The concept of traditional marketing that is Features and Benefits is changing, but the main base remains on the same. So the fundamentals of the traditional marketing are conceptualized through the well equipped media and marketing communication techniques. The components of any kind of a marketing approach are;
1. Features and Benefits
2. Narrow definition of product categories and competition
3. customers are rational decision-makers
4. Methods are analytical,quantitative,verbal
The perceptions and associations consumers have about brands go beyond their functional attributes and benefits, and include non-functional, symbolic qualities, often referred to as Brand Image. Among these aspects of brand image are perceptions and associations about the brand's personality, the set of human-like characteristics associated with a brand. This brand image is the only thing that is to be kept intact to get the maximum Customer life-time value or the Customer equity value.
Culture as the basis of Brand image building:-
The brand perception is an important factor while taking any decision regarding the brand image building for any type of product category. The perceived personality of a brand can be shaped by marketers via transferring cultural meaning into it in various ways, such as by associating the brand in communications with an endorser or place that already possesses the personality or meaning considered strategically desirable for that brand. Brand is a very sensitive issue, so it must be dealt with utmost importance. Any brand value can be factored into five components which differentiate one from the other. The factors as leveled are:-
a. Sincerity (sample item: honest)
b. Excitement (daring)
c. Competence (reliable)
d. Sophistication (upper-class)
e. Ruggedness (tough)
Now-a-days the concept of Experiential Marketing is gradually up-coming, so the marketers need to follow the suit and design their products to satisfy the customers at the maximum possible level. To grab this opportunity the companies are targeting the consumers, they are hitting at their emotional psychological levels. . The companies are offering strategic Experiential Modules (SEMs) which have its own distinct structure and marketing principles. The marketers need to be familiar with all the relative measures, like-
a. Sensory experiences(SENSE)
b. Affective Experiences(FEEL)
c. Creative Cognitive Experiences(THINK)
d. Physical Experiences and entire Life-Style(ACT)
e. Social Identity Experiences (RELATE)
How to tap huge potential consumers?:-
Generally the brand awareness building is a tough task for any company. The company may venture into some product extension or brand extension only when it has the required data and facts about the consumer psychology about their product portfolio. The market research methodology becomes very useful to determine the level of brand recognition amongst the consumer base and it also gives a fair idea about the experiences that the customers feel and want to feel. The companies can employ some of the following techniques as follow:-
a. Image sorting participants sort the images based on similarities and the researchers analyze the data based on the underlying meanings of these comparisons.
b. Visual Elaborations Participants are asked to generate another picture that would reinforce the meaning of the current picture.
c. Sensory exploration of images Participants are asked to use non-visual senses to convey the core meaning of the picture.
d. Vignette generation Participants describe a short movie that portraits their thoughts and feelings.
e. Creation of digital image Participants pictures are scanned into a computer and the participants manipulate the pictures electronically.
The relevance of a brand only depends on the customer acceptability and to build the loyalty base the companies are trying to capture the sentiments of them.
In the present era Cause Related Marketing is taking a huge space in the marketing arena, so the marketers are opting for viable opportunities which would strengthen their positioning in the market place. Different companies are different from their own perspectives, as the services provided by them are also different from each other. The companies are capturing the social issues like- gender discrimination, diseases and targeting the customers to get the maximum response. In most of the cases the consumers feel an ownership with the brands and that should be the strategic objective for any marketer. Marketing aesthetics practically equated equated needs with aesthetic needs.
Brand characteristics:-
A major avenue for revenue growth in companies today is the extension of their existing brands into new categories, requiring the systematic study of many candidate categories on personality and image dimensions to see which ones best fit and match the personality of the brand being extended. Many companies also seek to leverage their existing brand assets via licensing deals to other manufacturers in other categories or via co-branding promotions and arrangements. . The launch campaign of a new brand can create or destroy its brand image that would cause a huge loss for the company. So the companies need to follow up the previous product offerings and find out how they are performing in the market and what the consumers feel about the brand. If the recall rate is good enough, the company launch its new varieties and if its not, then it has to re-launch the present entire product portfolio.
Brand management is a herculean task and it has to be done very carefully. A single wrong message from the brand managers can ruin the fate of the particular brand and the effects may also percolate into the other product offerings of the same organization. So the managers need to always keep themselves updated with the current market scenario so that they can implement correct techniques. The consumers only want a good product with lots of value additions; they want frills added to the product those they purchase. Take an example of any FMCG product like- toothpaste, when a company provides with the freshness, the other one gives strength, fights decay. The customers always get confused to choose between the viable options. So what the marketers need to do is to provide product information through aggressive marketing campaigns and their existing sales force. The sales department plays a major role in building the brand image. The fortune lies within the hands of all the components included in the value-chain and to make it to the superb quality everyone has to give his best. The Word-of-Mouth technique is also gaining popularity.
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