MKT501 MOD2 CASE2-Marketing Mix-Product and Branding Strategies

MKT501 MOD2 CASE2-Marketing Mix-Product and Branding Strategies

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Running head: PRODUCT AND BRANDING STRATEGIES 1 Marketing Mix: Product and Branding Strategies Mikel A. Stovall TUI University August 16, 2011
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PRODUCT AND BRANDING STRATEGIES 2 Marketing Mix: Product and Branding Strategies Several product management concepts are included in a Product Life Cycle (PLC), brand, consumer responses, and his or her relationships with particular brands. A product life cycle (PLC) is important in reflecting the sequence by which a new product or service processes (Marketing Teacher, 2010-2011). Products progress through different stages such as introduction, growth, maturity, and decline. PLC is associated with marketing situation changes and its effect on the marketing mix and marketing strategy of a company as illustrated in the following chart: Figure 1. Product Life Cycle (Marketing Teacher, 2000-2011) During the introduction stage, a company will introduce a product to the market resulting in few profits and slow growth in sales. Alternatively, the growth stage reflects the rapid market acceptance of a new product creating sustainable profit improvement for the company (Marketing Teacher, 2000-2011). During the maturity stage, sales growth slows down as most potential buyers are acquiring product acceptance. More so profits become stabilized or may decline because of increasing competition. The last stage of PLC is the decline stage in which sales decline and profits are eroded (Marketing Teacher, 2000-2011). Branding
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PRODUCT AND BRANDING STRATEGIES 3 A brand refers to a term, sign, symbol, design, name, or a combination of referenced factors. Brand is an important source for customers because brand assists consumers with good and service identifiers provided by different sellers. Branding also helps companies differentiate their products or services from competitors. Thus a brand is a product or service whose attributes are unique when compared to other products or services developed by organizations to fulfill customer demands (Entrepreneur, 2011). Furthermore, company and customer relations are maintained creating brand loyalty with consumers. Organizations are provided with tools to divide the market and identify customer loyalty. Essentially, brand plays a critical role in enhancing both a consumer’s lifestyle and the financial value of a firm. Thus Burberry Group plc (“Burberry”) is a company that has developed a strong brand for its designer products providing the company with its solid image internationally. Founded by Thomas Burberry in 1856, the British company manufactures various
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This note was uploaded on 03/25/2012 for the course MKT 501 taught by Professor Dr.alanflaschner during the Winter '11 term at Trident Technical College.

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MKT501 MOD2 CASE2-Marketing Mix-Product and Branding Strategies

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