Marketing Plan For A Brand Essay - 1866 Words

A brand is a way for customers to identify goods and/or services that a company is providing and helps differentiate them from competitors, and their experience of the company and the products will reflect their brand equity (Kotler, Bowen, Makens, 2014; Bailey Ball, 2006). There are two definitions of a brand; the first is the product plus definition, where a brand is seen as an identifier for the product (Ambler Styles, 1996). The second definition, which more relevant to today’s environment is the holistic view, where the brand includes all elements of the marketing mix and is not solely based on the product (Ambler Styles, 1996). Keller defines brand equity as â€Å"the differential effect that consumer brand knowledge has on their response to marketing activity† (1999). A brand aims for positive brand equity so that consumers will choose their products/services over the competition and therefore increase their market share (Kotler et al., 2014; Rangaswamy, Burk e, Oliva, 1992). Before a brand can be established there needs to be demand for the product, and companies use the marketing mix to influence the demand (Kotler et al., 2014). The marketing mix consists of product, price, promotion and place (Kotler et al., 2014). Kotler et al. (2014) defines a product as anything that can be offered to the target market to satisfy a want or need and it can be tangible and intangible. For brands to stay relevant and maintain their brand position, they need to develop newShow MoreRelatedMarketing Plan For A Brand1435 Words   |  6 Pages1. Introduction This research proposal will present the customers showing their affinity for a brand by buying the branded products or services or by showing their preference for a specific brand, and bringing more profits and market share in a brand (Keller, 1993). One of the important points that determining the superiority of a brand is its credibility. Credibility can be defined as the believability of branded product information. 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