I just need you to respond to these 2 discussion posts. For both posts use 2 references
The Energizer Bunny lasts longer than other batteries. What ideas do you think a company selling used cars could use to create points of difference between them and the competition?
As described by Investopedia, product differentiation is marketing strategy that seeks to point out a company’s product or service from the competition (Kopp, 2020). Additionally, if your product differentiation is successful, it creates a competitive advantage. Automotive dealerships tend to be quite competitive when it comes to sales, as buyers shop around for the best price they can get. Therefore, dealerships must keep their prices low and try to find ways of competing through effective marketing strategies. One idea that a company selling used cars can use to create points of difference between them and the competition is utilizing direct mailers/postcards during seasonal changes. For example, according to an article by Small Business, there is no better way to catch the attention of a prospect than sending out postcards in anticipation of seasonal changes (Teeboom, 2019). Although it may seem a bit outdated, configuring a post card for seasonal changes allows a dealer to communicate major weather shifts so that when someone’s A/C unit stops working or their breaks need fixing, customers will think of you, rather than the competitor (Teeboom, 2019).
Another way of setting your dealership apart from the competition is through customer reviews/ testimonials (Whitney, 2020). Personally, whenever I am making a big investment such as a car, a lot of research is done on my end to ensure I am getting exactly what I need and considering whether leasing or buying is the way to go. With this, there is nothing that I trust and value more than someone else who has been in my shoes and going through the same challenges. As mentioned in an article by Margot Whitney (2020), “Reviews are probably the most effective automotive strategy there is”. Not only is it important to have good reviews, but they need to go above and beyond in ensuring they are glowing with positive feedback (Whitney, 2020). It is also crucial ensure they are everywhere they can possibly reach. For example, Yelp, Google, social media, and your website should all be platforms that a dealer utilizes to post their reviews. Further, a dealer can also go an extra step by creating customer spotlight/success stories, videos with best customer, and share in many places including through social media, company newsletters or paid advertisements (Whitney, 2020).
I have personally found customer spotlights/success stories to be successful at my company. I am the marketing coordinator and part of my job entails engagement with our clients. Each month we select a client and interview them to see how we have been able to help them achieve their company goals. Being an HR outsourcing company, our main selling point is making sure that the client has time to focus on their business without having to think about the administrative duties that HR brings. We have found great success in this and have received many client referrals due to this effort.
Another strategy can also be offering unique incentives that car shoppers can appreciate (Whitney, 2020). For example, if your dealership could offer new customers who purchase a vehicle a discount of 6% or free oil changes for the first two years, these are all factors that may drive a customer to your business rather than the competition. Further, incentives create sense of urgency by rushing people to make the purchase before the limited time offer runs out (Whitney, 2020).
Kopp, C. (2020, August 28). Understanding Product Differentiation. Retrieved November 19, 2020, from https://www.investopedia.com/terms/p/product_differentiation.asp
Teeboom, L. (2019, March 29). Marketing Ideas for Selling Cars. Retrieved November 19, 2020, from https://smallbusiness.chron.com/marketing-ideas-selling-cars-56360.html
Whitney, M. (2020). Automotive Marketing: 9 Strategies to Drive More Sales. Retrieved November 19, 2020, from https://www.wordstream.com/blog/ws/2019/04/03/automotive-marketing
4 days ago
Araba Ohene Sakyi
MM DISCUSIION WEEK 4
Topic 1: Virgin Atlantic changed the entire flying experience to make it more enjoyable. What would you do to your company to build brand equity?
Nowadays, brands are not defined by what advertisement says but how the consumers feel and perceive about the products and services organizations provide, Brand equity is the value that a brand brings to its company. It refers to a value premium that a company generates from a product with a recognizable name when compared to a generic equivalent. A strong brand commands intense consumer loyalty, and that is exactly what Virgin Atlantic among other companies have done.
Virgin Atlantic has a niche market for itself by changing its entire flying experience for its customers. The airline also added a perk for all customers who need to fly during the coronavirus pandemic The following are a couple of positive reviews from some its customers.
“How I get to a new place is incredibly important for me and that’s one reason why I always enjoy flying Virgin Atlantic, I’m pleased to say that the onboard staff and crew on Virgin Atlantic is amongst the best I’ve ever seen. They are just amazing!”
“Providing amazing travel experiences is both an art and a science. I flew Virgin Atlantic from London to New York to see if Richard Branson’s airline is still one of the world’s best — here’s the verdict, At the end of the day, Branson’s airline is known for offering friendly service and stylish presentation at reasonable prices. And that’s exactly what Virgin Atlantic delivered here. Quirky and fun!”
“Over the last few years, I’ve had the opportunity to fly with Virgin Atlantic in every class of travel: Economy, Premium Economy and Upper Class. It’s based on this experience that I can say I think they do a great job in providing a memorable experience no matter where in the plane you sit, their business class or Upper Class option is amongst the best in the business”.
Companies such as Virgin Atlantic have created a brand equity for their services by making them memorable, easily recognizable, and superior in quality and reliability. In effect, when a company has positive brand equity, customers willingly pay a high price for its products, even though they could get the same thing from a competitor for less.
When I get to own a company, I would build a solid and an appealing brand that will help keep my customers in the long term or future. the following steps will be taken to ensure my set goals are achieved:
Creating Identity and building Awareness – the identity of the company is very crucial at this appoint, customers will be enlightened on what the brand stands for and build greater awareness by ensuring that customers recognize my brand and see it in the way I intend.
Meaning: In the quest of building a brand equity, there is the need to communicate to potential customers what my brand means and what it stands for. This will be done by emphasizing on performance, that is how well my product meets customer needs
Response: Reshape How Customers Think and Feel about the Brand. There are going to be competitors so if customers have a better judgment of my competitors’ brand then I must reshape how they feel and think about my brand. Their response and judgement will therefore be based on quality, credibility, how relevant your product is to customer needs, and whether my brand is superior to those of my competitors.
Imagery: Other factors that I cannot miss out when building a brand equity is to be able to create a brand strategy, create a strong visual brand and be consistent, focused, and clear with my message. I will also try as much as possible to define my unique value proposition by explaining to my customers how unique my product and services are from that of my competitors.
Let us consider a company like NESTLE and UNILEVER. In my part of the world where I come from, Nestle and Unilever companies have firmly established their roots across the breadth and length of the continent. I will mention few of their products such as the Maggi seasoning cube, OMO washing detergent, MILO, which is a powdered chocolate used for beverages.
Just like Coca COLA and Virgin Atlantic, They have created such an indelible mark in the minds of the people, in that, although there are several other competitive brands of the same product, whenever most people get to the shop, no matter the brand they wish to purchase they will say ‘ I want to buy Maggi’ I want to buy OMO or I want to buy Milo. They may not necessarily want a Nestle or Unilever brand but that is the name they are familiar with. To them, every seasoning js Maggi, every washing detergent is OMO and every chocolate beverage is Milo. Because of this, retailers often purchase more of Nestle and Unilever products to fill their shops than other competitive brands.
Furthermore, these two companies, have such catchy and appealing advertisement that tells rich and interesting narratives, stories and folktales relating to the country’s culture. The adverts are so appealing that both young and old can mimic the story or sing the songs at any given time. I bet the team handling their branding is doing an excellent job, they make the brand come alive. I will therefore inculcate cultural branding in my own business as it has significant impact on the indigenous.
It is therefore very important to leverage on the power of branding as it comes with lots of benefits. Positive brand equity enables brands to charge price premiums. When consumers believe in the values put forth by a brand and the quality of their products, they will pay higher prices to purchase from that brand. Above all, clear, consistent, strategic branding will help you build strong brand equity, which could lead to long-term success.
Adam Hayes, Updated Sep 4, 2020, Business Marketing Essentials
Andy Shuman, Nerdwallet, August 24, 2020
Kotler, P., & Keller, K. (2014). Marketing Management (15th ed.).Pearson.
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