Abstract:
Different firms opt for different Brand Marketing Strategies. Price Differentiation and Product Differentiation being the most popular choices, rule the Brand marketing plan of most of the companies. The firms also go for sales promotion programs and try to gain Brand Loyalty on the part of the customers.
Brand Marketing Strategy is a vital component of every firm's marketing management. A proper Brand Marketing Strategy can result in larger market share and therefore increased amount of profit. So, every business house tries to determine a Brand Marketing Strategy which can lead them to the path of success.
In determining an efficient Brand Marketing Strategy, different business organizations follow different ways. Some of the options are discussed below:
The most common path that the firms opt for is the way of Price Differentiation. In order to market its brand, the company uses Price Differentiation. It has been observed that often price is considered as an indicator of Brand Quality. So, the companies practice Price Differentiation in order to win Price-led loyalty of the customers.
- The firms also widely use the concept of Product Differentiation as a Brand Marketing Strategy. Differentiated products reflect different characteristics and offer different levels of satisfaction. The varied performance of the differentiated products and the ability to fulfill specific requirements generate Brand Loyalty. This Brand Loyalty may result in high volume of sales and therefore high level of profit.
- Many firms use different sales promotion techniques in order to construct a strong Brand Marketing Strategy. These sales promotion strategies mainly comprises of price discounts. But many premium brands avoid frequent sales promotion programs in fear of losing the glory of the Brand.
- Under Brand Marketing Strategy, many firms try to create high brand involvement among the customers. This is done with the aim of gaining Brand Loyalty of the customers. High level of involvement with the brand can result in repeat purchase and can therefore fetch high level of profit. Companies try to create high brand involvement through Media Optimization that is through effective advertisement in both electronic and print media.