Marketing communication and brand strategy mkt 571

MKT 571 Week 5 (750 Words)

Marketing Communication and Brand Strategy

Marketing Communication and Brand Strategy
Marketing communications are the means by which firms attempt to inform, persuade, and remind consumers (directly or indirectly) about the products and brands they sell. In a sense, they represent the voice of the company and its brands; they are a means by which the firm can establish a dialogue and build relationships with consumers. By strengthening customer loyalty, they can contribute to customer equity. Marketing communications also work by showing consumers how and why a product is used, by whom, where, and when. Marketing communications allow companies to link their brands to other people, places, events, brands, experiences, feelings, and things. (Kotler, P.T. & Keller, K.L. 2016). On the other hand, brand strategy is the action you take to connect your customers to your business through (brand) recognition. Whether the business is new or existing, the brand strategy is done through advertising, sponsored events, social media, lectures, and free webinars. The overall objective is to engage your customers in such a way that they desire to do business with you no matter the what. (Mills, C. n.d.).

Situation Analysis

In any business vision, mission (strategic objectives) and values are communication elements (to the company, consumers and clients) of the why, what and who of the business. The mission of the business expresses the overall purpose of the company; what we do, who we do it for, and how and why we do it. The vision of the company conveys why we are here, and what we hope to accomplish and reflect the essence of the organization’s mission and values. The strategic objectives indicate clearly defined long-term organizational goals, plans and projects. The value statement indicates who we are as a company. It is the system of ideas and ideals that a company holds true to who they are in their overall function or philosophy. Since I am a small company (subsidiary of Apple Inc.) that sells IPhone 6 thru X my Vision, Mission, Strategic objectives, and Values are similar to Apple, Inc. (but on a smaller scale).

Vision, Mission, Strategic Objectives and Values

My company’s vision is to continue to sell this innovative product (the iPhone), that not only connect personally but professionally to consumers and clients, both domestically and globally. Our mission is to bring the best innovative experience (with the iPhone) to business professionals, educators, students, and working class individuals all across the board. As previously mentioned, our company’s strategic objectives are engage both professionally and personally with our new and existing customers; Build strong lasting relationship with our consumer and clients that would last a lifetime so that they would continue to do business with us at all costs.

Strength and Weakness. Since I am under the umbrella of Apple Inc. Apple’s Inc. strength is that it has an invaluable market experience. The company has been in operation since 1976. It was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne. Apple is also famous for aesthetic designs of its products the iPhone, iPad, iPod which have often been appreciated for their designs. Apple is the most valuable brand in the world. The company came top of the list of most valuable companies in world in 2016 published by Forbes. The brand value of the company is $154.1 billion (as of 2016). The weakness is Apple products are usually expensive. It is sometimes difficult for many people in many parts of the world to buy Apple products. Apple has over dependence on iPhone sales. This may put the company at disadvantage should there be any dramatic change of customer taste concerning Smart phones. Finally, Apple has a limited distribution network as the company follows a very selective distribution strategy. (David, J. n.d.).

Competitor’s Strength and Weakness. On of Apple Inc. biggest competitor is Samsung. Samsung strengths are; Leadership in visual display market segment; Strong patent portfolio; High brand value; Global leadership across all mobile and smartphone markets and; Solid financial position of the company. Samsung’s weaknesses are Absence of own OS and software; Damage to brand image due to product safety issues; Low profit margin; Extensive product portfolio and; Competitive advantage hard to sustain. (Dudovskiy, J. 2017).

Market Segments. Market Segment is the type of market or customers a company will serve. Furthermore, market segment consists of a group of customers who share a similar set of needs and wants. (Kotler, P.T. & Keller, K.L. 2016). My company market segments are business professionals, educators, students, and working class individuals all across the board. This is important to my company because it allows my company to precisely reach consumers with specific needs and wants. An important note is that a company will not survive if the marketing strategy is dependent upon targeting an entire mass market.

Creating Brand Image. Creating Brand Image is very important for any organization and business. It is the deciding factor that determines product sales. Creating a brand image reflects a company and or organization’s key values and beliefs and views about a company’s particular brand (in this case the IPhones). The value and character of a brand is portrayed by its image; the result of creating brand image is that it would have a long lasting impact not only on the company’s overall image but the consumers mind as well.

Conclusion

Marketing communication and brand strategy is vital and important for any business and organization alike. They identify what your company is, through its marketing process and reflect that same image through advertisement, promotions, slogans and various creative measures. Combining and blending both marketing communication and brand strategy not only unify your message, makes it memorable and identifiable both now and in the future.

References

David, J. (n.d.). SWOT analysis of Apple – Apple SWOT analysis. Retrieved from https://www.howandwhat.net/swot-analysis-apple/

Dudovskiy, J. (2017). Samsung SWOT Analysis: Strong Financial Position and Leadership in Global Display Market. Retrieved from https://research-methodology.net/samsung-swot-analysis/

Kotler, P.T. & Keller, K.L. (2016). Marketing management (15th ed). Upper Saddle River, NJ: Pearson/Prentice Hall

Mills, C. (n.d.). Brand Strategy & Integrated Marketing Communication. Retrieved from https://smallbusiness.chron.com/brand-strategy-integrated-marketing-communication-64368.html