Introduction Throughout this report, five concise critical commentaries (CCC)will be discussed.
These five CCC’s will compromise of relevant concepts andtheoretical models of key practices and principals surrounding them, while alsooffering a critical and evaluative account of each ones main limitations andbenefits. The five CCC’s this report will discuss are;Analysing Customers and MarketsPlanning for Products and BrandsPlanning for PricingPlanning for Service and DistributionPlanning for the Marketing MixAnalysing Customersand MarketsCustomer and Market Analysis are important tools forunderstanding and defining what type of customers the company or product areserving, and the dynamics of a special market that the company or product are apart of. Through understanding of customer and market analysis, accurate SWOTAnalysis’ can be made to determine the strengths, weakness, opportunities, andthreats for a company or product. Below is a SWOT analysis provided by the BarManager at the Hilton Blackpool for where they currently stand in regards totheir customers and market within their comparative set. INSERT SWOT ANALYSIS HERE WHEN DONEWithin this managers role he uses comparative sets, groupsof local businesses that perform similarly to his own with similar products orservices, to understand his customer and market and develop promotions andservices to draw in more customers and retain current clients. The purpose of the business use of the SWOT analysis is toget the information from it and match each other to develop the ideas and getinto goal statement to form strategic development (Olsen, 2008). MarketAnalysis contains dimensions such as market size, market trends, market growthrate, market profitability, industry cost structure, distribution channels, keysuccess factors, and key success details. (Acker, 2012) Market segmentation is important to understand in both howit differentiates from market analysis and how it ties in with customeranalysis.
Market segmentation is the basis for differentiated market analysis. Ina differentiated market, product differentiation (more commonly called differentiation)is found, which is the process of distinguishing a product or service fromothers to make it more attractive to a particular target market. (Chamberlin,1933) Differentiation is important for market analysis as it flags upsaturation of a market due to too many competitors flooding a market withsimilar products. Unlike years ago, customers today have access to thousands ofreviews for any product or service they want to purchase, and can access a lotof these products and services without leaving the comfort of their home. Ascustomers are now better informed than ever before about the range and qualityof products they can purchase, a consequence is market segmentation. Market segmentationcan identify different products for different groups, better match customer’swants and product benefits, maximise the use of available resources, and focusmarketing expenditures and competitive advantages (Karlsson, 2012).
Planning for Productsand BrandsBrands have certain characteristics that make themidentifiable. Red Bull, as stated in Event Marketing (Preston, 2012) is a brandof energy drinks that is highly reputed, and through successful brand implantationhas created a product that while identical to other competitors in most waysmanages to outsell them for a heavy price differential. They have developedtheir brand through not only having a product that their customers enjoy, butby also promoting events ran with their brands name (Red Bull Air Race, RedBull X-Games, Red Bull Motorsports) and by promoting themselves over popularsporting events (Formula 1 Race Team). Through promoting their brand, and thenin turn their product with its infamous slogan “It gives you wings”, they have successfullycreated a product and brand that both share the same core values and evoke anemotional response in their customers and potential buyers. Products and Brands should go hand in hand to reflect oneanother. Companies want their products to reflect their brand, and vice versa.A brand includes a company’s name, logo, and slogan, but are so much more thanthe creative elements. Brands represent the company’s interaction with itsmarket and customer.
The best brands evoke emotion in their customer base andinstantly recognisable without even seeing the company’s product. A successful strategy for a product and brand will developbrand awareness and an identity that will set out a company’s products fromsimilar items available on the market from competitors. Well-designedstrategies will remind current customers and potential new buyers of why theyshould purchase your product over others with similar characteristics. Important factors to take into consideration when attemptingto implement a strategy for a product and brand are positioning, benefits,considerations, and common misconceptions. While forming a strategy, one shouldconsider what they want their product, and through that their brand, to beconsidered as.
A product can be considered as the more affordable againstcompetition, higher quality, or can carry more status. Successful implementationof a strategic brand and product plan comes with the intent of causingconsumers to have a positive emotional association with your brand as long asthe product implantation falls into line with core business values perpetuatedby the brand. For instance, a company such as Nike or Adidas will develop andimplement products such as running shoes, and market these products withadverts of athletes running in them to align with their brand and currentoffering of products.