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BUSI 520 - DB Replies
International Business (Liberty
University)
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Brand Equity – Antonio Manjarres
Brand equity is the value of your brand for your company. It’s based on the idea that a
recognized brand that’s firmly established and reputable is more successful than a generic
equivalent. It’s based on customer perception: customers will tend to buy a product they
recognize and trust. When a brand is recognized and trusted to the point that the customer
recognizes it and feels a deep psychological bond with it, your brand equity is valuable indeed.
A company that produces a useful product, and genuinely commits to social or environmental
responsibility will attract customers and employees who share those values. And who will be
sufficiently connected and enthusiastic to be advocates. IKEA, for example, has invested in
sustainability throughout its entire business operation: 50% of its wood is from sustainable
sources, 100% of its cotton is Better Cotton standard and 700,000 solar panels power its stores.
With feel-good eco-credentials like these, spending a Sunday afternoon assembling an IKEA flat
pack seems more a pleasure than a chore when the product comes from such a reputable brand.
When customers have a warm feeling towards your product, they’re more likely to become
loyal customers and pass the word on. Judgments are made about a brand’s credibility,
capability, quality, relevance to need, and superiority over the competition, so it’s important to
maintain the integrity of all of these. Positive feelings can be excitement, fun, peer approval,
security, trust, self-respect. A brand that can maintain positive judgments and feelings is onto a
winner. For example, the Apple iPad: did you think you needed one before you saw one and
appreciated its capabilities? Now, for many of us, it’s our computer, games console, TV, radio,
alarm clock, mobile bank, messaging service… we love our iPads.
Marketing Research – Rachel Kauderer
Market research is a critical component when you’re launching a product, try to improve your
existing service, or when you’re just looking to be a step ahead of your competitors. It will
provide you with all the information you need to make a better business decision. Who will buy
your product? Who are your ideal customer personas? How often will they buy? What do they
need? What do they want, expect?
The more answers you have the more understanding you’ll get. This will result directly in
meeting the customer’s needs better than your competitors.
Market research will help you map out the full profile of your ideal customer. Knowledge of
your customers will help you determine the market size and what triggers them to buy. You’ll
gain valuable insights like their age, location, gender & income, which will help you in creating
effectively tailored marketing and pricing campaigns. The competitors are taking away your
customers and win in the marketplace. That’s because they’ve done their research ahead of you.
And now, you need to do the same if you want to stay in the game.
Market research will help assess the market to identify both key players and those on the
rise. Furthermore, it will help you find the weaknesses in your competitor’s approach. These are
gaps that you can utilize to gain more customers. You can also learn what performed the best
for the competition. In turn, you will be able to think more creatively while modeling your new
strategy.
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Knowing as much as you can for your competition will be pivotal to the success of your
business.
