StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Branding and Product Performance for the Health Care Brand - Assignment Example

Cite this document
Summary
The paper “Branding and Product Performance for the Health Care Brand” seeks to evaluate a health care supplement that is designed to reduce body fat caused by stress. Relacore’s core concept is: “It may take more than diet and exercise to fight stress-related belly fat”…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.5% of users find it useful
Branding and Product Performance for the Health Care Brand
Read Text Preview

Extract of sample "Branding and Product Performance for the Health Care Brand"

?Entrepreneurship Marketing Paper Target Market, Branding and Product Performance for the Health Care Brand RELACORE BY YOU YOUR SCHOOL INFO HERE HERE RELACORE 1. Target Market After isolating appropriate market segments, it becomes necessary to identify consumers by which to target communications, advertisement and certain promotions most likely to purchase the product. a. What is Target Market? Target markets are those individuals that the company wants to attract to the brand. It is defined by their lifestyles, age, socio-economic factors, gender or interests (Boone & Kurtz, 2007). It is a process of further narrowing down segmented consumers with focus on the attitudes or circumstances that would be most connected to the product or its integrated communications strategies in relation to how it would benefit lifestyle or needs. Market segments become attracted target markets when they maintain these characteristics, according to Cui & Choudray (2002): High brand recognition Lack of competitive presence in a segment or poor positioning by competition When the markets are easy to access and provide advertising to When the market represents an easier distribution strategy When the markets maintain resource availability b. The Target Market for Relacore Relacore is a health care supplement that is designed to reduce body fat caused by stress. Relacore’s core concept, as derived from its current targeting strategy, is: “It may take more than diet and exercise to fight stress-related belly fat” (Hood, 2009, p.1). The target market is a broad spectrum of American dieters that have struggled with traditional weight loss methods. The price is relatively affordable for all socio-economic demographics, at approximately $40 to $60 per bottle containing a month’s supply. Thus, the targeting strategy is through psychographics as it relates to lifestyle and interests. c. The Importance of Target Market Selection This product is functional for only a certain cross-section of individuals with weight loss problems or with weight gain issues. It is necessary to isolate those who cannot afford higher cost weight loss drugs offered by pharmaceutical companies or have experienced no results with exercise and diet intake control. For Relacore, it must be promoted to only the correct market of buyers with these characteristics who believe in its concept, price, and ability to outperform other diet supplements. Those in society that can afford more costly pharmaceutical options for weight loss or those who rely strictly on exercise would be an ineffective market to target as they maintain characteristics not linked with the Relacore brand. d. Issues and Questions Related to Target Market Selection and Maintenance Relacore must ask itself first how prospective target buyers will view the credentials and reputation of the product, since it is not endorsed by the Food and Drug Administration. It must rely on fundamental research data from independent findings and then use these as credibility and ethics considerations. It must also understand the dynamics of human psychological behavior with the weight loss-concerned markets and then try to appeal to their vanity or frustrations associated with weight loss failures. The main issue and question is to determine how Relacore can fill a psychological and tangible void in the lives of target buyers and then create promotions based on these assessments. 2. Branding Branding is establishing a reputation or name for a product through the 4 Ps of marketing so that the product is differentiated and positioned uniquely among competition. a. What is a Brand? A brand is the identifiable logos, packaging, or differentiated product that makes it distinct on the consumer market. It is an identification that links the external consumer with internal philosophy or attitude to create connection with target buyers for competitive advantage. It is a culmination of integrated messages associated with the product that distinguish not only its concept and benefits, but also can be linked to entrepreneurial business values to create connection with buyers psychologically. It helps to position the brand against competing products in similar markets so that it is identifiable among different products that offer similar benefits to the consumer. It is, essentially, what makes a product unique. b. Why is Branding Important? The product must have its own unique personality against competing products in the same category. Brand personality is transcending the specific product characteristics or function to give the product a perception of sincerity, excitement, competence, or sophistication (Aaker, 2006). It is a linkage to consumer lifestyle where the target buyers feel attracted to the product for sharing the same attributes or attitudes of the consumer, thus making it relevant and inviting for purchase and, hopefully, long-term loyalty against competing brands. Branding is also important because the product is considered a market-based asset that provides value to not only the customer, but to the firm and its longevity or profit expectations. It builds overall brand value or, long-term, brand equity which is the ability to provide spin-offs of the existing brand or introduce new and improved formulas to freshen the product sales and image. Branding gives a great deal of long-run opportunities that can include spotlights on television shows through product placement to reach broader markets or invent new supplements that can boast such things as From the Makers of Relacore to promote more buying from those who trust in and believe in the product and its attributes. These are profit-generating activities that can occur as a result of successful branding efforts. c. Relacore and its Market Appeal The images associated with Relacore are that of competence, scientific innovation, and the lifestyle joys associated with good looks and success in dieting, as is illustrated by the cover photograph with the slim and content Asian model in a bikini. The product is designed to reduce the naturally-produced Cortisol which is known, scientifically, to be a contributor to fat cell production. For those who share a need for stress reduction, the market appeal is also significant credibility. These images are what create a lifestyle connection, while also filling a void in needs fulfillment, that make Relacore seem like an inexpensive and reputable option to improve their psychological condition. The product is successful as millions of bottles have been sold across the country since its launch in 2007. Most recently, a judge dismissed a class action lawsuit against Relacore for accusations of false advertising, giving the product more clout for its relevancy and integrity. It is effective in using spokespersons that empathize with problem belly fat, thus giving the brand character and appeal. This strategy illustrates its commitment to helping people with their problem dieting needs and also builds relationship through sympathetic communications in the process. Relacore is owned by a private entrepreneurial development company and does not promote its profits. However, a million bottles at $40 average, represents a significant profit margin as the product continues to be ordered and allowed to stay on the market. This means that psychological connections are being made, related to empathy and hope-building, and it is likely that target buyers continue to purchase the product with developing brand loyalty. If this were the entrepreneur’s product, Relacore should be periodically repositioned with emphasis on quality, cost, or more tangible elements of product concept and functionality to avoid redundancy in brand presence and also to illustrate its diverse ability to satisfy multiple target buyers. Currently, Relacore focuses on empathetic relationship development with a supplementary credibility concept in its integrated communications. However, since Relacore already has a high budget for television and print advertising, new productions should be created to promote that spotlight scientific endeavors, new research findings, or even consumer testimonials willing to provide their experiences with Relacore. Why the latter? There is considerable negative press on Relacore since it is not backed by the quality standards and approvals of the Food and Drug Administration. By bringing actual customers into the brand to share their testimonials, it would further position the product on quality and, perhaps, even justify a higher pricing model for the product. It would also expand the market to include the skeptics, which under the VALS 2 model this represents the thinker audience that buys products based on appeals for credibility, reputation, and that satisfy their educational knowledge (Boone & Kurtz, 2006). This is a psychographic characteristic of higher resource buyers that have the tangible means to buy this product. A periodic repositioning when profits are lower, or when consumer sentiment does not illustrate excitement through market research studies, would give Relacore more competitive might and a better brand capable of attaining more market share against competition. This would not be deceptive marketing, just re-innovation to keep the brand fresh and true to its constituent attributes related to quality, price, and function. Through empathy, Relacore insists that weight gain is not the fault of the dieter, rather it is a product of stress (Consumer Diet Review, 2008). If this brand belonged to the entrepreneur, there would be more focus also on illustrating lifestyle scenarios that cause stress in common target market groups so as to seem relevant to workplace, family or social recreation as well. This would diversify the brand and give it more psychological appeal. References Aaker, David A. (1996). “Measuring Brand Equity across Products and Markets”, California Management Review, 38(1), pp.102-120. Boone, L. & Kurtz, D. (2006). Contemporary Marketing, 12th ed. Thompson South-Western. Boone, L. & Kurtz, D. (2007). Contemporary Marketing, 13th ed. Thompson South-Western Consumer Diet Review. (2008). “Relacore Reviewed”. Retrieved August 20, 2012 from http://www.deit-pills.com/relacorereviews.php Cui, G. & Choudray, P. (2002). “Marketplace Diversity and Cost Effective Marketing Strategies, Journal of Consumer Marketing, 19(1), pp.54-73. Hood, John. (2009). Judge Upholds Dismissal of Relacore Suit, Consumer Affairs. Retrieved August 21, 2012 from http://www.consumeraffairs.com/news04/2009/08/relacore_lawsuit.html Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Entrepreneurship Marketing Paper Admission/Application Essay”, n.d.)
Entrepreneurship Marketing Paper Admission/Application Essay. Retrieved from https://studentshare.org/business/1455934-entrepreneurship-marketing-paper
(Entrepreneurship Marketing Paper Admission/Application Essay)
Entrepreneurship Marketing Paper Admission/Application Essay. https://studentshare.org/business/1455934-entrepreneurship-marketing-paper.
“Entrepreneurship Marketing Paper Admission/Application Essay”, n.d. https://studentshare.org/business/1455934-entrepreneurship-marketing-paper.
  • Cited: 0 times

CHECK THESE SAMPLES OF Branding and Product Performance for the Health Care Brand

Reeboks Covert Marketing Strategies

Through powerful branding and globalization of their brand, they have made a mark on the industry as representative of lifestyles that include health and athletics.... Nike's most powerful advertising weapon is its brand.... Slaughter and Rhodes suggest that “the effect of contemporary branding strategies is to push the 'host' or sponsored culture into the background so that the brand emerges as the 'star' (Slaughter and Rhoades, 2004, p.... In order to support the brand, the swoosh is on every piece of product that is put out into the market....
13 Pages (3250 words) Essay

Influence of Marketing on Brand Perception

Influence of Marketing on brand Perception: Case Study of Vodafone Table of contents: Contents Page 1.... Abstract: The purpose of this dissertation is to understand the Influence of Marketing on brand Perception and for this the Case Study of Vodafone has been taken for analysis.... Marketing plays an important role in creating brand perception of a firm.... Appropriate Marketing enhances the brand image of a firm and its products....
34 Pages (8500 words) Dissertation

Detailed Research, Analysis of Statistics and the Toyota Brand

Toyota Table of Contents Introduction 4 Introduction 5 Chapter 1 8 A Company Overview: Toyota Motor Corporation 8 Research Question 13 Chapter 2 14 Literature Review 14 Branding 14 Brand Identity 19 Marketing Communications 23 Integrated Marketing Communication 25 Brand Building 32 Brand Awareness 32 Brand Repositioning 37 Brand Communication 40 Product Mix and product Line Decisions 40 Developing Brand Strategy 42 Chapter 3 45 Research Methodology 45 Research Framework 45 Population and Sample Size 47 SurveyInstrument 47 Data Collection 47 Ethical Consideration 48 Limitations 49 Chapter 4 50 Data Analysis, Discussion and Findings 50 Secondary Data Analysis and Findings 50 Primary Data Analys… is and Findings 59 Chapter 5 73 Recommendations 73 Conclusion 78 Appendix 92 Introduction The modern age of business can be defined as age of competition....
76 Pages (19000 words) Essay

Building a Strong Brand

Towards the end of 2000, Nestl announced that it, like Cadbury, would be reorganising its sugar confectionery business, repositioning many of its products under the Rowntree brand.... hristmas - The chunky chocolate brand Yorkie follows a masculine strategy and this was used for several Christmas products.... Other occasions - A packaging strategy is used on the Yorkie brand to... Within the industry some are questioning the long-term strategy of confectionery in the Nestl group, after the company announced that it wants to position itself as a "health, nutrition and wellness company"....
16 Pages (4000 words) Case Study

Effect of Branding on Consumer Buyer Behaviour within the Grocery Sector

The literature review highlights previously researched concepts of branding and its effects on buyer behavior.... Each company has its strategy structured in accordance with market factors as well as product strengths.... The aim of this research is to identify the effect of branding on consumer buying behavior.... Research objectives are to understand what branding is and its effect in the form of simply trademarks and logos and to recognize the role that branding plays on buyer behavior in the grocery sector....
13 Pages (3250 words) Research Paper

Brand McDonalds

This paper analyses the brand of McDonald's' the company with the golden arches into perspective.... hellip; The brand is anything and everything that identifies a product and differentiates it from that of other company's products.... A brand may use name, design, term and distinguishable features to identify and differentiate a company.... McDonalds' has a good brand image and ranks among top ten in the survey of most valuable company in the planet (McDonald Corp....
12 Pages (3000 words) Assignment

Colgate's Marketing and Business Strategies

The company's stable global growth also is because of the company's ability to focus on its four strategic initiatives, such as: engaging to build the brand, innovate for business growth, effectiveness and efficiency, and leading to win (Colgate, 2013).... Furthermore, Colgate-Palmolive concentrates on creating personal care products in areas where the competition in this sector is relatively high.... Colgate wanted to boost customer health and provide products that could enhance the quality of their lives (Sekar, 2008)....
12 Pages (3000 words) Essay

The Brand Perception of The Grand Hyatt New York City Hotel

The paper "The brand Perception of The Grand Hyatt New York City Hotel" discusses that while most customers are eager to associate The Grand Hyatt New York Hotel with luxury, elegance, and upscale hotel experience, some few find the hotel failing below their expected standards.... nbsp;… The aim was achieved since a positive correlation between the brand positioning and the brand perception of The Grand Hyatt New York Hotel was found as it is explained in the chapter of the Research Findings....
90 Pages (22500 words) Research Proposal
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us