Marketing Strategy for a Successful Campaign of a New Product Coursework

Essays on Marketing Strategy for a Successful Campaign of a New Product Coursework The paper "Marketing Strategy for a Successful Campaign of a New Product " is an outstanding example of coursework on marketing. Understanding and adapting to changing consumer buying patterns is the key to success in markets. Such understanding is not easy to accomplish, nonetheless, because the organizational trade process is repeatedly vibrant and intricate. Buyers face a multifaceted set of problems and as a result, their behaviors are perplexed by numerous situational factors (Alexandru, 2000). To deal with the intricacies of these situations and also the pure number of decisions to be made, it usually happens that the buyers frame issues in their own manner and consequently develop certain set rules that then govern their buying behaviors in most of the situations. Usually, the decision processes are not pre-set, or even explicit, there still is proof amongst many researching bodies that there exists an underlying pattern in buying behavior. The buyer recurrently evaluates the buying condition and performs certain business activities that appear to fit the state of affairs (Silk, 1999). This configuration can be considered as outlines or strategies of decision making, shortcuts, or as the theme of the paper, buying decision strategies. This paper is an attempt to present a marketing strategy for a successful campaign for a new product that is about to hit the market.DiscussionBrands are dynamic and can be understood as living entities that evolve over time, display human characteristics and personalities and follow a lifecycle where they can eventually die (Adekanmbi, 2008). Brands are sensitive to prevailing market equilibrium, trends and consumer emotion (Adekanmbi, 2008). A brand is of prime importance to a company, it is the most valuable asset it forms the basis of the long-term customer relationships. According to Donthu (1995), Brand equity provides a â€Å"differential advantage† that allows the firm to earn a greater margin on products and protects a brand against competitive attacks. For retailers, a good brand name enhances store image and ensures good sales. However, the most important is the customer because it is the brand image in the minds of the customers that shapes buying behavior and translates into a purchase (Donthu, 1995). The brand touches the customer's minds and hearts and differentiates a product from the competitors’ product and result in repeated purchase and brand loyalty. It is an abstract and subjective concept. Adekanmbi (2008) states that â€Å"it is the soul of a healthy brand that gives the right meaning to all the outward qualities expressed through tangible assets like the company name, the product, tag lines, symbolism, iconography, and even jingles.† Thus a brand affects the minds and attitudes of consumers in more ways than one and defining which parameters to choose for in brand health or brand equity subjective and open to debate.