Brand Equity in simple Terms is the value of your product in market and where it stands in front of the customers and in front of your competitors. Branding the product is always been a Herculean task for the organization who are in an initial phase of development and for this you always has to keep Patience. If You Had added some quality to Your Product sooner or Later u will Going to Get the Results of it, and for Branding the product you have make your product Familiar to the customers and here Marketing Comes under Picture. It had been seen in the History that even If you’re Product is having some good features and even you are better than your competitor but if you are not able to convey this messages to the customers It Means You are wasting your effort, Innovation and Thoughts. Even it had been observed that Marketing should always be as Precise, up to the point, and should be able to convey the Organization Message properly to their customers.
Marketing is a platform where every think-tank of the organizations is cogitating new ideas to grab the attention of the Customer. Competition is becoming tougher day by day. If you lacking some where in grabbing the attention of your customer that means you are no more in a race And if you want to be in Your customers eyes than there should be proper communication between you and your customers. We have to attach with them emotionally we have to anticipate their needs and make the product which suits our customer needs before any other competitors will get to know about this. The perfect example is Tata Nano project they anticipated the Growing need of car in small middle class families and They Came up with the product in Market with perfect Timing without spending much on the Advertisement because their Product is the only one in the market with such a low Cost and this Creates Sensation in the Market and to the customers too, Rest of the Vital Part of the project that is advertisement and Marketing is being done by Our Media automatically. Here are the few Points which we have to consider while making the brand superior for Customer and good competitor for rival company.
(a)-: You have to segregate your product according to the customer needs and according to the customer’s origin. Your product should not always be mean for only high class people’s .And I think Sam sung is doing good job regarding this. I am going to elaborate more this context Taking Mobile Phones as an Example.
Lower income group-: In This Groups I am considering the peoples who are Villagers, farmers. These are the person whose main motive for buying the Mobile phones is to make only Calls and some times Messages; they are not bothered about Other Value addition to your product. But if you are providing than it is a Bane to them, but the most prominent thing that they want in the product is lowest cost. So I think for targeting these groups we have to provide the above two things of superior quality.
Middle income group-: In this Group I am considering the Peoples who are living in Cities or educated youths, these are the people who can adjust with the cost if you are having any exceptional feature in your product. These are the consumer who wants some extra Features In their product other than call and messages Like Fm Radio, Camera, Having Good Games in the Phone and off course that matters all in this is the quality. I think this is the group which is not loyal to any brand, if you want to stick these customers to your Product you always have to add some thing New to Your product periodically, and trust me this group really matters a lot for every Organization from the profit margin perspective.
Higher Income Group-: The person who belongs to this group really dozen’t care about the Cost But the product should be updated with the all the latest features. In this group most of the persons are Business man and by keeping this in mind we have to add special High-end features to the product like E-mail, Video conferencing , GPS etc….The list goes on and on . The person who belongs to this group is loyal to their brands. You have to impress them with your product and make them aware that we are different from others both from technology wise and service wise.
(b)-: Your product should always be in reach of the People economically wise. It’s a much renowned Fact that the population of the Middle class families is increasing day by day in an inexorable rate. I already had through some light regarding this that we have to target this group in the above points. But here I am going to explain it how.
Its already had seen that in any organization there are Two ways of making the profits from their product.
(1):-First is by keeping the Profit margin high on every product like.
Selling Cost Of the Product :- Rs 400
Profit Margin On Each Product :- Rs 200
(2):- Second is to keep the Profit margin low and focus on the quantity of Product to be selling.
Lets us Suppose in this case
Manufacturing cost of the product :- Rs 200
Selling Price Of The Product :- Rs 250
Profit Margin On Each Product:- Rs 50
Here If the Products sold by the organization were 400.
Profit earned by the Product is same as above= Rs 20000.
And in this strategy your products become known to most of the peoples and thus helping in Grabbing the Market.
(c): (c)-: It has been seen that The Best and effective marketing is always done by the customers. The only thing what the organization have to do is to persuade their customer by their product and the services. If the Few customer gets impressed with your products than they will definitely going to recommend your product to their friends and to Their Family members. This is how this “Few” can create a large customer Base for your product. This sort of Marketing is very sensitive this can be a Boon and this can also be bane for the organization if the customer gets disappointed after using your product or your services than They will never going to use your product again nor they will going to recommend it to any one if your image gets tarnished in front of them Here the term Called “Negative Brand equity” come under picture. The Organization has to be very much conscious about this. The perfect example of this which came in news is the bursting of the Nokia handsets battery which really created Havoc amongst their customers but at the same time Hats off to their management how beautifully they tackled the situation.
(d):- (d)-:While Marketing the Product or making the brand Familiar to Customers. You have to attach with them like a Family. You have to be very innovative while marketing your product. You have to use new seasonal discounts schemes, promotions and tricks for always be in heart of the customers. Like you have to make some sort of community for all of your customers lets called it Sam sung community. This community is all for those customers who had bought your product no matter whether they had contributed to your growth or not. And than after you have to provide the further more discount and schemes to the customer who belongs to your community, So that they will get attached with you and your product for life-long. The benefit of using this game plan is that the organization will be able to stick the older customers to their products and if this tricks hit in the market than more and more customers wants to enroll in Sam sung community. This can be a win-win strategy if implemented with proper planning.
That’s all from my side hope my thoughts will able to help Sam sung to Grab the Market globally.
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