Market Analysis of Smiths Brand Performance - Case Study Example

Name Corse Institution Date outline outline 2 Executive Summary 3 Introduction 4 Smith’s Brand Performance 4 The Purchase Duplication 6 Brand Attitude 6 Segmentation and Demographics 8 Conclusion 10 References 11 Executive Summary The research on the brands marketability and acceptability in the market analyses the Smith’s brand performance in comparison to other to rated brands. In the research, the various aspects of brand actions were analyzed deeply. These include; brand performance in the market, its purchase duplication, the customers’ attitude toward the brand and its market as far as segmentation and demography is concerned. The following report critically evaluates the Smith’s brand current position in the market in comparison to competing brands. A brief perception inside the buyer's view of brand has also been intensely investigated. The information contained in this analysis not only describes the peoples preference brand but also it exhaustively gives the Smith’s stand in the acceptability and satisfaction of human needs which is the key objective of any business as per the available information from the consumers (Dall, Riley, Hand & Guido 2014). Brand marketing is the backbone of any business enterprise as through appropriate means the consumers not only become aware of the existence of the brand but also earn their loyalty. Therefore, it is an area of the organization that should be given attention. Brand selling is not friendly to any given business whether small or big and the marketing of the brands is universal need to any business in the market hence there is a deed to employ strategies that will ensure a healthy competition and progression of the brand (Hankinson 2012). The report analyses the advantages the brand enjoys in the market and the various challenges it encounters in the competing environment. It shows the position it stands at in comparison to the following brands which are currently trending among the best selling in the market; Kettle, Doritos, Red Rock Deli and Jumpy's. Introduction A brand refers to a symbol, name or design or all of them combined together to differentiate or recognize an organization’s or a product or good or service. A brand makes the customer recognize a particular producer’s good or service. An appropriate brand for a given product will earn the consumers’ loyalty as well as clarifying its credibility. It is vital to employ a long period financing the research activity and build a strong brand. The brand of an organization product is the first bit in the marketing of the product which is the backbone of the business. Therefore, a business should carefully think about the choice of brand they want to use for their product and research on the acceptability to the potential buyers (Linyun, Curtright, Chartrnd & Fitzsimons2014). This article presents the deep discussion on the findings on the research carried on the performance and impact of the Smith’s brand on the market with regard on different aspects of the market factors. These factors are the ones that will determine whether the product sells or not of a given brand. Brands promotion does not only market the products of a business but also captures the emotions and cements a good relationship between the consumer and the business (Dall, Riley, Hand & Guido 2014). Smith’s Brand Performance By Brand performance, we mean the condition or the level of attraction and successful sells of a brand of the Smith’s in comparison to the competing product brands from other producers in the market. According to the findings of the research on the performance of the Smith’s brand it is vivid that the Smith’s has the highest share in the market leading the second brand of Kettle with a clean 10%. This gives the Smith’s a very important entity acquisition advantage over the rest of the brands. With the advantage of the market share, the brand has penetrated the deepest into the market compared to other brands. This means that the consumers and all the potential customers have a clear knowledge of the brand as opposed to the other brands. This has enhanced the marketability of this brand as the more the people know about the brand, the more they are ready to try it (Ferraro,Kirmani, & Matherly 2013). Due to the above advantages, the Smith’s brand has recorded the highest frequency in the product’s usage in the market. The rate at which the brand is bought in the market is highest compared to other brands in the market. The Kettles brand which has second largest market penetration gives the brand a clean competition when it comes to the buying frequency as it has a tie with the Smith’s. The third brand (Doritos), closely follows the two leading brands. In this section the Smith’s brand still competes fairly with the other brands as it still leads (Matzler, Pichler, Fuller & Mooradian 2011). The rate of buying in connection with the category this brand has a lower advantage compared to the other brands in the market but this is subdued by the fact that the brand it leads in the requirements of the share category. Due to this advantage and the other advantages the brand has gained in the market, it has won the consumers’ loyalty over the other brands by a landslide. It enjoys a comfortable loyalty of more than 80% in the whole market of customers. Therefore, as far as its performance in the market is concerned, Smith’s brand is the best performing in the market followed not so closely by its competitor, Kettles (Lam, Ahearne, Hu & Schillewaert 2010). The Purchase Duplication Though the Smith’s brand has a fair advantage over the rest of the brands in the market, it still experiences competition from the other brands. The brand scoops the highest percentage of the customer information about the product due to its penetration by a more than 20% lead over the competitor. The brand’s biggest competitor is Kettles and Doritos closely follows the two. Though the Doritos is also a close competitor to the Smith’s it is still lower than the Kettles which are the brand’s largest competitor. The Smith’s brand is the most preferred to by most people to satisfy their various wants. This displays that the confidence the consumer have and the attitude toward the brand is high. This duplication of the purchase by most customers of the Smith’s is favorably high meaning anyone willing to buy the brand has little regret and can as well have an additional product of the same brand though this is lower than the rest. This should send a message to the executive to improve all the other products other than chips. When this is done, the duplication of purchase will favorably rise. Since the other brands are slightly expensive from the analysis of the results, it may be because of the better quality of the products of the other brands compared to the Smith’s that most people readily make a duplicate purchase of the brands (Luo, Raithel, & Wiles 2013). Brand Attitude Brand attitude refers to the thoughts people have or rather what they believe about the good or service in the sense that if the product will satisfy their need or want. This knowledge is very useful to the director of marketing as it will help him\her plan the campaign or advertising of the brand. The attitude is vital to the business as it portrays the extent to which the product fulfills its purpose which is satisfaction of human needs and wants. Consumer’s attitude toward the brand also measures the loyalty of the customer towards the brand (Rubinson & Pfeiffer 2005). When customers are shopping, they think about different types of brands or products that satisfy the same need or want. The measure of the degree of which these people will think about the brand during their shopping process is brand salience. The brand salience just shows the information the customers have about the products available in the market that can satisfy their needs. The customers may think about a product but it is not certain that they will buy the product. The attitude they have towards that brand is the one that will motivate them to buy it. Their attitude may be determined by the promotion method used or their past experience with the brand or their attitude towards the other products from the same brand. Therefore it is very important for the marketing director to emphasize more on the promotion and awareness creation of the brand attitude and its enhancement rather than brand salience (Hankinson 2012). In connection with the research, Smith’s brand portrays an average liked product that has been experimented by a wide range of consumers. The number of the people dissatisfied with the product is higher than the rest though it is widely spread through the market with deepest penetration compared to the rest. The brand’s nearest competitor has had lower number of dislikes than the Smith’s. Though the Smith’s recorded highest dislikes, it still scooped most liked and most preferred to by the consumers. It performed better than it was really expected and competed favorably in the market winning highest number of number on brand of all times to the most consumers. It was expected for the Smith’s brand to record low count of the favored brand as it established highest in disliked, and the Kettles was expected to lead as the most favored (Punjaisri, Evanschitzky, & Rudd 2013). The marketing manager believes that the consumers’ attitude is the one behind the brand’s low purchase number. This is very true as we have the highest number of users disliking it. This means that with appropriate means of brand promotion, the attitude may be changed as penetration rank is high, the brand will be bought more than it is being presently. People’s attitude towards the brand can easily be changed by incorporation of various methods like free samples to test their effectiveness and also after sales services can also enhance the trust and a positive attitude of consumers towards the brand. Therefore the director of marketing can research on the most appropriate way to approach the public and gain their trust on the brand and provide the methods which are cost effective (Woo & Winterich 2013). Segmentation and Demographics As far as population structure and composition is concerned, the Smith’s brand portrays an unexpected pattern in its sales and acceptance. The product is largely accepted by the single people but when it comes to couples or divorced the Kettle and Red Rock Deli are most preferred. According to overall performance, the Smith’s proves that the highest number of people is single (Whan, MacInnis, Priester, Eisingerich & Iacobucci 2010). With connection to the income the people in this population earn, most people who earn a normal and average income prefer Smith’s brand as their favorite. People earning very high incomes prefer Kettle and Jumpy's and least want the Smith’s. The highest income earners prefer these other products most likely because they sell at very high prices. This shows that the Smith’s sell at an affordable price and their target market is the middle class and low income earners who comprise the highest number of people in the population. This displays an excellent choice of strategy and market target of the Smith’s marketing manager (Punjaisri, Evanschitzky, & Rudd 2013). In analyzing the product generalizing the brands, in accordance to gender, it is most liked by the women than men. The Smith’s is highly loved by the men compared to other brands. When it comes to women, Kettle is most liked. The Smith’s is most disliked by the women compared to all other brands. Though the Smith’s is disliked by ladies, it still competes favorably with the rest as much as it is not most favored it is still liked by a big number of the women. This gives the product a competing advantage since it has already scooped most of the men to its advantage. This may imply that most women love expensive brands as compared to fair priced brand (Rubinson & Pfeiffer 2005). This segmentation of population shows the characteristics of the population in connection with acceptability of various brands. The Smith’s brand portrays a clean advantage over the others as far as market target is concerned. The brand targets the most important part of the population as in the highest section of the population. Due to this, the brand has fairly competed with the other brands and with the advantage added from other categories, it is highest selling brand in the market. The marketing of the brand is the best compared to the rest of the brands and most likely it is most preferred to by most people due to the strategies employed in brand promotion (Luo, Raithel, & Wiles 2013). As portrayed in the research results, if the methods employed by the marketing director are still employed or executed, the brand is still having a bright future in the market. A little improvement should be done to widen the market target by taking the preferences of the segment of population which least prefers the brand and improving the brand to cater for those needs with minimal increase in the cost of improvement. The brand can also change the people’s attitude toward it by changing some mentality like its men’s brand to cater for the women as well. Also further awareness about the use of the product is encouraged to get most people like the product and develop a positive attitude toward the brand. Appropriate marketing methods will ensure straight survival and high revenue generation from the brand. The strategies of going for the people that least like the brand will get the highest part of the population buying the brand (Rubinson & Pfeiffer 2005). Conclusion In connection with the research, Smith’s brand portrays an average liked product that has been experimented by a wide range of consumers. Though the Smith’s brand has a fair advantage over the rest of the brands in the market, it still experiences competition from the other brands. With the advantage of the market share, the brand has penetrated the deepest into the market compared to other brands. This means that the consumers and all the potential customers have a clear knowledge of the brand as opposed to the other brands. Smith’s brand has recorded the highest frequency in the product’s usage in the market. With connection to the income the people in this population earn, most people who earn a normal and average income prefer Smith’s brand as their favorite. The major concentration should be put to improving the people’s attitude toward the brand to get more acceptances. Appropriate marketing methods will ensure straight survival and high revenue generation from the brand. The strategies of going for the people that least likes the brand will get the highest part of the population buying the brand. 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