How Equity Defines the Success of a Product - Research Proposal Example

Research Question The question of equity, and how it alters a corporation and their specific products is one that has been questioned by many. Specifically, many wonder how marketing is reflected through implied equity. This includes the name brand, and how it shows the values within a corporation. Tactics and strategies used in marketing defines how equity and customer relationships are reflected in marketing. This research proposal includes creating an understanding of how equity defines the success of a product. Overview/Introduction The concept of brand equity and marketing equity is one that is defined through various researchers. Specifically, P.R. Varadarajan and S Jayachandran (1999) have stated that the concept of equity reflects how customers respond to products. The difference defined includes an alteration in customer response, success of the product and the life value held by the product. From this, the concept of brands and the values it holds become essential in the success within a product. The need to find value that relates to strategy, not only within the organization, but also to hold better value of a brand from competitors then becomes a main determination in brand value and success. Background and Motivation When defining the concept of equity in brands and products, many define how competitors hold a specific brand for longer or shorter life cycles. Understanding how customers relate to this, as well as the psychological implications behind this, also involves a variety of differences in the success of a brand. Understanding how consumers are motivated to a specific brand involves layers of marketing that are defined. Within this is the need to understand how customers relate to a product, not only through competition, price and overall quality, but also in relation to the equitable values believed to be a part of the brands and products. Proposed Research Design This research study consists of defining the needed values within different brands. Several brands will be chosen as a basis for the research. Within each of these, will be an implied value or equitable concept that is given through the company's philosophies and internal functioning. This is defined as the main component reflected in the products. From this, several customers will be questioned through surveys about the equity through the products and brand name. Proposed Methods and Data To ensure the correct responses are heard from the questionnaires, an econometric model will be used to compare the relationships between equity and demand of the product. This will be done by measuring the success of a product over a certain time. This is then linked to the concept of equity that consumers hold towards the product to show if it makes a substantial difference in the demand and growth of a product. These are measured with a P – E test, to show how the functionality is affected by circumstances, specifically, with equity. Summary/Conclusion It is expected that, the psychological ideals that relate to value will affect the price, value and line of products on the market. Specifically, it is seen that the way in which a customer relates to the values of the products also implies how they respond to the level of loyalty and need to buy the products. With the several implications of products and product lines, is also the need to understand how different products relate to the psychology of consumers. Understanding this not only implies general marketing capacities, but also the need to relate to values, morality and implications of the brand name and equity that is held within a specific brand name and set of products. References Varadarajan, P. R., and Jayachandran, S., (1999). Marketing Strategy: An Assessment of the State of the Field and Outlook, Journal of the Academy of Marketing Science, 27 (Spring), 120-143. Research Question Within every brand, is the need to define the specific results, not only from what happens with the release of a product, but also from the concept of what defines and builds a product. Beginning to estimate how a product will succeed in the market is a main question for many companies, so there can be a profit and continuous growth within an organization. One major issue surrounding this is how research and development can be done to determine the success linked to a product. The question asked from this is what focuses should be linked to the research and development to have the best results through both marketing and demand from consumers. Overview / Introduction Several researchers have shown that the concept of research and development has directly implied the success of a product. Jaworski (1988), Gupta, Raj and Wilemon (1986), all state that the organizational role that is a part of the product directly reflects the end result of the success of the product. This is furthered by researchers Ayers and Skinner (1997), who show that research and development, when relating to marketing, makes a direct impact on how well the product does in the market. However, it was also shown that the customers relationship to the company is not direct, but it is only the relationship to the products that alter how consumers respond. Background and Motivation The issue related to research and development, as well as how well it does within the market, even though shown as a direct relationship between the literature, also questions why the demand and marketing makes a difference. This moves beyond the basic ideal that research and organizational relationships to a product and the market make a difference. The implication of what needs to be involved with the market, such as what questions need to be asked and how companies should respond to the demands required is also in question. Proposed Research Design To better understand what types of research and development is needed for a company, several companies will be questioned and observed. The steps that are used for R&D within different companies will be examined over a period of time. From this, the research will examine how the different angles taken from the research and development also make a difference with the consumer response. Examining several companies, as well as specific approaches will be used to show the correlation between different types of development, as well as responses from the market. Proposed Methods and Data The method used for this will be from the control theory. This includes understanding the different research and development used within different environments. Management designs, directions and self controls will all be defined within the various companies so there is an understanding of how the marketing interrelates to the research and design. By observing this, direct conclusions can be made about what it needed. The methods combined with this will then move into a series of data, including a P – E test and measurements that include time, price and value that is linked to the consumer. The different research and development methods will be used as a basis to show how the consumer response and marketing is directly affected by the research used within the organization. This provides a complete analysis to what types of research and development are used most effectively, as well as components are required to ensure that a product has a stable lifeline. Summary / Conclusion By understanding the specific questions asked for research and development within an organization, as well as the relationship to the marketing responses, companies will further be able to define the success of a product, as well as how consumers can have a better relationship with the products. The result from this allows companies to have better defined values with the research and development, as well as the environment of the organization. The response implies more specific equations about how the internal environment of an organization effects consumers. References Ayers, D., Dahlstrom, R. and Skinner, S. (1997), An exploratory investigation of organizational antecedents to new product success, Journal of Marketing Research, 34 (1997), 107-116. Research Question Understanding what it takes to put a product on the market does not just include innovation and new concepts that pertain to a business. It also involves having the insight to try to put together independent variables which effect the market and consumer response to the brand put into public. Determining how the different determinants can be placed as a priority within a market to reach success and long product life is an important concept that is a part of the market. The question raised in relation to this is how the different variables work in their relationship to determining what is best for a product. Overview / Introduction According to Connor (1981), Stavins (1995), Samuleson (1988) and Bayus and Putsis (1999), there is an offensive and defensive way of marketing products, both which produce specific results for the business. Determining which of these to use and which to take out of the marketing mix ultimately determines how well a product does. The conclusion among these researchers is that it takes demand, supply and strategy as the main components of finding how consumer demand responds to different ideals within the industry. Background and Motivation While most researchers agree that the variables in marketing, as well as strategy, incorporate new success for products, is also a need to further this with getting more complete results when determining the factors for a product. Specifically, using products that have independent names or brands, or using products under one brand, and the difference this makes in consumer response is a variable to be considered. However, this is not just because of the main concept of branding, but is also interrelated to the variables of the company, such as ethics, pricing, reputation and how the market responds to the understanding of the product, especially when compared to competitors. Proposed Research Design To determine the variables for this product, each component of a new brand will be measured separately. Consumer responses to brand name, products, pricing, value and marketing effects as a part of the strategies will be added into the questionnaire, with consumer response being a consideration for the way in which the product is affected by different variables. These will all be measured to see what considerations should be made first with the products. Proposed Methods and Data The two methods used to determine which variables are the most important are based off observations from the surveys given. Specifically, measurements of how consumers respond to the different variables as well as statistical relationships to the value of the products, such as the price increase and success of the product, all will be measured. By factoring these in as dependent and independent statistical data, the variables and how they interrelate, as well as their importance as separate ideals will be considered. Summary / Conclusion It is expected that, through this research method, companies have a better idea of what the focus should be for products and what is reflected within their organization from the marketing of products. Combining the different variables, and seeing which ones are most important, as well as which are least effective provide a different sets of concepts of how a business should measure different variables for more successful products that are created for their brand name. References Bayaus, Barry, William Putsis. (1999). Product Proliferation: An Empircal Analysis of Product Line Determinants and Market Outcomes. Marketing Science (18), (2) 137 – 154. Research Question For many, the concept of innovation and offering new ideals within an organization is what drives the company forward. The problem with this; however, is that there are difficulties with how one responds to the products offered. The question of whether companies should focus on offering new innovations as an investment, or whether only slight improvements should be added to current products is a continuing debate. The question asked is how organizations can more effectively add in components to innovative products, while allowing consumers to respond with continuous loyalty with newer products. Overview / Introduction There are several researchers who have shown that the concept of innovation is limited to the consumer demand and expectations within a market. Specifically, researchers such as Bain (1956), Schmalensee (1982), and Urban and Gaskin (1986), have all stated that there are direct relationships to consumer loyalty and the ability to add product innovation and new features to a product. However, this particular consumer response limits life cycles, as well as the amount of innovation that can be produced within different products. Background and Motivation Understanding the level of investment that should be placed into innovation, as well as the responses that should be invested into current products is a main problem and issue among corporations. Knowing where to place the values, and understanding how risks, as opposed to improvement of current products affects the market can lead to the ultimate success or failure of a product, and also shows the life cycle guarantees associated with a product. This becomes a main determinant in how a product works effectively and what needs to be done to enhance both innovation as well as help to continue the life cycle of older products. Proposed Research Design The design used with this is based off the model ASSESSOR. This is similar to other experiments that have used the same concept. The ability of this particular research design is to know how well a product does before it enters into the market. However, for this to work effectively, not only does the design have to include estimates of a product before moving into the market, but has to also compare how well a product that is already in the market sustains, as opposed to a new and innovative product in the market. Comparing these two shows the different factors that compare and contrast innovation as opposed to product improvement for life cycles. Proposed Methods and Data For a complete understanding to be made between different types of products, three main products will be examined both before reaching the market and after being in the market. The first are completely new innovations that are produced by a company. The second are older products that are improved through innovations to complete a life cycle. The third are older products that remain on the market. The demand related to these, as well as the way in which the entry of the products and consumer demand responds over a certain period of time will be measured through statistics such as marketing demand, pricing considerations and consumer relationships to the products. Summary / Conclusion By defining which products have the most impact when moving into a market, companies can make better connections to the marketing as well as the products offered. The balance between innovation, improvement and continuous supply of products all work together to determine the relationships between product demand and innovation. Understanding this not only helps companies to determine the best way to relate to older products, but also what components are needed to effectively monitor and market completely new innovations. References Urban, G., Carter, T. and Gaskin, S. et al. (1986), Market share rewards to pioneering brands: An empirical analysis and strategic implications, Management Science, 32 (June), 645-59.  Research Question It is known that marketing strategy makes a complete difference in how individuals respond to a product. Through strategy alone, companies can determine the success of a product, as well as it's life line within a market. More then this, having the correct marketing strategy allows companies to move ahead of competitors who have similar products, specifically by gaining customer loyalty and trust. The question asked with this research design is what independent variables make the most difference in marketing strategies and needs. Overview / Introduction There are three main models that have defined the need to have a specific marketing strategy for success of a product. This includes the Hotelling Model, Lane Model and Defender Model. Each of these show consumers respond in different ways to different variables, specifically with a relationship to pricing. According to researchers such as Hauser, this makes a defined difference in how consumers respond to the product. Specifically, this makes up a structure of the product, including brand value, price competition and quality of the product. Putting the right price on products, is said to be one of the main marketing components that makes a difference in how consumers respond to a product. Background and Motivation One of the difficulties with past research for a marketing strategy is based on the 'one dimensional' aspect of marketing. Despite the influence of price, there are other considerations that are an important component of the pricing. The strategic plan among marketing, when focusing only on price, does not include other marketing features that influence the price. For instance, there are relationships to how consumers look at pricing and the statement it makes about the quality and value of the product. The strategy for marketing, then, can not just include the basic price and one dimensional model, but also has to be inclusive of the relationship between other aspects of the market. Proposed Research Design For the correct determinants to be made about pricing, there needs to be an understanding of what the independent variables are that consumers look for. There also needs to be an implication of how this relates to the other aspects of products and how consumers respond to this. With this, consumers will be measured by responses from independent variables. This will be combined with a relationship developed with dependent variables. For instance, combining the price and how it affects the understanding of value pre-determines the best approach for marketing mixes. Proposed Methods and Data The data used will be measured by surveys that show the independent variables of marketing. This will be combined with quality factors defined through interrelationships of marketing mixes. The statistical data will be measured through the Likert Scale, which compares the differences and rates between the markets to create an understanding of the relationship between the different factors and how they interlink to the marketing mix. Summary/Conclusion By understanding the strategies needed for a marketing mix, businesses will be able to specifically target the needed values for adding new products, combined with understanding how to alter products that are already on the market. Understanding the independent variables that are a part of this, combined with a definition of what the relationships between the different marketing variables are, also provides a direct link to the needed components to effectively add products to the market, while having added value to the products. References Hauser, J. (1988), Competitive Price and Positioning Strategies, Marketing Science, 7 (Winter), 76-91. Read More