It has been asserted (Kennedy, 2012) that, a brand collects name, symbol, design, logo ND term together, intended to Identifies and differentiates a product or service. Consumers regard brands as an essential element of the production, and most companies usually charge a higher price due to the Influence of branding, like Louis Button. Belch, Belch, Kerr, and Powell (2009) depicted that, brands could make choices for consumers, which like something consumers want to buy, avoid, aspire and outgrow. Duncan (as cited in Belch et al. 2009) describes a brand as ‘ a perception resulting from experiences with, and information about, a company or a line of products. A brand is not just the production or a service, it can be seen as a symbol of a product. For Instance, It Is easily to recognize two clothes through the branding logo. Despite of that they own some common features In terms of color, style and material. Moreover, it is what differentiates a production from its competitors. Brands have two qualities, which are tangible and intangible attributes.
The tangible qualities are those can be seen, felt, tasted and smelt, such as product’s design, how much it costs and what it is made of. The intangible attributes, usually involve consumers consciousness, which like brand Image, perceptions of users of the brand and Image of store where sold (Belch et al. , 2009). Why are brands important? For many products and companies, branding is an essential part of marketing and it can be extended to consumer perspective and organizational perspective. Brands bring out value both for organizations and consumers.
As for consumer’s aspect, Kettle, Brown, Burton, Deans and Armstrong (2010) Interpreted that, powerful brands can control forceful loyalty, and lead to customers refuse substitute and demand the product for a long time, even the substitutes have lower prices. However, on the other hand, a powerful brand will create the high brand equity, which can provide many competitive advantages to a company. A brand with high brand equity represents a very valuable asset. For example, the brand value of Coca-Cola is estimated to be almost US$67 billion, and IBM and Microsoft US$59 billion each (Kennedy, 2012).
So, brands could contribute a highly Identification of the product for the company, the real value of a brand also plays the positive role in capturing consumers’ preference and building the brand loyalty (Passbooks, 2005). Therefore, brands are important for both a consumer and a company. To summarize this section, a successful brand achieves persistent competitive benefit, also delivers ranking profitability and marketing performance constantly (McDonald, Cornerstone, & Wallace, 2011). Likewise, brands will lose value if they are not developed and managed in a right way. . 0 Cupid Chocolate Product Description The product is going to be a physical product with tangible qualities, which is a chocolate product. It will be described according to the three levels of product. 1. Core Product The core product Just provides consumers what they actually buy, stands for the Asia purpose why consumers have intend to purchase initially (Kettle, Brown, Burton, Deans & Armstrong, 2006). For the Dove chocolate, the core benefit, what buyers obtain when they are buying, is the satisfaction of needs and wants from both physical and psychological. . Actual Product The second circle is named as actual product, which aims to add the extra values on the customers and bring the additional profits for the marketers (Hair, Lamb & McDaniel, 2009). A) Features: High quality of cocoa Contains no added preservative Entrance namely slide Heart-shaped Special taste: no sweet without sweat Low caloric b) Style: brightly package color attracts focus c) Quality: The product uses original black chocolate and milk to create a bitter and sweet taste. D) Brand name: Dove Chocolate e) Packaging: a piece package of egg. 3.
Augmented product Economy pack can be bought for saving the frequent delivery time and fees. 3. 1 Brand elements Brand elements consists many factors, including the name, logo, symbols, design, packaging and performance of a product or service. First of all, choosing a brand name for a product is important from a promotional perspective, due to the brand name communicates the significance and feature. A “good” brand stretching strategy is one where the brand name aids the extension, however, a fine brand extension improve the brand name as well (Asker, 1991).
Moreover, today’s communication is not Just about names or words. It is often instant and graphic. So creating a powerful mark of a trade’, which expresses a company or product as an element, word or design (Belch et al, 2009). A logo is a kind of trademark that symbolizes the brand and comes up in all brand communication. A well-designed logo could represent the rotgut’s some common characteristics, which are simple, unusual and suit the desired image and positioning of the brand. For instance, the golden arches of McDonald’s are instantly recognizable all around the world (ibid). . 2 Package design Packaging is another side of branding that has become important gradually. A lot of companies regard the package as an essential way to communicate with customers and create an impression of the brand in their minds. According to He, Jordan and Padded (2008), it is important to point out that the relationship between the packaging design and total consumer expenditures. That is to say, using convenience in a wide rang of occasions occupies a significant position in enhancing recognition and sales.
For example, the Mount Franklin marketers hold the same opinion on the packaging issue; They design different packing size to satisfy the needs in a variety of circumstances, such as mall kids pack, mall normal pack and handy multi-packs (Mount Franklin website, 2009). Design factors such as size, shape and color all contribute to the appeal of a package and can be as essential as a merchant in deciding what goes from the shop shelf to the consumer’s shopping trolley (Belch et l, 2009). Therefore, to design an attractive package could catch buyers’ eyes.
In order to satisfy consumers’ various behavior, the product will be packed in different style: 1. Egg mini pack, egg normal pack. As for some special situations, like for a couple or family, the product will be packed with boxes and fancy design. 3. 3 Brand associations A brand includes a variety of associations, such as name, logo, symbol and packaging, which are tangible qualities. On the other hand, intangible qualities of associations are more important for a successful and famous brand.
According to Shaker’s statement, “brand associations are the category of a brand’s assets and liabilities that include anything “linked” in memory to a brand” (Asker, 1991). Keller (1998) points out that, brand associations are informational nodal points linked to the brand node in memory that include the meaning of the brand for consumers. Moreover, Keller (1993, 1998) divides brand associations into three major types: attributes, benefits and attitudes. Brand associations are essential both to companies and consumers.
Marketers differentiate, position and extend brands through using brands associations, in order to bring out positive attitudes and feelings upon brands, and to inspire attributes and benefits of buying or using a concrete brand (George, Charles & Lamb, 2000). The attributes and attitudes will be the associations to develop the brand. There are two main reasons. Firstly, attributes are the main feature of the brand, only unique brand could grab market share under strong competition. Additional, brand attitudes are necessary for developing a brand.
It reflects the value and level of a brand in consumers’ view. The most famous chocolate brand-Ferrier Richer is regarded as the closest competitor. In the same way, the development of maximum transparency and excellence in quality (Ferrier website, 2009). On the other hand, the brand will be positioned as a theme brand, is that only concentrate on producing chocolate without any complements. 4. 0 Segmentation of the market Market segmentation is the process of classifying people who form a exist market into smaller groups.
It is first of three important steps in the development of marketing strategy. Buyers are a great number of groups with various needs and wants in the market. Therefore, it is essential for marketers to segment different attention consumer group in order to take as more market share as they can. Moreover, segmentation is the basis for progressing targeted and effective marketing plans. In fact, the resources of any company are limited and no firm could generally afford to attack and tap the entire market without any delimitation whatsoever.
Market segmentation will benefit the company if the efforts were concentrated on segments that are more profitable and productive ones (Bean & Nines, 1987) 4. 1 Potential segments Three potential targets: 11-20 year old females, living in Melbourne urban with parents, students with part- mime Job earning under $10,000 per annum, traditional family lifestyle, medium user with medium loyalty. 21-35 year old females, living in inner city Melbourne areas, official and proprietors, university graduate, income from benefits sought: quality, economy, absolute loyalty, enthusiastic attitude towards product. 6-50 year old married females, living in Melbourne suburbs, with a big family, homemakers with plenty of time for shopping, young optimism. 5. 0 Cupid’s Target It has been asserted (Reynolds & Stuntman, 1984) that, targeting segments has long been regarded as important marketing activity. Resist the temptation to bee general in the hopes of getting a larger slice of the market. That’s like firing 10 bullets in random directions instead of aiming Just one dead center of the mark. Therefore, targeting market is needed due to market is the target where the firms aim all the marketing efforts to enhance company performance. . 1 The most profitable segment for Cupid Chocolate would be the 21-35 year old women for these reasons: Chocolate is necessary for women in some way They have fixed and considerable income which can purchase the products sustainable Amatory female will expand quantity demanded of chocolate Replenish energy during working time or as snacks in break time 5. 2 Geographic/Demographic The target consumer is 21-35 year old female, which is in love. She likes to share everything with her boyfriend. She works full time as an official or a proprietor with a hunger.
She graduated from university with income from$30,OHO to $50,000. This target woman lives in inner city Melbourne areas, where are many shops around there, including 24 hours, which is convenient to buy something immediately. 5. 3 Cryptographic Depends her education, income and occupation level, she belongs to middle class in society, but she also can afford what she wants except luxury stock. She only works from Monday to Friday. Therefore, she could enjoy her life with boyfriend and friends on weekends, such as parties, afternoon tea and picnics.
She is optimistic and taken things as they are. The most interesting things for her is eating, so she goes to supermarket and convenience store with her boyfriend frequently. She like romance, and hope her boyfriend to give her surprise everyday. 5. 4 Behavioral Cupid Chocolate is a product with low caloric, which can eliminate the worries about getting fat. A Variety of packaging could make her everyday looks different. Moreover, special taste likes a Journey of love (sort of bitter first and sweet taste then) will make her recollect wonderful memory with her boyfriend.
She will be a heavy user, eating Cupid Chocolate everyday becomes a habit in her life. Finally, she will be absolute loyal to Cupid Chocolate due to the high quality and special taste of the product. 6. 0 Conclusion After examining brand associations, market segmentation and market target of Cupid Chocolate, this report presents the market prospect of the product through clearer analysis. The most important steps are how to branding the product and target the market. Furthermore, a successful brand will create constant profit to a company, which can be regarded as a valuable asset.