DECISION MAKING2 Institution Course Date Information for prioritising image/brand decisions Netflix Telecommunications Introduction Brand manager's objectives help individuals, i.e. planners or other stakeholders to developgoalsthatmeasurewhethertheobjectivescanbemetovertheengagement period(Armstrong, Kotler, Harker, & Brennan, 2015).Managers should have SMART goals to increase quality insight and maturation of analytical department. When managers commit to SMART goals, they achieve what they want(Armstrong, Kotler, Harker, & Brennan, 2015). This paper carries research on image and branding decision. Branding is a significant marketing tool that helps buyers to save time spent trying to compare prices among many products since they can pinpoint what they want quickly(Roper & Fill, 2012). Branding also helps consumers to
DECISION MAKING3 develop a feeling of emotional connection. The other advantage of branding is habitual buying and strategic options for marketers(Armstrong, Kotler, Harker, & Brennan, 2015). BHT helps customers to refer your business to others; they help your product to penetrate the market, build relationship with customers etc. (Roper & Fill, 2012.The essay will begin with an introduction, state the business and research objectives, the body of the research, describe the research design and draw conclusions on the main discussion(Schaltegger, Lüdeke-Freund, & Hansen, 2012). Business & research objective(s) Netflix telecommunications 1.To further establish their presence in Southeast Asia region, particularly Singapore 2.Establishing more loyal, happier and larger consumer base within Singapore 3.To improve Netflix's reputation in Singapore with the aim of increasing reputation in the entire Asia region 4.Focus on three target groups, i.e. families, adults and students 5.To increase Netflix's subscriber count by 20% by the year-end in Singapore while focusing to increase the customer satisfaction to 80% (Zott, Amit& Massa, 2011). Specific research objectives of the BHT 1.To increase brand differentiation to avoid businesses brands look-a-likes experienced by consumers today by ensuring that your brand is unique from others. 2.Increasebudgetforconsumercommunicationtocreatethedesiredresultthrough feedback evaluation 3.Ensure that the brand show up in the market during consumers' purchase decision-making process Information required fulfilling the research objectives
DECISION MAKING4 For the research objectives to be effective, there is information that is required before making branding decision(Armstrong, Kotler, Harker, & Brennan, 2015). For instance, the consumer behaviour regarding purchasing behaviour and post-purchasing behaviour can help to make proper decision concerning product branding. 1.Purchasing behavior evaluation Understanding the type of purchases made by consumers is important when studying their purchasing behavior (Armstrong, Kotler, Harker, & Brennan, 2015). There are three types of types of purchases made by consumers, and they include; trial purchase, repeat purchase and long-term commitment purchase. Trial purchase Trial purchase happens when the consumer of a product decides to buy the product in very small quantities for the first time to experience it(Roper & Fill, 2012). The evaluation of a new product by the consumer, in this case, is done by direct use of that particular product. Consumers behave like this to avoid regrets from using the ineffective product; hence they choose smaller trial quantities as opposed to products they are familiar with(Punjaisri& Wilson, 2011). A good example is a consumer who meets some new type of shoe polish and instead of buying the biggest and high priced shoes polish pack they settle for the smaller pack to make a try than they would do to Kiwi which they are familiar with. Trials can also be facilitated by providing free samples, coupons, or sale prices(Roper & Fill, 2012). This type of behaviour is the most important stage for a new product to sell big in the market and vice versa(Hanna & Rowley, 2011). The trial purchase is not applicable all the time more so for durable goods like washing machines, electrical ranges, or refrigerators etc. (Schaltegger, Lüdeke-Freund,& Hansen, 2012)In
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DECISION MAKING5 case of cars, for instance, consumers can do a one on one trial in display centres where they can sit in a car and even drive. In this situation, they may decide to purchase then or not at all depending on how they have experienced the car. a)Repeat purchase Consumers will repeat purchase of the new product with established product category such as toothpaste, shoes polish, detergent etc. after trial if the product proves to be better than existing products (Chiu, Wang, Fang & Huang, 2014). If a repeat purchase happens, brand loyalty starts building up(Schaltegger, Lüdeke-Freund, & Hansen, 2012). If the repeat purchase happens, the consumer has approved the brand and is willing to use the product in large quantities unlike during trial where they only needed to purchase small quantities and test the usefulness of the product(Armstrong, Kotler, Harker, & Brennan, 2015). b)Long-term commitment As the phrase suggests this type of consumer behaviour is the full loyalty of the consumer to the brand. They continue to purchase the product in time they need a product of such kind(Zott, Amit& Massa, 2011). This may lead to a customer getting used to the product where they may neveroptforanotherdependingonwhethertheproductcontinuestogivethedesired expectations. 2.Post-purchase evaluation Consumer buy products for trial with own expectations. They evaluate the product, and the results are judged according to consumers’ expectations. Possible outcomes of trial purchase
DECISION MAKING6 Neutral feelings resulting from expectations matching with actual performance Over performance causing what is referred to as positive disconfirmation of expectations which satisfies the expectations Underperformance which dissatisfies the expectations and is known negative disconfirmation of expectations Post-purchase evaluation is important because of reduction of uncertainty, and if the consumer had a selection as part of their post-purchase analysis, they reassure themselves that they made a wise decision(Nam, Ekinci&Whyatt, 2011). Consumers will tend to seek advertisement that may attempt to persuade friends, family, and relatives, to purchase the brand to rationalize their decision(Sarangapani, &Mamatha, 2009). They also may decide to turn to other satisfied owners(Nam, Ekinci&Whyatt, 2011). What post-purchase analysis depend on The importance of product decision, the experience acquired using the product, the assumption that customer satisfaction relates to their retention. Brand reputation is more a matter of retention especially if consumers find it difficult to evaluate(Nam, Ekinci&Whyatt, 2011). Consumer psychology Beyond the decision consuming and processing The consumer behaviour has been historically emphasized on the product, brand choice decision and service(Kuo, Wu & Deng, 2009). The other facet of consumer behaviour is collecting,
DECISION MAKING7 possessing, and consuming things. Today consumers’ choices are the beginning of consumption processes and not end decision-making process of the consumer(Nam, Ekinci&Whyatt, 2011). Relationship marketing Also known as loyalty programs are used to foster commitment to loyalty, to usage loyalty, and to company product and service. Real marketing programs focus on more than the use of database tactics in marketing in customer target(Kuo, Wu & Deng, 2009). The customer must feel benefiting from participating in the relationship(Sorescu, Frambach, Singh, Rangaswamy, & Bridges, 2011). This program has been used in a variety of products and services categories(Kuo, Wu & Deng, 2009). It is used by many companies under the title program club with some even charging some fees for membership to customers. When all the above information has been well collected, the company can use it well to decide on how to do their branding. For instance, by analyzing trial purchase, they can determine how the customer has responded to the product. They know this by looking at whether the customer will buy the product the second time which is known as repeat purchase(Nam, Ekinci&Whyatt, 2011).Repeatpurchaseprovesthatthecustomermayhavegottensatisfiedwiththe product(Hanna & Rowley, 2011). Consumer psychology is the most useful tool here in ensuring the business will be able to win consumers loyalty to their brands(Lee, 2009). They should be able to step-by-step ensure they walk in the mind of the consumer. By doing so, they will be in a good position in comparison to their competitors hence gaining competitive advantage. Describe the research design in relation to your chosen approach
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DECISION MAKING8 Research design specific to BHT Brand saliency; refers to as making customers think about your brand more often and in more situation of buying(Ni Mhurchu, Blakely,Jiang, Eyles& Rodgers, 2009). This is an underrated marketing challenge facing brand today(Lee, 2009). According to Woody Allen, 80% of brand success is just showing up(Nam, Ekinci&Whyatt, 2011). Unfortunately, most brands do not show up during the purchase decision time. Communication evaluation; communication is the vital marketing and promotion stimuli for any product(Labroo& Nielsen, 2009). It is used by companies in creating desired results. The company allocates a significant amount of budget for consumer communication both BTL and ATL(Hanna & Rowley, 2011). The best-proposed methodology here will be media-neutral, meaning that which is not inclined to any medium. This provides with an accurate measure of the communication impact across all media and does not favour any particular medium(Hanna & Rowley, 2011). The medium covered includes TV, newspaper/magazine, internet, radio, and outdoor or shops(Hanna & Rowley, 2011). The proposed methodology will provide the feedback on the different copies, enabling to put more weight behind working brands advertisements and quickly withdraw/modify ads if not working for the brand(Labroo& Nielsen, 2009). Here we will be addressing efficiency and effectiveness (Aaker, 2012). Effectiveness will be addressing the creation of the desired results among the target audience while the efficiency will be attempting to capture quality media planning(Hanna & Rowley, 2011). For instance, how many consumers know of the ads? Penetration; how long has the product been used (1 year or 1 month) or is used often and currently.
DECISION MAKING9 Relationship; the attempt of measuring customer relationship with the brand is most important (Aaker, 2012). This is done through, tracking advocacy-how many customers can refer your product or service to another? The momentum which focuses on the number of users willing to spend on your brand and the other relationship focused on is the brand substitution –the number of customers who find it difficult to replace you with other(Nam, Ekinci&Whyatt, 2011). Profile; in brand management managers mostly forget to carry out customer profiling (De Chernatony, 2010). Customers are always talked about, but their profiles are rarely considered during strategic planning sessions. Brand planning process Thisprocessisconsideredafterlearningsuccessfulstepsinvolvedinleveragingthe brand(Aaker, 2012). This is a planning process that that would involve planning a new brand or brand or refresh the one in existence (De Chernatony, 2010). This process involves three steps which are: Market definition 1)Thisis the first step involved in brand planning and is done from a customers' perspective.You must be able to state briefly what needs the current market fulfills (Kuo, Wu & Deng, 2009). The definition should be stating the purposes fulfilled and time scales served and not to be tailored for different purposes and time scales, e.g. if you intend to introduce a new product such as a new drink, you have to consider the types of all drinks in the market viewing them as thirst quenchers(Lee, 2009). This means involves the inclusion of all cold drinks in the market, juices, squabbles, energy drinks or even drinking water etc. you may opt to consider only one type of drink when defining
DECISION MAKING10 your market but having in mind that other drinks will have to be considered on a later date(Labroo&Nielsen,2009).Whenchoosingstemfromyou'reyourstrategic consideration at all times and stage. Consider your competitor and their brand that directlycompetewithyourbrandbylookingattheirbrandfeaturesand characteristics(Kuo, Wu & Deng, 2009). In this step, you should be aware that legitimacy of your consideration has minimal score through brand commissioning(Labroo& Nielsen, 2009). Also, you need to consider having talks about whether the market is declining, growing fast, or in stable condition. This stage is very important as is enables brand movement. Market analysis This is the question of whether you understand who your buyers are the way they constitute market regarding demographic (Kuo, Wu & Deng, 2009). You will need to have a complete understanding of the profile, how your brand fit into their lives, the problem your brand helps them to solve and the quantity they can use Hankinson, 2010). This stage is crucial in the planning process because they highly rely on other segment forming the market. You must also consider the changing trends likely to create a new segment in the new future(Labroo& Nielsen, 2009).Being alert in the new possibility of segmentation will help you to be very on strategic moves. Ask yourself what are the threat that exists from competitors for your brand. Do not rely on consumer and forget your competitors as they are equally important knowing in mind the market does not operate in a vacuum(Labroo& Nielsen, 2009). Consider strengths and weaknesses of main players so that you are in a position to gain a competitive edge. Determine which channels
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DECISION MAKING11 will be most useful for your brand. Whether yours is product or service, the ultimate goals are to reach your customers in the most effective way. Drivers of the change The drivers of the change are the most dominant forces in the market, and they enforce changes to most sectors of the industry(Teece, 2010). These drivers may include changes in long-term industry growth and changes in who buys the product and how they use it. Changes in long-term industry growth Downward or upward shift in the industry is a force that needs full attention by the business to know the causes of the change experienced(Teece, 2010). If there is an upward shift, is there some new entry expected in the market? Or are there some firms that may close up due to oversupply in the market? You will also need to consider how your brand is going to be affected by the changes brought by those forces(Aaker, 2012). Changes in who buys the product and how they use it Changing economic conditions affect the usage of the product making it change(Teece, 2010). For instance, ready to eat-to-eat chicken used for breakfast or as snacks may mean changing habit are the drivers. Conclusion Branding is an important marketing strategy that requires a step by step consideration to reap maximum benefit from it. During the brand trial, consumers may experience the following outcomes; overperformance which is the brand performance above consumers’ expectations,
DECISION MAKING12 underperformance which is below the consumer expectation and neutral feeling which mean consumers are neither satisfied nor dissatisfied. In most cases when consumers experience neutral feelings, they may be even confused about the product, as they may opt to buy it again or not. BHT refers to brand health tracking and is very important to marketers and brand managers since it helps them to collect quantitative data from consumers and enable them to amend their strategies in compensating their weaker areas. The process of brand planning helps indefining the market, analyzing the market, and analyzing drivers of change.
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