Essays on Consumer Behaviour and Brand Image Assignment

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The paper "Consumer Behaviour and Brand Image " is a good example of a marketing assignment.   A brand of a product is a name or symbol used to identify a particular product. Every product undergoes the branding process, and if the yield results turn out to be positive, then that product retains the brand. Therefore, brand equity is the process of acquiring an identity for a product as stated by Fan (2002) in the international image of global brands journal. Brand equity is the procedural concept, which takes time; as a result, any developer must exercise patience.

While considering having brand equity, it is important to consider the tangible and intangible values relating the business, positive and negative effects of branding, and consumer catalysts. Brand equity can ‘ kill’ the business or make it thrive depending on the type of information it is trying to convey to the customers since it is a factor to the contribution of consumer perception of the product. In order for the Aussie icon to reach its customers, it does not have to utilize all the underlying marketing strategies to reach the customers.

Instead, this report recommends that the company use the simplest method way to reach its customers like social media. This will also help it the company saves money, which it can invest in other activities instead of marketing (Ryan and Graham, 2014, 121). While choosing a marketing strategy, it is important for the company to consider its target group as it might have been the cause of failure. One of the concepts of brand equity used is the determination of the target group. In this case, they are men.

Implementation of brand equity involves the introduction of the product brand, elaboration, and fortification. Brand elaboration involves the nature and the target group of the product while fortification creates an image that attracts the attention of the target group (Fan, 2002, 187). To receive a positive taste in branding, the project recommended the use of effective marketing strategies. Some recommended marketing campaigns involved the participation of the public and ensuring that the brand meets their expectation. The use of different marketing campaigns helped meeting the customers at the local level and national level, thereby offering a wider campaign scope.

The marketing strategies enforced include speaking at community events and offering the customers free samples of the products and noting their comments on the product. The issues addressed during the discussions with the audience mainly revolve on how to make the brand meet international standard and their view on the product. Several factors affect consumer spending (Ryan and Graham, 2014, 127). The internal factors influencing the purchasing power of consumers are the availability of disposable income and employment opportunities. Availability of employment opportunity with good rewards leads to an increase in the disposable amount by the consumers.

On the other hand, the external factors influencing how consumers purchase their products include currency considerations and the prices of products. Most products sold by Aussie icon are cost-effective; therefore, most people can afford the products. Stabilized currency helps to attract foreign investors, hence, influencing the purchasing power of the consumers. Questions for Case 2: Brand image is the perception that the consumers have a particular product or a set of beliefs that consumers have about a particular product (Turner and Raymond, 2015, 207).

Brand imaging is the responsibility of the business itself, therefore, to ensure the success of the company; it is important to reduce the negative gap between brand identity and image. This difference often leads to reduced sale within various companies. Brand imaging determines the position of the product, which is a marketing strategy communicating the attributes of a product to the customers (Trim, 2007, 27). Brand positioning entails differentiating one product from those of competitors in order to gain the differential advantage.

According to the findings of this report, Bankwest employed positive elements of brand image.

References

Fan, Y., 2002, "The National Image of Global Brands," Journal of Brand Management. Upper Saddle River, NJ: Prentice Hall. 9:3, 180–192

Meyers, H. M., & Gerstman, R., 2005, The visionary package: using packaging to shape effective brands. Houndmills, Basingstoke, Hampshire, Palgrave Macmillan.

Ryan, K., & Graham, R., 2014, Taking Down Goliath: the Digital Marketing Strategy for Beating Competitors with 100 times spending power. Cambridge: The MIT Press.

Schmidt, K., & Ludlow, C., 2002, Inclusive Branding: The way of holistic approach to brands. Houndmills, Basingstoke, Hampshire, Palgrave Macmillan.

Trim, P., 2007, A Strategic Marketing: Intelligence Framework Reinforced by Corporate Intelligence. Chichester, England: Wiley.

Turner, J. F., & Raymond, M. A., 2015, Principles of Marketing- NYTimes.com Retrieved from;

http://www.nytimes.com/2012/08/08/business/economy/in-outsourcing-attacks-tired-rhetoric-and-no-political-leadership-economic-scene.html?_r=0

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