Creating, Managing, and Extending the Value of Brand - Research Paper Example

The device designed by the family member was an electronic device which uses light emitting diodes to relieve the muscle pains aches and stiffness. The product had been designed, but it needs to undergo more experiments and authorizations so that it can be declared as a safe product to be used. Finally, after the series of authorizations, the product was declared as ‘safe’ one and was ready to be introduced in to the market. The product that has been developed is basically a device which uses the light therapy to help ease the stiffness of muscles and joint, making it a pain relief product especially for those individuals who are suffering from arthritis, tendonitis etc. The light emitting diodes will play an important role in increasing the blood circulation which will in turn result in the tissues flexibility. The branding strategy is very important while introducing a product in to the market. This gives an identity to the product which differentiates it from the other products which are available in the market. “A brand name helps an organization differentiate itself from its competitors. In today’s competitive world no product can go without a brand. Customers often build up a relationship with a brand that they trust and will often go back to time and time again.” (Kotler, Philip, and Gary Armstrong. Principles of Marketing. Englewood Cliffs, N.J: Prentice Hall, 1991. Print) The brand name of the product of the product will be ‘WaiveOff Relief’ and apart from the brand name, the key elements of the branding strategy will be established at the same time as well. The brand logo will depict the product with the help of a mark or perhaps a symbol. A logo helps in deriving the meaning of the product or the service and it gives an identity. Therefore it is important to know that what the logo depicts or what it stands for rather than the outlook or the appearance of the logo. In the case of Wave off Relief, the brand logo will be the flying carefree shadow of an individual in color black, depicting the body which is relieved from stress, anxiety and pain. The reason why this logo has been chosen so that the customers can strongly associate with the way the product works and the logo will exhibit that the customers can forget about their stressed out pain and anxieties as soon as they start using the product. Coming towards the brand image of the product which is defined as what impression do the customers have in their mind about the overall personality of the product. “Certainly price and quality are factors, but in most cases, the over riding factor is the brand of choice and its image is one the customer has come to identify with.” (Marconi, Joe. The Brand Marketing Book: Creating, Managing, and Extending the Value of Your Brand. Lincolnwood, IL: NTC Business Books, 2000). The established brand personality will primarily focus on trustworthiness and dependability, where the user can completely put his/her trust in the product and can have expectations that the product can help the customers is getting relieved from the pain which is quite recurring. The brand logo, name and brand mark will all be registered with the United States Patent and Trademark Office so no other company can have the right to sell the similar product or a different product using the aforementioned brand name or brand logo/brand mark. However an in-depth market research has enabled us to find that Wave off Relief is a unique name and currently there is no other company/product/business/service operating under the name of Wave off Relief, or is using a similar brand logo. “A trademark is a brand name. A trademark or service mark includes any word, name, symbol, device, or any combination, used or intended to be used to identify and distinguish the goods/services of one seller or provider from those of others, and to indicate the source of the goods/services. Although federal registration of a mark is not mandatory, it has several advantages, including notice to the public of the registrant's claim of ownership of the mark, legal presumption of ownership nationwide, and exclusive right to use the mark on or in connection with the goods/services listed in the registration.” (United States Patent and Trademark Office - Trademarks Home) Once the brand name along with the logo and the marks have been registered, the market analysis emerges as another important step which is carried out so that it can be determined that how attractive is the market and whether it is offering enough opportunities that can help the product strengthen or not. The key elements or the dimensions of the market analysis include the determination of the market size (which includes the current as well as the future), the profitability and the growth rate, market trend, and key success factors. Wave off Relief is a product which uses the light emitting diodes as a pain relief therapy, and is specifically designed for those adults who are suffering from arthritis. As per the research conducted, one adult in every seven adults suffer from arthritis and many researches suggest that this number is increasing exponentially, where 24.3 million total women are diagnosed with arthritis by doctors and 17.1 million men are diagnosed with arthritis by doctors. Back in the year 2006, the approximate figure of number of adults suffering from arthritis was around 46million. (Arthritis Facts - Arthritis Foundation | Symptoms Treatments | Pain Relief Advice). Hence the aforementioned figures are obtained by carrying out research using the primary and the secondary ways. The rising figures of the arthritis patients and the patients suffering from the joint pains suggest a market opportunity for the product Wave Off, where the target market is going to the 40+ adults who are suffering from stiff joints, muscle pains, arthritis or tendonitis. The market segmentation has taken place according to the demographic segmentation, (age) so that the total market can be split up as per the age with the target market lying in the age bracket 40+. Since different researches depict that the adults who cross the age of 35+ start complaining of the joint and muscle pains, hence Wave off Relief will be positioned in a way so that the needs of these adults could be catered to. The total market size of the product will exceed 1 million, where their income distribution is approximately somewhere between $50,000-$100,000+ annually. The target market is the well educated individuals of the USA who understand the adoption of modern ways to treat a joint/muscle pain, and they have a high purchasing power. “Business Competition now comes in different forms and from a variety of competitors, and the challenges are increasing. Skilful business and competitive analysis is critically important in determining how an enterprise can compete and deliver value to its stakeholders.” (Fleisher, Craig S, and Babette E. Bensoussan. Business and Competitive Analysis: Effective Application of New and Classic Methods. Upper Saddle River, NJ: Financial Times Press) The determination of the competition which exists in the market is very important because this will let us know that how strong the market is, and if there is any opportunity that exists in the market. For Wave off Relief, the competitors will include all the businesses which are selling pain relief formulas, arthritis/tendonitis relief pills, joint support formulas etc. The market is pretty strong, since as mentioned above, that in USA the number of adults suffering from joint pains is increasing exponentially and hence in order to address this problem more companies or businesses are moving in to this market. Our competitors can include CT Cream, Kegler’s Pain Relief, Light Relief, Advil etc. The competition which exists in the market is very strong where there are a number of products which are addressing the growing issue of joint/muscles pain, however the unique selling point for Wave Off Relief is that it instead uses the light therapy to treat the affected area, and is a new electronic device which will increase the blood circulation and relieve the muscle/joint stiffness. To ensure the safe use of the product, we will have Food and Drug Administration test the product and certify that it can be used easily(under specific instructions) without any possible harm to the human body. The government and regulatory authorities will want to ensure that the product, which uses the light therapy of light emitting diodes, is safe to use without causing any harm to the human body. Hence the certification by FDA will help us achieve the confidence of the customers who will view Wave off Relief as a secure and safe product to use. Hence the certification by Food and Drug Administration will be very important. “If a company does not have a vision of where it wants to go, then any product strategy is likely to take it somewhere.” (McGrath, Michael E. Product Strategy for High Technology Companies.) Michael E referred the product strategy as the road map which gives the company a sense of direction of where it wants to go. Product strategy in broader terms tells that how does one intend to sell his/her product/service in the marketplace. It takes in to the account the product, the promotional strategies, pricing strategies and how the distribution channels will be selected. “Well designed packages can deliver brand equity and drive sales. The package is the buyer’s first encounter with the product and is capable of turning the customer on or off.” (Kotler, Philip, Kevin L. Keller, Bernard Dubois, and Delphine Manceau. Marketing Management) The packaging of the product will be designed in a way that it not only delivers the brand equity but at the same time ensures that the product is safely packaged without any external forces harming the product, the product can be easily delivered and at the same time the innovation of the company can be depicted using the packaging. However the focus of the packaging will lie on the safety of the product and that it can be easily transported from one place to another. Taking a look at the pricing strategies, Wave off Relief will be introduced in to the market using the penetration pricing strategy, which is defined as using the strategy of pricing a product lower in the initial stages of the product in order to attract the customers towards the product. However, Wave Off will be priced in a way that the cost of the product will be covered and the margin for the revenue will be kept at the same time. This will help the product is getting renowned in the product , and a lower price will help Wave Off in getting the customers attention off from the competitors products, and so that they get aware of the new product die to its low price relative to its rivals. Once the product gets it recognition in the market, the pricing strategy will be changed according to the needs of the market, or another strategy to be utilized such as mark up pricing etc. The communication mix compromises of nine elements, however the element which will be used in the case of Wave off Relief is that of the telemarketing. The infomercials of the product will run on the televisions on the national channels during the peak hours, where an in depth exhibition of the product will enable the customers to become aware of the product and how its unique selling point of the pain relief therapy using the light emitting diodes. At the same time, the money back guarantee promotional strategy will be used in order to market the product across the audience. The confidence of the product will be communicated with the 15 days money back guarantee where the customers can keep the product for fifteen days , and if they believe that Wave Off relief has been unsuccessful in relieving their muscle and joint pain, then they can return it for a refund. The product will be placed at the leading pharmaceutical and drug stores of the country at the easy to display shelves. The distribution channel which will be utilized is the most direct one, without the intervention of any middle person, from the manufacturer to the distributor. The leading drug stores of the country will appoint the sales representatives who will communicate the advantages of the product through personal selling, at the point of selling will demonstrate the use and benefits of the product as well so that to win the confidence of the user. Hence , the product will be advertised using infomercials and sold with the most direct channel of distribution with out any middlemen. The profit generated from the sale of the Wave off Relief will be shared according to the contract between the manufacturer and the distributor , on a 0.75/0.35 ratio of profit sharing. Wave off Relief will have different marketing strategies during the initial stages of the product life cycle, but as the product will get shifted to the growth and maturity stages, the strategies will also be changed as per the needs of the market. Works Cited Kotler, Philip, and Gary Armstrong. Principles of Marketing. Englewood Cliffs, N.J: Prentice Hall, 1991. Print Marconi, Joe. The Brand Marketing Book: Creating, Managing, and Extending the Value of Your Brand. Lincolnwood, IL: NTC Business Books, 2000 United States Patent and Trademark Office - Trademarks Home Arthritis Facts - Arthritis Foundation | Symptoms Treatments | Pain Relief Advice Fleisher, Craig S, and Babette E. Bensoussan. Business and Competitive Analysis: Effective Application of New and Classic Methods. Upper Saddle River, NJ: Financial Times Press) McGrath, Michael E. Product Strategy for High Technology Companies. Kotler, Philip, Kevin L. Keller, Bernard Dubois, and Delphine Manceau. Marketing Management. Paris: Pearson Education France, 2006. Print Kotler, Philip, and Keith K. Cox. Marketing Management and Strategy: A Reader. Englewood Cliffs, NJ: Prentice-Hall, 1988. Print. Kotler, Philip. Marketing Insights from a to Z: 80 Concepts Every Manager Needs to Know. Hoboken, N.J: John Wiley & Sons, 2003. Kerin, Roger A, Steven W. Hartley, and William Rudelius. Marketing. Boston: McGraw-Hill/Irwin, 2009. Print Armstrong, Gary, and Gary Armstrong. Marketing: An Introduction. Harlow, England: Financial Times Prentice Hall, 2009. Print. Read More