Marketing Mix and Branding

MARKETING MIX: PRODUCT AND BRANDING STRATEGIES Abstract Brands have now transcended their general definition of just being a name or logo that differentiates them from other products in the market to a more humane and characterized version to which people can relate to and come to depend on in their everyday lives. According to Fournier brands create relationship with customers. This paper agrees with the statement in the goods only category for Coca Cola however for the service only it does not hold true in this particular case for Disney’s Pixar Animation Studio. Lastly, it looks at the implications for managers and how they can support their brand to outshine others in the market and garner a more loyal base resulting in profits. Marketing Mix: Products and Branding Strategies The American Marketing Association defines a brand as a “name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers”. However, in today’s competitive and consumer driven world brands are no longer simply names to identify a certain product or service they have taken the shape of a living character that has the ability to be a part of one’s self, family and everyday life (Fournier, 1998) Brand Ambassadors Brands have evolved into ‘people’ for consumers. When we talk about a brand we don’t just mean to consume a product or service. Repeated purchases and the satisfaction derived from them takes brands to a higher level. Brand loyalists expect brands to not only cater to their immediate but also psychological needs such as provide comfort, superior quality or service. There is a sense of attachment and relatedness to brands. Marketers and brand managers have started thinking of brands as not only a colorful logo or a catching tag-line and attractive packaging but also by characterizing it. Rolex has consistently presented its brand as a symbol

References: Bennett, R., & Rundel-Thiele, S. (2005). The Brand loyalty life cycle: implications for marketers. Journal of Brand Management, 12(4), Retrieved February 17, 2010 from http://web.ebscohost.com/bsi/pdf?vid=3&hid=106&sid=0eca48ed-1ea6-4729-b299-80614bf5004c@sessionmgr114 Craig, S.(n.d). New coke and other marketing fiascoes. Retrieved February 17, 2010 from http://www.msnbc.msn.com/id/7209828/ Fournier, S. (1998). Consumers and their brands: developing relationship theory in consumer research. Journal of Consumer Research, Retrieved February 17, 2010 from http://web.ebscohost.com/bsi/pdf?vid=3&hid=106&sid=6d4d1227-26e5-4cf7-b9c2-a8435ca06fbd@sessionmgr110 Keough, D.R. (n.d). New coke and other marketing fiascoes. Retrieved from http://www.msnbc.msn.com/id/7209828/ Lake, L. (n.d.). What is Branding and how important is it to your marketing strategy? Retrieved Fevruary 17, 2010 fromhttp://marketing.about.com/cs/brandmktg/a/whatisbranding.htm