Marketing Communication Assignment Example | Topics and Well Written Essays - 1500 words

Marketing Communication - Assignment Example Role of branding A brand name out to be good and appealing to many. It ensures that the attention of many is captured. A good brand name has a lot of advantages and enables a company or an organization achieves the following in the long run. One, is that it conveys the message that is intended. Good branding eliminates any possibilities of a wrong message being passed to the consumers. Another is that a good brand image gives a confirmation of the trustworthiness of a company. Such a thing makes the consumers view a company as being credible and are able to adopt their products and be loyal to them. Good branding also has an effect of linking goal predictions emotionally. Buyers often derive their motivation of purchases from good branding. Buyers have a tendency of believing that products that appeal to them are the ones they go for. Hence, if a buyer cannot find a brand appealing, they obviously will not have any taste to even think of purchasing the product. Last but not least, go od brands strengthen user loyalty. Consumers trust good branding since a good brand promises utmost satisfaction and, therefore, such can concrete in a very strong way the loyalty of the consumers to the product (Fanning, 2006). Product parity Product parity is all about the similarity or equality that exists between products. There are many products in the market that share a lot of attributes. They might have some slight difference, but the notable attributes shared by the products outweigh the slight difference. Such products deserve to be branded as one. Companies are in the verge of getting the largest market share globally and amassing huge revenues and profits as possible. Firms try as much as possible to find ways of dominating the market and also ways of diversifying their sources of revenues. They, therefore, have to think,and even if it means improvement of a product or finding new ways of presenting an already existing product to consumers so as to create a new impressio n in the eyes of the consumers. Organizations that have invented a product and presented into the market, may not have gained a wider market with that brand. As a result, they might want to rebrand it for the sake of making huge sales and increasing the market share of the product (Fanning, 2006). In such a case, the two brands might be different but the product still remains the same. In another case, a company might want to make an improvement of the product and slightly change its name. There is no big difference between the new product and the original one as the fact remains that it possesses about 98% of the product, and a very minute change just for the sake of making huge sales for profits. Furthermore, companies might want to expand its product by producing other products of one king but that have little difference. An example is the co-cola company which produces the Coca-Cola drink. The Coca-Cola Company has produced many sodas under it, a business that started with the i nvention of the Coca-Cola. So far, it has diversified into the production of sodas like Fanta. Fanta is of different flavors. There is the pineapple flavor,