Importance of marketing

Essay by ozgurmadranUniversity, Bachelor'sA, December 2010

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TABLE OF CONTENTS

2INTRODUCTION �

31. MARKETING CONCEPT �

31.1. Definition of Marketing �

41.2. Evolution of Marketing �

51.2.1. Core marketing concepts. �

51.2.2. Managerial philosophies. �

61.3. Branding �

71.3.1. Brand Loyalty �

101.3.2. Brand Knowledge �

111.3.2.1. Brand Awareness �

131.3.2.2. Brand Image �

141.3.2.3. Brand Identity �

151.4. Brand Equity �

162. ECONOMICS OF BRANDING AND BRAND LOYALTY �

17CONCLUSION �

18REFERENCES �

�

INTRODUCTION

Product is the core of marketing, which including tangible goods like food or drinks or intangible services, as it is the major way to embody customers requirements; and, branding is directly associated with it. In fact, branding is all about decisio ns of products, like brand names or trademarks. Chaudhuri & Holbrook (2001) asserted that a brand is a unique business identity which represents the personality, quality or origin of products. And, such a product which added value by branding would appear in every activity of marketing, namely, branding is actually react on the whole marketing system directly and indirectly.

In addition, Chaudhuri & Holbrook (2001) also argued that branding is the process of creating distinctive and durable perceptions in the minds of consumers. This is significant, as it accords with the objective of marketing, and it is the first step to attract customers. By contrast with those basic branding factors, brand loyalty is more complicated but significant. Attracting customers is not enough, organizations demand loyalty of customers to brands to make them competitive among others.

It is good for customers to know the brand names of products which they do or do not like, thereby, they can recognize and purchase products that satisfy their needs simply. Otherwise, the product selection would be complicated or even wrongly selection (Brakus, Schmitt, & Zarantonello, 2009). At the same time, it is clear...