Target market and branding (Bayer Aspirin case) - Essay Example

? Marketing School Affiliation Introduction Marketing plays a particularly significant role in managing a developing organization (JFP, 2009). It involves communicating the values of products or services to potential customers. Although marketing may sometimes be taken as the act of selling, selling is just a small portion of marketing. Generally, marketing is the overall strategies as well as functions of promoting the products and services to the customers. Marketing links the material requirements of customers with its patterns of economic response. Marketing usually satisfies all these requirements by exchanging processes as well long term relationships with customers (JFP, 2009). Marketing as an organizational functional plays the role of setting processes through creating and communicating fundamental values to the customers. In addition, marketing helps to manage customer relationships in a way that benefits the organization as well as its shareholders (JFP, 2009). Marketing, as a science assists in choosing target markets through market segmentation and market analysis. Moreover, it does that through understanding the consumer behavior and through the provision of superior consumer value. There are five leading marketing concepts which a firm can choose to carry out their business. These include the product concept, the production concept, the holistic marketing concept, the selling concept and the marketing concept (JFP, 2009). When these concepts can be put into proper consideration by any organization, its productivity can significantly improve. Just like marketing of any other product, marketing of Bayer Aspirin can be of immense importance to the profitability of any health care organization. Bayer Aspirin has been in the market for more than 100 years (Christensen, 2012). In fact, current research indicates that no other pain killer has been around for a long time as Bayer aspirin. Apart from treating pain related illnesses, Bayer Aspirin is used in treating heart attack (Christensen, 2012). Aspirin help in reducing damage to the human heart. In addition, low dose of Bayer Aspirin helps in reducing risks of recurrent heart attack as well as ischemic stroke. Nevertheless, Bayer Aspirin is usually not appropriate for everyone and hence it is always advisable to consult the doctor before beginning the regime Target Market A target market refers to a group which a certain organization has decided to fashion its marketing campaign to address (J & V. 2012). A well established target market is the initial strategy to a marketing strategy. Target markets are usually separated by noticeable and distinguishable aspects. These aspects include geographical segmentation, psychographic segmentation, product related segmentation, and behavioral segmentation. In addition to these segmentations, market researchers are searching for methods to identify defined target groups which are smaller and better. There are four main strategies outlined by marketers for the purpose of satisfying the target market. These include undifferentiated marketing, differentiated marketing, niche marketing and concentrated marketing (J & V. 2012). The target group for Bayer Aspirin is a set of all people suffering from pain related issues of from all ages. In addition, its target group includes patients suffering or with suspected heart attack. Selecting a target market is extremely beneficial to any business as it enables the business organization to direct its products or services to those consumers with high potentials for the growth of sales, product interest and brand loyalty (J & V. 2012). First, it helps in identifying growth potential. A small group of consumers usually afford the firm with a great opportunity to increase sales. Irrespective of size, a target market usually captures those customers that are most likely to increase their sales of the organizations, products over time. Secondly, selecting a target market helps in building interests in the product. Customers in a target market always share different characteristics' which make them show interest in the business’s offerings more likely than other customers. These characteristics include demographic, gender, level of income, behavioral and lifestyle (J & V. 2012). Selecting a target market also helps in boosting competitive strength. Through focusing on a target market, the organization can establish itself as the best producer on the requirements of that group. This helps the firm to be able to able to respond quickly and properly to changes in their opinions and interests (J & V. 2012). In addition, it also helps the firm to be keen on other firms who attempt to lure its customers. Lastly, selecting a target market enables the firm to create brand loyalty. This is so as promotional resources, as well as advertising, can be concentrated on the target market. There are a number of factors to consider when choosing and managing a target market for Bayer Aspirin. First, the health care organization should consider the need of the medicine by the targeted group. The target market should be willing and able to purchase the Bayer Aspirin with the prevailing market price. Second, the health firm should consider the affordability of cash by the target market to purchase the medicine. It does not matter the degree of need of the firm’s target market when it comes to picking and managing the target market. If the target market cannot afford to purchase the medicine, then, this is not the right market target for the firm. The other factor to put into consideration is the accessibility of the medicine to the target market. The health care firm should select a target market that is easily accessible. This is for the purpose of reducing other expenses such as transport. Branding A brand is a name, design, symbol, term or any other feature which identifies a good or a service of a particular company (Chordas, 2011). A brand distinguishes a product of a certain company from a product of another company. A brand of any company of a firm is its most valuable fixed asset. Branding is one of the key concepts in product marketing. It helps in pushing the business forward giving it a competitive advantage. A well established brand will increase sales, create brand value and build customer loyalty (Chordas, 2011). In addition, it will enhance business growth. This is because the customers will be motivated to purchase the products of the company. In most cases, a company’s brand is usually associated with the logo, name, sign and other images which the customers associate with the company or product (Chordas, 2011). In addition, brand incorporates other factor and also encompasses unique characteristics, which distinguish the product of the company. This set the company in a better position in the competition field. Therefore, branding is vital to every business organization irrespective of the size. This is so as it helps in communicating information about the company as well as the products to the market. Branding influences the cost of product, marketing strategies, advertising strategies, packaging and distribution channels among others. The importance of branding especially to small businesses cannot. Customers always have the will to purchase products that they know (Chordas, 2011). With regards to Bayer Aspirin, it is evidence that the medicine has gained a lot of customers over the last years due to its good reputation. A strong and a well established brand always give the business a competitive advantage over other businesses in the market. Branding is one of the major ways in which new customers can be attracted (Chordas, 2011). This is because new customers may be influence by old customers through brand. Branding, therefore, is a remarkably superb way of facilitating the growth of the company. When implemented in the right way, branding can give the company a strategic position in the market. This eventually results to increase in the profitability of the company. This is achieved through the influx of new consumers as well as continuing support of existing customers. With respect to Bayer Aspirin, it is quite noticeable that the manufacturer has branded the medicine significantly. The appearance of Bayer Aspirin with regards to its packet is unique. This distinguishes it from other medicines in the market. The design of the packet is appearing to the customers. In addition, Bayer aspirin come with instructions on the packet which enables customers to know the prescription of the drug (Brand, 2013). Branding of Bayer Aspirin highly appeals to the customers. The images on the packets of various types of Bayer Aspirin give customers the desire to purchase the drug when they get ill. In addition, the images play the role of creating customer loyalty as they distinguish it from other drugs in the market. This has made Bayer Aspirin tremendously successful. It has been the most leading pain killer in the market today worldwide, and it is currently available in more than 100 countries all over the world. The profitability of Bayer Aspirin has increased significantly over the last years. This is because its marketing strategies, as well as its branding, has made it attract new customers while keeping the existing ones. Customer loyalty has also increased and, therefore, its profitability is expected to increase even further in the near future. If Bayer Aspirin were my own product, I would make it available in all the countries all over the world (Anonymous, 2009). This is for the purpose of making sure that the drug is accessible to anyone who needs it. In addition, this could appreciably increase the productivity of the business as the market would become wider. Conclusion In conclusion, it is clear that marketing plays a very vital role in promoting products or services of any business organization. Bayer Aspirin needs to be marketed in order for its sales, to increase. Through marketing and identifying the target market, Bayer Aspirin can attract many customers. Branding of Bayer Aspirin has also played a tremendously significant role in increasing the sales of the organization. Images on the packets of Bayer Aspirin give customers a good impression hence attracting customers as well as building customer loyalty. Through continuous marketing and branding, the Bayer Aspirin will attract more customers in the near future References Brand. (2013). In Encyclop?dia Britannica. Retrieved on 2nd Feb 2013 from http://www.britannica.com/EBchecked/topic/77622/Brand Chordas, L. (2011). Branding. Best's Review, 112(8), 14-14. Retrieved from http://search.proquest.com/docview/908619501?accountid=35812 Christensen, D. (2012, Apr 18). Free bayer aspirin. South Florida Sun - Sentinel. Retrieved from http://search.proquest.com/docview/1001993984?accountid=35812 J, V. S. (2012, Target market. Utne, , 24-26,28. Retrieved from http://search.proquest.com/docview/1033784674?accountid=35812 Anonymous. (2009). Journal of Financial Planning, , 16-16. Retrieved from http://search.proquest.com/docview/217551619?accountid=35812 Read More