Posted at 11.06.2018
Marketing strategy is the means of concentrating organizations resources so that it can result in increased sales and supremacy on the targeted market. The organizations marketing goals should be identified and methods developed to achieve the target within a period structure. Building brand personality and development is one of the essential strategies in marketing.
The American Marketing Relationship (AMA) defines a brand as a "name, term, sign, icon or design, or a mixture of them intended to identify the products and services of one seller or group of sellers also to identify them from those of other sellers". Creating a brand personal information in an extremely competitive global market is to be done by a put together plan involving research, advertising and marketing. Thus branding isn't only prompting the target market to choose your product over others on the market, but also creating the impression that your product is the best choice for solving the problems of the targeted audience. Good branding strategies involves
To flourish in branding it's important to have a clear understanding of the requirements of the targeted clients. Incorporating effective brand strategies in order to influence the hearts of customers is vital. Because of the highly competitive market a solid brand name is important. It's important to spend time investing in researching, defining, and building brand name.
Branding and advertising of FMCGs are targeted at a wider audience and it is subjected to an increased level of competition. In order to stay competitive it is of great importance for FMCG manufacturers to effectively build-up their brand name to be able to ensure that customers know about their product. FMCG manufacturers have to be aware of the latest techniques and strategies involved with building brands and in adding value to the brand.
Data collection is the most vital stage in the research process which is proposed to be undertaken using case studies and review. It is proposed to do a short market survey and identify the key players in some of the major sections of the FMCG sector. Study will be conducted by means of analysis of market studies and industry accounts. A research study of the branding strategies adopted by the main element organizations will be researched. Brand consciousness strategies being used will be analyzed.
Customer perception of the role of branding will be evaluated on the basis of a brand consciousness survey among the target market. Accurate sampling techniques are an important prerequisite of research data collection. An appropriate sampling treatment as random sample, stratified test, or cluster test will be implemented based on the mark population and guidelines being considered. Quantitative and qualitative review will be performed in the form of interviews and questionnaires.
The extensive variety of consumable goods provided by the FMCG industry provides a huge turnover for the country, at the same time competition among FMCG companies is also escalating. A number of the leading FMCG companies are Sara Lee, Nestl, Unilever, Procter & Gamble, Coca-Cola, Carlsberg, Kleenex, General Mills, etc.
Sales in the FMCG industry in food retail sector in UK are estimated to be 14. 5 billion in 2000 whereas the marketplace for non-food FMCG market in UK is projected to be 110 billion and is also increasing at an instant rate. The FMCG sector is reported to account for 19% of the UK's GDP.
Marketing strategy involves well executed ideas to make marketing effective. A online marketing strategy often integrates an organization's marketing goals, regulations, and plans mutually (Mc Donalds, M, 2007). Marketing concept involves identifying MARKET, Planning, and Execution. Marketing research provides management with accurate, dependable or more to date information. Marketing research is essential because of Competitive marketing and the spiralling ever-increasing costs. The technique for marketing research is elucidated by McDaniel (2006).
Management make decisions about target market selection, market segmentation, planning and utilizing marketing programs. Further problems may appear credited to controllable and uncontrollable parameters. Costs is a controllable changing while uncontrollable variables include environmental changing, economic conditions, political instability, competition, and social and ethnic changes.
The twin ideas of Brand personality and setting play an important role in managing branding (Aaker, 1996). An accurate description of the brand's market and the aims that the brand needs to accomplish is vital for effectiveness of brand building. First step in personality building is benchmarking of brands (Upshaw, 1995). Brand should encompass the business characteristics, image and center strengths. If branding works well credibility of company is increased and helps in creating a strong customer platform. To realize brand marketing goals an understanding of the prospective market is necessary. This requires undertaking a market analysis. By identifying target audience it will be easier to connect with the mark customers thus permitting grabbing the interest of the audience. Thus companies have to slim down their target market. Tracking brand collateral as time passes including consciousness and brand commitment is important (Aaker, 1996). Market understanding and perceptions of brand can transform as time passes.
Packaging a brandname is a simple part of business. Brand packaging has a deep influence on the consumer in a positive or negative way. This is of great relevance when a new product is being launched as a confident effect may persuade the buyer to buy the product.
The other areas of significance as cited by various authors are Brand collateral research (Consumers conception of the brand), Brand connection research (customers association with the brand), Brand attribute research (the main element traits that express the brand), Brand naming (what do consumers feel about the titles of the products).
The data, qualitative data in the form of interviews and quantitative data by means of questionnaires will be analysed. The graphical representation of data will be done based on Lines graphs, Pie charts and club charts. The data will be refined and analysed and statistically examined for every single parameter and in doing so infer the patterns in the collected data.
The brand strategies specific to FMCG sector adopted by companies will be outlined out and mentioned based on the circumstance studies conducted. The successful patterns will be determined. The results from quantitative and qualitative research in the form of interviews and questionnaires will be evaluated. The customer's notion of branding will be reviewed in detail.