Demonstrate in Keurig Dr Peppe (pdf)
Added on 2021-02-16
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LO 1: Demonstrate an understanding of how a brand is built and managed over time.Canada DryCanada dry is under the American company called Keurig Dr Pepper which sells soft drinks. It is widely known for its ginger ale but has a wider range of products which include Canada dry itself. Its origin is in Ontario, Canada but is produced allaround the world which includes the united states, Mexico, Columbia,Middle East, Europe, Columbia, Japan and Peru. A Canadian pharmacist John J. McLaughlin opened acarbonated water plant in Toronto after he had worked in a sodafactory for a while. He created Canada Dry Pale Ginger ale in 1904. Hestarted shipping his products to New York and started manufacturingthem there as well due to high demand. By 1930’s Canada dry hadexpanded worldwide. Dr Pepper had then bought Canada dry in 1982.Keurig’s Dr Pepper sells their products in over 200 countries of the world but have the largest customers in the United States and Canada. They have a total of 11.12 billion dollars annually. Where Canada Dry makes around 25 million dollars annually.Coca ColaCoca cola is a beverage company which offers nonalcoholic drinks in the world whichone of the most recognizable. It has more than 500 beverage brands. Coca cola does not only sell soft drinks but also water, juices, dairy, plant-based beverages, coffees, energy drinks, tea and sports drinks. They all are a part of the coca cola brand. Some of them include diet coke, Fanta, sprite, Dasani and Powerade. Coca cola has one of the world’s largest distribution of beverage system which distributes to more than 200 countries aroundthe world. A pharmacist in Atlanta named John Pemberton invented Coke in 1886. In 1891 it was then bought by a druggist name Asa Candler who later on sold it off to a banker named Ernest Woodruff for 25 million in 1919 after it had been available in all of the states, Canada and Mexico. In 1919 was when coca cola went public that year.Coca Cola sells their products in 200 countriesaround the world. It receives most of its revenue fromthe United States which is 30%. The other 70% isreceived from around the world such as Europe, MiddleEast and Africa. Coca Colas headquarter in located inAtlanta which has about 413 offices, warehouses, plants and other facilities around the globe. Their revenue had been 37.3 billion dollars in 2019. Investing 4 billion dollars while using 9 billion for financing activities.
Branding as a Marketing ToolWhen you first start up a business, a name is thought out for this brand. A product orservice which will be sold through this brand name. To brand your company, there are so many aspects and ways to do it. A brand defines the name, slogan, logo, design and a combination of these elements. But it does not only just consist of this, it is even more complex than that now. Countless number of companies are using branding as a form of marketing their products to the consumers. Branding does not consist of the consumer picking you over the competitors but it should show them that you are a single provider of a solution to their problem or need. Brands are supposed to be able to deliver a clear message of what they stand for. Able to connect the customer emotionally with the product or service. This should be able to motivate them to purchase. By doing this the brand creates brand loyalty. The brand now has credibility. To have a brand with successful branding you must understand your customers. Getting a good idea with what it is they want and need. Once you brand and market yourself catered to them, the customers will remember you and create an emotionalconnection with your brand. What you brand to the customers is what your product or service should stand for. If you server the customers well with what you had promised themthen you will most definitely have a loyal customer to your brand. Due to there being so many competitors and competition in the market, it is usually hard to differentiate brands and companies from each other. When you have a brand image that the customers are familiar with and can easily be recognized or remembered. The next product you come out with due to having such loyal customers, they will buy this product because they are emotionally connected to this brand. This is why branding started being used as a marketing tool. To increase profits by customer loyalty and providing them with what they want and need.Brand EquityThis is a marketing term which describes the value of a brand. This value is determined by the experiences that the brand has had and the perception of the customer. If the brand is thought of highly by the people then it has positive brand equity. If a brand disappoints the people repeatedly where people tend to recommend people in not using that brand, it has negative brand equity.Organizations Developing Brand EquityBrand equity is developed when experiences with the customer result in good or badwhich result in the growth or fall of a brand. It unfolds with this model:Awareness:When the brand is first known to the target audience usually through advertising. Advertising in the right places to the right people which it is targeted towards is to be done right to achieve awareness of the brand.Recognition:Customers feel familiar with the brand and can be recognized or recalled in a store or when being talked of in conversation.
Trial:Since the brand is now known and recognized for what it is, it is now time for them to try it.Preference:When the customer has tried the product and is happy with their experience with the brand, it becomes their preferred choice.Loyalty:When the customer keeps having good experiences with a brand, they will keep buying from this brand and will also start recommending it to other people. Holistic Marketing ConceptThis is a marketing strategy that helps in the brands brand equity which focuses on the businesses acting as a whole entity with different parts in correlation with each other. According to this concept, even if a business is divided into different departments, they should all come together to put out a positive and united image of the brand in the customer’s head. By having these departments all connected for the marketing activities it ensures the customer to choose them over their competition.A business usually has many different departments consisting of accounting, finance,production, research and development, operations, human resources, sales and marketing. To use this concept to achieve optimum brand equity in your organization, make sure that the research and development team is in good contact and take feedback from the product development which help in the marketing and sales of the product. So, when the product is launched it will most definitely attract customers. They also need to be in close work with the accounting and finance to figure out the budget and price amount that would take to dothis project. Sales and marketing need to be able to communicate with the human resourcesto find the right people for the job. By doing this you are able to make a good product at a good price that would please the customers but also give good profits. You will also be able to market with the right people. Some key concepts are important to remember when Holistic marketing which are:Internal Marketing: Being able to market and communicate between all the departments in an organization.Relationship Marketing: Building a better relationship with customers which ends upbeing beneficial for the business.Performance Marketing: By reducing costs and increasing sales.Integrated Marketing: The services, products and marketing should work with each other to gain growth of the organization.
Advantages of BrandingManufacturersThe first company that gives birth to a new product gains individuality. If the producthas a branding, it will stand out from the other products that are yet to come from the competition.When a new product is being launched, it will be accepted a lot easier because of thetrust that they have in the company. By having a brand, it makes it more recognizable and well known.When there is brand loyalty, competition is easier to take over.A brand name makes a permanent identity of a product.IntermediariesSales are a lot faster.When advertising, it is easier to display a product and render it. It increases the market share and the control over a market.When products are branded, they have a stable price range.ConsumersQuality is stood by the brand.Life styles are reflected by the brands that they buy from.Products are supplied steadily and frequently.It saves time in shopping for products.Strategic Brand ManagementThis is mostly used by companies to get their brands recognition globally. This strategy helps you in dealing, creating, modifying, developing and managing your brand strategically with the right branding strategy. This strategy is mainly based on focusing on the brands growth and long-term sustainability which helps them add value to their productand services. By this they are able to give their brand a unique identity which sets them apart from other competitors in the market. Using strategic brand management is quite important as it really sets you apart from all the other competition that is yet to come or which is already existing. It increases the customer loyalty, employee engagement, improves the perception of new coming products or existing ones and increases marketing communication. The process of doing this is as follows:Planning ProcessBy doing this you are making clear the intents of the strategic branding managementthat is yet to take place across all departments of the company and how they should be aligned directly with its mission and vision.
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