Professor: Dr. Kevin Tullis
Date:8/8/2014
The company under review in this paper is a growing company that plans to extend its global strategy by entering new distribution channels in the international market. The company is known as Brookvalley electronics. So far, the company has subsidiaries in only one nation from its mother country. The nation in which the company has subsidiaries is a neighboring nation to the company’s mother nation.
The market deals with production and distribution of electronics and software. The company is known to produce quality household electronics such as fridges and cleaning machines that are known by the name of the company. Though the company has entered only one nation in the international market, it gets orders from several countries from across the world. The company has developed a new product in which it intends to sell in the international market once it has undertaken the global strategy.
The fridges and cleaning machines that are produced by the Brookvalley Company are known by customers from its home country and even customers from the international market. However, the newly introduced product of the company has not acquired large market share even in the company’s home country and hence it indicates that the product is completely unknown in the international market. As a result, the company is obligated to carry out extensive marketing in order to ensure that the newly introduced product acquires large market share both in the company’s home country and also in the international market.
According to Wymer (2011), branding refers to the act of enhancing the uniqueness of an organization and its products. Branding is meant to position an organization and its products to the minds of the consumers as a unique entity that is different from other competitors that operate in the same industry. Wymer (2011) clarifies that branding must show customers that a particular organization is better than other organizations that operate in the same industry and that the products of the organization will give them greater satisfaction than the products from other organizations in the same industry.
Branding strategy involves analyzing the features that will be included in developing the brand of an organization in order to increase the organization’s goodwill among the customers (Wymer, 2011). Developing a strategy for an organization includes setting a brand name for the organization, designing a unique logo for the organization, defining a unique slogan for an organization, and sometimes extending a brand name that has already acquired goodwill to new products.
Brookvalley’s electronic products that are already in the market have acquired relatively large market share and customer goodwill. As such, the newly introduced will adapt the brand name of the company in that it will be known as Brookvalley super washing machine. The logo for the new product will adapt the color of the company that is known to the market.
Kotler & Armstrong (2013) provide that customers are always reluctant to try new brands as they enter the market since they are not aware of the risks that are associated with the new products. As such, the Brookvalley’s new product will have a brand name and a logo that is designed using the color known to the market in an attempt to counteract customer reluctance in adopting the newly introduced product. The slogan of the washing machine will be ‘save time and money using the Brookvalley’s new super washing machine.’
Ahmed (2014) provides that the stages in the product cycle of a product play a critical role in determining the suitable marketing strategies. Thus, each stage of the product lifecycle requires unique marketing strategies that must if applied if the product is to acquire and sustain large market share and competitive advantage in the market. In the introduction stage, the marketing strategy the Brookvalley new super washing machine will be characterized by extensive advertisement.
The extensive advertising will be aimed at ensuring that the potential customers are made aware of the newly introduced cleaning machine. As well, the extensive advertising will create problem recognition for the consumers in that they will see the machine in the adverts and thereby recognize a problem of the need to have a cleaning machine that is pocket friendly and at the same time it is of high quality. The advertising at this stage will be more of a promotion and personal selling. This helps to convince the market to accept the new product.
At the growth stage, the marketing strategy will also be characterized by extensive marketing, but in this time round media advertising will be given the priority. This is because the product at this will be already accepted in the market and hence eliminating the essence of personal selling and promotions.
In the maturity and the decline stage of the product, the marketing strategy will include entering new distribution channels in the global market. At these stages, the company will also undertake research and development to establish whether there are new features that can be added to the product in an attempt to ensure that the product maintains its competitiveness in the market. While advertising the new product, ‘save money, ensure quality and durability’ will be used as the positioning statement for the product.
Sheth (2011) provides that consumers are always willing to pay less for more. It is worth noting that currently in the industry of producing electronics quality has been ensured by every firm that operates in the industry but the prices for the electronics have remained high. Hence, customers will be convinced that they will yield greater satisfaction by buying an electronic from Brookvalley Company. As it will be indicated in the positioning statement, customers will see that they will get the same quality as they would get from the competitors of the Brookvalley Company but they will pay less in Brookvalley and hence they will be convinced that they will get higher satisfaction. Hence, the demand for the machine will be increased a factor will increase its competitiveness in the market. Including durability in the mission statement will also have a significant impact on the consumer buying decision.
According to Mullen & Johnson (2013), the psychology of consumers is greatly impacted by the mission statement of the company. The mission defines an organization. Mullen & Johnson (2013) provide that consumers are always convinced to buy provides from an organization from which they feel that the organization is at their services.
Mullen & Johnson (2013) provide that consumers want to be convinced that they will get want they want from an organization and that they will get maximum satisfaction from consuming the products of a particular organization. As such, the mission statement for the company will show that the Brookvalley Company values the employees. It will also assure the employees of getting maximum satisfaction from the products of the company. ‘Ensuring value and satisfaction to all our customers’ will be the mission statement for the company.
References
Ahmed, M. (2014). Principles of Marketing.
Kotler, P., & Armstrong, G. (2013). Principles of Marketing 15th Global Edition. Pearson.
Mullen, B., & Johnson, C. (2013). The psychology of consumer behavior. Psychology Press.
Sheth, J. (Ed.). (2011). Models of buyer behavior: conceptual, quantitative, and empirical. Marketing Classics Press.
Wymer, W. (2011). Developing more effective social marketing strategies. Journal of Social Marketing, 1(1), 17-31.
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