Executive summaryBuilding a powerful brand is the objective of most companies. Building an impressive brand with essential equity is deemed like giving the host likely possible gains to the organization. This comprises of higher client loyalty, reduced vulnerability to the competitive selling actions, and marketing disasters, greater margins alongside desired client feedback to price fluctuations, higher trade or intermediary association and support. It also entails raised marketing communication efficiencies, and legalizing and brand distribution opportunities. With this dedicated desire, in brand building the paper talks of factors making the brands successful in the market and methods of building top brands.
The paper also gives an elaborate definition of brand salience and its relationship with the brand equity. The study also has some features of developing awareness for the brand for it to have a strong salient in t5he market and make every customer interested in purchasing the Kit Kat brand. The study lastly discusses on how different demographic factors can influence the distribution of brands in the market. This mainly focuses on how Kit Kat can penetrate into the market even when the demography has low-household income. Section 1: Brand performance1.Mars Bars command the highest market share among its competitors having a sole loyalty of 22%, followed by Kit Kat with a sole loyalty of 8%.
There is consistency in the way these brands have established themselves in the market. This is evident by their penetrating power with Mars Bar leading. This implies that Mars Bar brand has been in the market for along or it aggressively creates awareness for its products hence, leading ion the competition. The average purchasing frequency for Kit Kat and Mars Bars are the same while the features various slightly for these two brands.
The other brands have low percentages as compared to the top two brands. The market penetrations for all brands are the determinants for the other attributes, and this shows how the brands salience has been developed. 2.In Repertoire Markets buyers usually purchase a number of various brands in a certain product classification (shuffle in a repertoire) and thus, collectively loyal. Individual loyalty rates in repertoire markets are considerably low (basic in the range of 5% when a time higher than the inter-purchase time for the classification is applied).
Consequently, fast food and soft drinks are excellent examples of commodities classified in the repertoire market (Remaud & Lockshin, 2009). In Subscription Market, conclusive loyalty to the brand is the culture despite the several dealings made in the classification (i. e. it is not only when a unit time of purchasing is maintained). Purchasers in this market reliably subscribe to a certain giver for a prolonged period. Service industry like the insurance and mobile phone deals are examples of the commodities classified in the subscription market. Furthermore, subscription markets are usually predictable in purchase patterns their customer base is static or finite with a limited number of alternatives.
While repertoire market their purchases are less predictable and not defined, customer base is fluid and infinite, comprising a number of different alternatives. On the other hand, prices in the subscription market are contracted long-term, and are price insensitive. In repertoire market prices and predetermined, set, and are price sensitive.