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Cravendale - Branding Objectives for New Product - Research Proposal Example

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The paper “Cravendale” - Branding Objectives for New Product” examines the final stages of the product brand creation - test making and product launch. It justifies test marketing and strategies for testing the market, a marketing plan for selecting the target audience and launching a new product. …
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Cravendale - Branding Objectives for New Product
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Download file to see previous pages According to AMA (American Market Association) brand is a sign, term, name, design or symbol which distinctively identifies a product or service from its competitor and apparently conveys a clear message about the quality of the product or service. So to Certo & Peter (1993), branding is not just a marketing strategy but it bonds a relationship with its customers forever. Hence the characteristics of a good brand used to convey the message very clearly, link your product or service with the customer with a pinch of emotional attachment, ensures product credibility, encourages the buyer, bonds user loyalty. LePla & Parker (2002) say or deeper, more loyal customer relationships and enhanced profit margins, companies must actually "live" the brands they sell. This approach is called "integrated branding" and it's not just a communications strategy.
According to Aaker (2001), branding usually represents the thrust of communication efforts in case of a service or product. The new product management is a new line of venture for the company and may involve approaching different markets. Very close interaction with the branding, therefore, is the norm in case of new product branding. To Ahiakpor (2003), developing the branding plan in case of new products involves the following decisions.
- Deciding upon the branding objective - The firm should clearly define what the branding for the new product would/should focus on generating awareness, interest, or favorable attitude? Establishing a unique image? Promoting trial promoting repurchase?
- Determining the branding budget - In the absence of precise information about market definition, determination of branding budget is a difficult task. Normally the objective and task method is utilized, in conjunction with estimates of Expected expenditures on the new product.
- Deciding on the branding strategy- Branding strategy decisions closely follow the positioning decision and are designed to establish the communication components of positioning.
Pre-communication research is used to provide inputs to the positioning by segment decision, and also to provide guidelines for copy development says Ansoff (1984). The generation of a number of messages instead of just one has now become the rule rather than the exception in the development of product campaigns, all focusing on the same theme/positioning. ...Download file to see next pages Read More
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