Assignment on Business Practices of Merchandising
Added on 2020-06-05
13 Pages3598 Words53 Views
Principles and practice ofMarketing
INTRODUCTION.....................................................................................................................................3Background of Business Consultants Ltd...............................................................................................3Question1: Organisation current branding strategy and brand equity model.......................................3Question2: Critically application of Hollensen’s “Glocal Theory”......................................................8..............................................................................................................................................................9CONCLUSION.......................................................................................................................................11.............................................................................................................................................................12
INTRODUCTIONMarketing process is effectual process for organisation and it help in exchanging relationshipwith customers which generate value for enterprise. Principles of marketing give guidelinesto company for satisfying their customers. In general term it can be said that marketing ispromotional activity which help in selling goods and services easily (Child, 2015). Thisassignment is rely on business practices and practices of merchandising.Forthis, BusinessConsultants Ltd has been involvedin the concern; given company is in Hong Kong whichassists business enterprises in implementing good market strategy through this they cangenerate revenue and survive in competitive market. Moreover this report explainseffectiveness of enterprise current branding strategy, brand recognition, identity, andpositioning and brand affinity. Apart from this it through light on application of Hollensen’s“Global theory”. This involves standardisation and adoption of price, place, promotion andproduct. Background of Business Consultants Ltd.Business Consultants Ltd. Is the consultancy organisation in Hong Kong that assists inencouraging the enterprise and offer the finest strategy and adviser advice to the businessorganisation (Coduto, 2015). Instead of this, Business Consultants Ltd. It is an industry whichprovide services and introduced in 2005, Hong Kong they render offerings related to Clerking& Accountancy, corporate fiscal accounting and so on. Present merchandisingplan of actionof the enterprise are to endorse their offerings on the demand of client preferences, tasty andaccomplish their needs. Basically large scale organisation need consultancy because they aredealing in lots of things at particular time. Consultancy can be related to anything it can beday to day activities of business. In such firms there are some professional of specific fieldand having wide knowledge about that particular subject. There are two category ofconsultant internal and external.Question1: Organisation current branding strategy and brand equitymodelBrand recognition – it is a particular product logo which is identified by the relevantcustomer. This creates a brand image by some product symbol, tag line, packaging or
advertising. Brand recognition extent the customer choice where it will be recognised by thecustomer easily (Goworekand McGoldrick, 2015). Recognition is all about the noticeableparticular product brand. Brand recognition helpful in marketing strategies, it differentiatesthe product among so many products and services available in market segments. It is alsoknown as brand exists. Brand recognition has an effective ability of customer to think aboutthe brand product. There are some ways through which business consultancy can better theirbrand recognition. These are stated below:Provide better services to customer.Work in such a manner that can create name of business consultancy limited inmarket.Render such values that can exceed expectation of buyers.Use some photos, logo, in material which is used in for marketing.Brand identity - brand identity is a category in which business represent the product. It isexiting with the brand image. Brand identity has its own visual identification like logo,colour, image, shape, size. It has main intention to create the certain image in customer mind.Developed the unique character and it uniformity to help the customer (HughesandFoley,2014). The Morden practices revolved around the company’s modification that createsthe exclusive identity brand.It is the image, which is portrait by the business.Visual identity is more important than shape of the product.Brand identity assists in creating cost of the product.It provides the excellence of services with attention.One of the ways to surpass the trust and loyalty among the customer.Product positioning - In advertising, placing has arisen the method by which sellers makesure that they create the image or personality in the minds of their customer. This will helpyou to create the company position in market. It associates the product brand that will surelymark the product feature or customer feature. Product can differentiate between quality orprice attribute and commonly help to maintaining the product positioning (HyndmanandAthanasopoulos2014). Brand placing arises whether or not a firm is positive in increasing a
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