Marketing Fundamentals: Branding, Product Development and Market Research

Running Head: MARKETING FUNDAMNETALS 0
MARKETING
FUNDAMENTALS
System04121
7/13/2019

MARKETING FUNDAMENTALS 1
Table of Contents
Answer 1: Branding definition...................................................................................................3
Importance of branding..........................................................................................................3
Strategies for brand management...........................................................................................4
 Leveraging the unique selling proposition:.................................................................4
 Circulating brand awareness through influencers:......................................................4
 Developing the brand internally:.................................................................................4
Answer 2: Definition of the product..........................................................................................4
New Product Development Stages and importance of each stages........................................4
1. Idea generation:........................................................................................................5
2. Idea screening:.........................................................................................................5
3. Concept development and Testing:..........................................................................5
4. Concept development:.............................................................................................5
5. Marketing strategy development:............................................................................6
6. Business analysis:....................................................................................................6
7. Product development:..............................................................................................6
8. Test marketing:........................................................................................................6
9. Commercialisation:..................................................................................................6
How companies find and develop new product idea.............................................................6
Answer 3: Market research and the types of marketing research..............................................7
There are two types of marketing research which includes:..................................................8

MARKETING FUNDAMENTALS 2
1. Primary:...................................................................................................................8
2. Secondary:...............................................................................................................8
References................................................................................................................................10

MARKETING FUNDAMENTALS 3
Answer 1: Branding definition
it is a marketing strategy that is used by the companies and the firms in order to differentiate
the products from similar offerings. Every product has a unique and new name all the brands
have their own appearance, image and it always easy for the shoppers to find these in a
crowded market place. Branding is a thing that has been there for centuries and it helps in
differentiating the goods of one producer from another (Edelman, 2010)
Importance of branding
 Creates consumer preference for the service or a product behind the brand: there are
multiple brands in the market and this leads to lot of confusion and uncertainty and
one of the ways in which the consumers deal with this are by building trust and
loyalty towards the brand.
 Generates revenue and market shares: branding helps a company to generate and
influence the power of their brand in a lot of way like entering new geographical
markets and entering the new segments (Govers, and Go, 2016)
 Increases the profitability: this is one of the strongest arguments for the importance
or significance of branding and customer usually are willing to pay premium prices
for the well established brand rather than a brand with no name.
 Helps in attracting new distributors for the company: A well-known brand with good
branding will not find any issue in attracting the distribution partners both in the local
and international market everyone needs a brand that the customers ask for and which
provides good and high turnover.
 Decreases the turnover of the employees: strong and big brands provide the
employees with sense of purpose and direction and as a result the employees become
more loyal to the brand.