Running Head: MARKETING
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1-2 Report: Role of Marketing in Brand Management
MBA 645
SNHU
MARKETING
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The report focuses on shedding light on the role of marketing in the creation as well as the
sustainability of a brand. It will also highlight the benefits of customer loyalty for a brand.
Role of the Four Ps of Marketing
The product plays an important role in reassuring the existing customers and inviting
new customers. In this case, the product is the theme park and its available services. It is the
product that offers value to the customers in return for the money invested. A product is
purchased by the customers with the motive of benefitting from it (Schmidt, 2010). The
theme park is an important product for the tourism and leisure industry (Pikkemaat &
Schuckert, 2007). The theme parks met the entertainment needs of the customers by
providing them with excitement, fun, as well as adventure. It helps in building an emotional
connection with the customers. The fun and memorable experiences provided by the theme
park will help in retaining the existing customers while attracting new ones.
Another important ‘P’ of marketing is price. Price can be used for generating new
customers for the theme park as well as retaining the existing ones. After the safety
incidents, to attract new customers, it is important to make changes to the pricing strategy of
the theme park. The penetration pricing strategy can be used. It means temporarily setting
the price of the entry ticket of the theme park below the market price (Sammut-Bonnici &
Channon, 2014). Offering the customers with entry tickets at less price in comparison to
other theme parks can help in effectively generating new customers, thereby allowing rapid
market penetration. It can also help in retaining the existing customers. In addition to
lowering the entry ticket price, the cost of food and beverages, as well as other services
available within the theme park, must also be lowered. In case lowering the cost of food and
beverages is not an option, lucrative discounts can be offered in order to attract more new
customers while retaining the existing ones.
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The place or the location and ambiance of the theme parks play an important role in
restoring and enhancing the confidence of customers in the brand. It is vital to market the
ambiance of the theme parks to the target audience by means of advertisements. Billboards,
social media channels, etc., can be used to bring the new look of the theme parks before the
customers. High-quality and appealing pictures must be promoted in order to capture the
attention and attract the interest of the customers. Moreover, the message that the safety of
the location has been enhanced than before must be communicated to the target audience as
much as possible. This can help in building trust and increasing the confidence of the
customers in the brand. The look and feel of the place will play a vital role in restoring and
enhancing the confidence of the customers in the brand.
Promotion is highly important in order to create more engagement and additional
traffic. In order to promote the theme parks, a number of events, as well as outreach
programs, can be conducted. Outreach programs act as means of advocating for the services
available at the theme parks and provide an opportunity to connect with more people. A
community outreach program can help in reaching out to the targeted audience and ensuring
additional traffic. Hosting exciting and entertaining events can help in increasing the
visibility of the brand, thereby attracting more traffic and ensuring the better engagement of
the people. Through the events and community programs, the enhanced safety of the theme
parks can be clearly communicated to the customers, thereby attracting more traffic.
Benefits of Customer Loyalty
Brand loyalty can help in reducing the marketing cost of the brand. When customers
are loyal to a specific brand, they are more likely to purchase from the same brand
frequently. Even if they do not see any advertisement of the brand, the loyal customers will
keep buying products from the same brand. It helps in reducing the marketing cost of the
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brand as they do not have to market their product again and again before the loyal
customers. They only have to market their products to reach out to new customers.
Brand loyalty can also be used as means of creating a barrier to entry for new
competitors. It is because even if the new players enter the market, the loyal customers will
choose their favorite brand only. As the new players visualize that there is no scope of
growth in the market, they are not likely to enter the market.
Brand loyalty can also help in enhancing the overall financial performance of the brands. As
loyal customers continuously purchase products and services of the same brand, they help in
increasing the revenue of the brand. Moreover, by reducing the marketing costs, the loyal
customers help in increasing the profits of the brand and ultimately its financial
performance.
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References
Pikkemaat, B., & Schuckert, M. (2007). Success factors of theme parks–An exploration
study. Tourism: An International Interdisciplinary Journal, 55(2), 197-208.
Schmidt, J. B. (2010). Whole‐Product Concept. Wiley International Encyclopedia of
Marketing.
Sammut-Bonnici, T., & Channon, D. F. (2014). Pricing strategy.
