Branding and Market Segmentation
1.0 Introduction
Over the past long period, products and brands continue proliferate. A good analysis and understanding of brand value and market segmentation is more essential than ever. Based on the theory of brand, product, market segmentation and target, a new product will be developed in the market to improve company’s performance and make profit. The information generated from this report is used for strategic planning, resource allocation and tactical marketing.
2.0 Branding
What is a brand?
It has been asserted (Kennedy, 2012) that, a brand collects name, symbol, design, logo and term together, intended to identifies and differentiates a product or service. Consumers regard brands as an essential element of the production, and most companies usually charge a higher price due to the influence of branding, like Louis Vuitton. Belch, Belch, Kerr, and Powell (2009) depicted that, brands could make choices for consumers, which like something consumers want to buy, avoid, aspire and outgrow. Duncan (as cited in Belch et al., 2009) describes a brand as ‘ a perception resulting from experiences with, and information about, a company or a line of products.’ A brand is not just the production or a service, it can be seen as a symbol of a product. For instance, it is easily to recognize two clothes through the branding logo, despite of that they own some common features in terms of color, style and material. Moreover, it is what differentiates a production from its competitors. Brands have two qualities, which are tangible and intangible attributes. The tangible qualities are those can be seen, felt, tasted and smelt, such as product’s design, how much it costs and what it is made of. The intangible attributes, usually involve consumer’s consciousness, which like brand image, perceptions of users of the brand and image of store where sold (Belch et al., 2009).
Why are brands important?
For many products and companies, branding is an essential part of
Over the past long period, products and brands continue proliferate. A good analysis and understanding of brand value and market segmentation is more essential than ever. Based on the theory of brand, product, market segmentation and target, a new product will be developed in the market to improve company’s performance and make profit. The information generated from this report is used for strategic planning, resource allocation and tactical marketing.
2.0 Branding
What is a brand?
It has been asserted (Kennedy, 2012) that, a brand collects name, symbol, design, logo and term together, intended to identifies and differentiates a product or service. Consumers regard brands as an essential element of the production, and most companies usually charge a higher price due to the influence of branding, like Louis Vuitton. Belch, Belch, Kerr, and Powell (2009) depicted that, brands could make choices for consumers, which like something consumers want to buy, avoid, aspire and outgrow. Duncan (as cited in Belch et al., 2009) describes a brand as ‘ a perception resulting from experiences with, and information about, a company or a line of products.’ A brand is not just the production or a service, it can be seen as a symbol of a product. For instance, it is easily to recognize two clothes through the branding logo, despite of that they own some common features in terms of color, style and material. Moreover, it is what differentiates a production from its competitors. Brands have two qualities, which are tangible and intangible attributes. The tangible qualities are those can be seen, felt, tasted and smelt, such as product’s design, how much it costs and what it is made of. The intangible attributes, usually involve consumer’s consciousness, which like brand image, perceptions of users of the brand and image of store where sold (Belch et al., 2009).
Why are brands important?
For many products and companies, branding is an essential part of