Branding, Marketing, and Customer service
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Please respond to the following: Brand Stretch Spectrum, Market Product Grid, and Lateral
Marketing Strategy
Question 1
It is essential to assess the importance to evaluate the newly developed healthcare products to determine if they carry the existing brand name or a freshly assigned brand name to test which strategy will make the best sales. A new product may face the challenge of selling because of unfamiliarity. However, some are well embraced in the market. Therefore, it is essential to test the new product into a market by using the two strategies to understand which one will make the best sakes. Branding of the new products may be through individual product branding, family branding, and co-branding. Individual product is when each product is given its unique name to see how it will perform on its own, family branding is providing products to one umbrella brand. Co-brand n is utilizing many brand names to find out under which brand does the product sells most.
Question 2
Question 3
Target marketing is essential because the hospital will speak directly to a specific audience. The marketers are able to convey a particular message to potential customers, such as the importance of the product. This creates a chance of attracting the specific targeted market. Vertical segmentation involves focusing mostly on a particular target market. This strategy helps managers to limit their focus to form a wide range of customers and narrow it down to specific market segmentation. Examples of target marketing include care homes, which are specifically for seniors persons. Another target marketing provides health programs for obese people.
Question 4
Lateral marketing involves producing new and innovative products by editing existing products. The new products will satisfy the needs that had previously not be satisfied. In lateral segmentation, the managers evaluate the market niche that exists in a given market than determine how the products CB be differentiated to form new products that will satisfy the uncovered needs. for instance,
Please respond to the following: Marketing Segment, Perceptual Map, Product Ladder, and
Hierarchy of Needs
Phillip Kotler states that a marketer requires to segment in order to save money time as well as sales. People who purchase products from specific companies have similar characteristics. This segmentation may be education, race, religion, nationality, social class, etc. therefore, it is essential to understand each market segmentation. Know what each likes, their attitude towards a r=product, etc.
Question 2
Perceptual Maps used to compare products based on what people perceive them. It shows precisely what image customers have regarding different brand products and services. For instance, the perceptual map can be used to track what customers feel about Nike, Adidas, and puma. Using variables like quality and durability.marketers will be able to understand how the customers rank their companies in terms of characteristics in comparison to their competitors, this way, the markets will realize what needs to be adjusted for the perspectives to change.
Question 3
The rise and trout ladder is an illustration of a human head and a ladder inside. The head is a consumer’s mind, and the ladder shows the rank order of brands in a particular product category. The model illustrates that consumers rank products in their minds due to the limitation of the human mind and the proliferation of available goods and services in a market place. Products in the higher steps are highly ranked. Consumers who have never used some hospital services lack the product ladders for such services. For instance, those who have never undergone surgeries require the product ladders for surgical services.
Question 4
It is essential that healthcare marketers understood the human motivation to understand their customers because they will understand what customers because they will be able to understand what motivates customers towards purchasing a specific motive, is the opening of the buying decision process. If marketers identify these motives, then they can know how they will activate them using external stimuli to yield a positive attitude in customers.
Please respond to the following: Diffusion of Innovation & Customer Experience Management
Question 1
Variance in adapting to new products varies due to variation in the confidence of a product. This, I believe, occurs due to how the product was advertised. If the markets were thorough at convincing customers that this was the right product for them, they increase the confidence level of the product, while if the marketers are not entirely plausible, then the product will not be adopted as quickly. Also, people have this mentality that a high-quality product must be expensive. Therefore a product that is of high quality and lowly priced may take time. For instance, if marketer A convinces the client the importance of the smartwatches, but marketer B just goes on to sell without much marketing, then there is a chance his products will not seel as for marketer A.
Question 2
According to Rogers, the diffusion process occurs through an s-curve. Roger believes that a product is adapted slowly by slow and over time. Firstly adaptation begins with a gradual change and then adjusts a rapid change, and then gradually change occurs when the product matures. Therefore, when a product is introduced to the market, it is not automatically accepted by the customers, but with time, customers begin to trust it, it is quickly adapted then it slows down when the product matures.
Question 3
The mutual benefits that healthcare and customers enjoy include trust, mutual understanding, and loyalty. After the hospitals encompass a customer experience program, the customers will be able to enjoy the company’s services and increase their content with them. This way, customer loyalty will increase. With customer loyalty comes customers more spending since customers will not want to visit other hospitals. Customers, on the other hand, will receive excellent services from hospitals, and their quality of life will increase.
Question 4
The value of customer experience management is to improve the experience of the customer through understanding their needs, wants according to their culture and lifestyle. The framework helps the organizations to know how their products will satisfy the customers regardless of their differences. The CEM also helps in strengthening the organization’s brand by improving customer loyalty as well as increasing the customer base. CEM also helps in continuous innovation such that customer needs are assessed, and the new products that fit every need are created.
References
Tauqueer. (2012). CEM Framework by Bern Schmitt. Retrieved from https://experienceweb.wordpress.com/2010/03/12/cem-framework-by-prof-bernd-schmitt/
Kaňovská, L. (2010). Customer services: A part of market orientation. Economic and Management. 15.
Behavioral change models. (n.d). Diffusion on innovation theory. retrieved from http://sphweb.bumc.bu.edu/otlt/MPH-Modules/SB/BehavioralChangeTheories/BehavioralChangeTheories4.html
Sun, Monic. (2012). How Does the Variance of Product Rating Matter?. Management of Science. 58. 696-707. 10.1287/mnsc.1110.1458.
JBLearning. (2008). Ries & Trout’s Product Ladder. Retrieved from http://samples.jblearning.com/9781449622213/Chapter19.pdf
Lumen Learning. (n.d). Competitive perceptual positioning. Retrieved from https://courses.lumenlearning.com/boundless-marketing/chapter/competitive-perceptual-positioning/
Atkins, S. (2011). Twenty-five segmentation variables for consume markets: Phillip Kotler. Retrieved from https://www.atkinsmarketingsolutions.com/2011/12/16/dr-phillip-kotler-lists-25-segmentation-variables-for-consumer-markets/
Phillips, P. (2013). Vertical, horizontal, or lateral, which way to market? retrieved from https://www.coatingsworld.com/issues/813/view_business-corner/vertical-horizontal-or-lateralwhich-way-to-market/
Yesbeck, J. (2020). Targeting in Marketing. retrieved from https://blog.alexa.com/targeting-in-marketing/
Lumen Learning. (n.d). Brand Development strategies. retrieved from https://courses.lumenlearning.com/suny-marketing-spring2016/chapter/reading-brand-development-strategies/