingPlanning for Service and DistributionPlanning for the Marketing Mix

Analysing Customers
and Markets

Customer and Market Analysis are important tools for
understanding and defining what type of customers the company or product are
serving, and the dynamics of a special market that the company or product are a
part of. Through understanding of customer and market analysis, accurate SWOT
Analysis’ can be made to determine the strengths, weakness, opportunities, and
threats for a company or product. Below is a SWOT analysis provided by the Bar
Manager at the Hilton Blackpool for where they currently stand in regards to
their customers and market within their comparative set.

INSERT SWOT ANALYSIS HERE WHEN DONE

Within this managers role he uses comparative sets, groups
of local businesses that perform similarly to his own with similar products or
services, to understand his customer and market and develop promotions and
services to draw in more customers and retain current clients.

The purpose of the business use of the SWOT analysis is to
get the information from it and match each other to develop the ideas and get
into goal statement to form strategic development (Olsen, 2008). Market
Analysis contains dimensions such as market size, market trends, market growth
rate, market profitability, industry cost structure, distribution channels, key
success factors, and key success details. (Acker, 2012)

Market segmentation is important to understand in both how
it differentiates from market analysis and how it ties in with customer
analysis. Market segmentation is the basis for differentiated market analysis. In
a differentiated market, product differentiation (more commonly called differentiation)
is found, which is the process of distinguishing a product or service from
others to make it more attractive to a particular target market. (Chamberlin,
1933) Differentiation is important for market analysis as it flags up
saturation of a market due to too many competitors flooding a market with
similar products. Unlike years ago, customers today have access to thousands of
reviews for any product or service they want to purchase, and can access a lot
of these products and services without leaving the comfort of their home. As
customers are now better informed than ever before about the range and quality
of products they can purchase, a consequence is market segmentation. Market segmentation
can identify different products for different groups, better match customer’s
wants and product benefits, maximise the use of available resources, and focus
marketing expenditures and competitive advantages (Karlsson, 2012).

 

Planning for Products
and Brands

Brands have certain characteristics that make them
identifiable. Red Bull, as stated in Event Marketing (Preston, 2012) is a brand
of energy drinks that is highly reputed, and through successful brand implantation
has created a product that while identical to other competitors in most ways
manages to outsell them for a heavy price differential. They have developed
their brand through not only having a product that their customers enjoy, but
by also promoting events ran with their brands name (Red Bull Air Race, Red
Bull X-Games, Red Bull Motorsports) and by promoting themselves over popular
sporting events (Formula 1 Race Team). Through promoting their brand, and then
in turn their product with its infamous slogan “It gives you wings”, they have successfully
created a product and brand that both share the same core values and evoke an
emotional response in their customers and potential buyers.

Products and Brands should go hand in hand to reflect one
another. Companies want their products to reflect their brand, and vice versa.
A brand includes a company’s name, logo, and slogan, but are so much more than
the creative elements. Brands represent the company’s interaction with its
market and customer. The best brands evoke emotion in their customer base and
instantly recognisable without even seeing the company’s product.

A successful strategy for a product and brand will develop
brand awareness and an identity that will set out a company’s products from
similar items available on the market from competitors. Well-designed
strategies will remind current customers and potential new buyers of why they
should purchase your product over others with similar characteristics.

Important factors to take into consideration when attempting
to implement a strategy for a product and brand are positioning, benefits,
considerations, and common misconceptions. While forming a strategy, one should
consider what they want their product, and through that their brand, to be
considered as. A product can be considered as the more affordable against
competition, higher quality, or can carry more status. Successful implementation
of a strategic brand and product plan comes with the intent of causing
consumers to have a positive emotional association with your brand as long as
the product implantation falls into line with core business values perpetuated
by the brand. For instance, a company such as Nike or Adidas will develop and
implement products such as running shoes, and market these products with
adverts of athletes running in them to align with their brand and current
offering of products.

 

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