Research Paper on "Marketing Branding Strategy"

Research Paper 4 pages (1309 words) Sources: 4

[EXCERPT] . . . .

We are positioning the MegaWidget for maximum sales, aiming for a very large target market and we want everybody to buy one. Remember that the sales target is one million units in the first year, which implies a very large market share.

So the product is innovative, and the user/target market has been defined as part of the positioning statement. It is established in this statement that the MegaWidget is not a niche tool, but a key device for anyone who is even remotely handy. So all the key elements of the positioning statement are there, with one possible exception. Normally, positioning is relative to something else, but in this case MegaWidget is an innovative product. There is no other. There is no need to position it as anything other than itself, a true innovator, because there are no real competitors. That said, the company will have to use this "original" mindset because at such time as there is a competitor -- despite its patent protection the MegaWidget is something that's main features could theoretically be duplicated -- so there will be a competitor at some point.

Consumer Behavior

It has definitely been noted that in retail consumer products retailer power is an important variable in determining consumer behavior, but that it will vary considerable across industries (Porter, 1974). Because of this, it is important to know your industry really well. One thing about tools is that when one is deemed to be useful, it will become a staple and every man -- and not a few women -- will have one. It is simply a matter of getting enough people to try the MegaWidget, so that they tell their friends. There is considerable word of mouth in this field, and consumers are likely to imitate their friends. Nobody wants to be the one guy who doesn't know about MegaWidget. That's like not knowing about the Philips head screwdriver. As a company, we know that we need to leverage both word of mouth, and the desire of consumers in this segment to be up-to-date, and imitate their friends. These are people who aren't often trendy, but when it comes to tools, they wouldn't want to be left behind because their sense of self is tied to their knowledge of such things.

Mission Statement

A good mission statement is an explanation of what your company really does (Smith, 2011). In this case, we do not just make the world's most awesome widget, the MegaWidget. We are in the hardware solutions business. We help you to get the job done, and solve all of your problems. The reason we want to have this as our mission statement is that we are speaking directly to the customer, and positioning ourselves as a solutions company, not a widget company. This allows us to not only have brand extensions but other products as well, as long as they are solutions.

The company introduction will be to announce MegaWidget Inc. As the inventory of the MegaWidget, which is the ultimate solution for home renovations, car repairs, construction projects and other hardware needs. We manufacture and market solutions like the MegaWidget to help our customers with their projects.

Reference

Dickinson, J. & Wilby, C. (1997). Concept testing with and without product trial. Journal of Production Innovation Management. Vol. 14 (1997) 117-125.

Miller, R. (2010). Event marketing strategy: 5 questions to help you decide where should you exhibit. Media Relations Inc. Retrieved November 13, 2014 from http://www.publicity.com/advicetips/event-marketing-strategy-5-questions-to-help-you-decide-where-should-you-exhibit/

MindTools. (2014). The marketing mix and the 4 Ps of marketing. MindTools.com. Retrieved November 13, 2014 from http://www.mindtools.com/pages/article/newSTR_94.htm

Porter, M. (1974). Consumer behavior, retailer power and market performance in consumer goods industries. The Review of Economics and Statistics. Vol. 56 (4) 419-436.

Smith, D. (2011). 5 tips for a useful mission statement. Inc. Magazine. Retrieved November 13, 2014 from http://www.inc.com/ss/5-tips-on-developing-an-effective-mission-statement

Van Auken, B. (2009). What are brand attributes? Branding Strategy Insider. Retrieved November 13,… READ MORE

How to Reference "Marketing Branding Strategy" Research Paper in a Bibliography

Related Research Papers:

Marketing Strategies the Marketing Plan Delivers Marketing Plan

Marketing Strategies

The marketing plan delivers the various strategies that All Technology Computer will use to enhance competitive market advantages. The paper discusses the company mission statement and the strategies… read more

Marketing Plan 18 pages (5577 words) Sources: 10 Topic: Advertising / Marketing / Sales

---

Marketing Plan for a Company Marketing Plan

Marketing Plan

This marketing plan is for Starbucks, to guide the company to its revenue and growth objectives. The plan focuses on the cash cow market on the United States… read more

Marketing Plan 15 pages (4494 words) Sources: 5 Topic: Advertising / Marketing / Sales

---

Marketing Plan the Potential Audiences Marketing Plan

Marketing Plan

The potential audiences for the Firenze include all smartphone and tablet users in North America and Brazil, specifically those who need to have a tablet device capable of… read more

Marketing Plan 18 pages (5054 words) Sources: 15 Topic: Computers / IT / Internet

---

Marketing Plan for a Sleep Center Marketing Plan

Marketing

Monitoring and Evaluation

There are a number of good performance measures that can be used to test the effectiveness of a marketing plan. Indirect measures include revenues (have they… read more

Marketing Plan 2 pages (613 words) Sources: 1 Style: MLA Topic: Advertising / Marketing / Sales

---

Marketing Plan for a Sport Product Research Paper

Marketing Plan for a sport product

The modern day society is often criticized for its unhealthy life style. The incidence of cancers or blood pressure related illnesses is increasing at… read more

Research Paper 8 pages (2230 words) Sources: 8 Topic: Advertising / Marketing / Sales

---

View 100+ more related papers  >>