The assessment for this module is an End Course Assessment (ECA) Essay

The assessment for this module is an End Course Assessment (ECA) constituting report based on the MINI case study - Essay Example This failure can have a profound negative impact on the brand equity of the parent or corporate brand. The second positive application of this strategy deals with the addition of a new brand in the brand portfolio of the parent company. This step gives a fresh outlook to the corporate brand portfolio and enables it to nurture a â€Å"Star†. This strategy, also gives some breathing space to the aging brands of the corporation, thereby extending the lifecycle of the entire brand portfolio. Let’s analyze the marketing strategy of MINI on pertinent dimensions: 4P’s Framework: The marketing mix or 4P’s, as they are called, reflects the important strategies of the organization regarding the product, price, promotion, and place (Fill, 2009). Product The product under consideration is the MINI car, which launched its new model in 2001. In addition to this model the company has the following brands of cars: New MINI, MINI One, MINI Cooper, Cooper S, Cooper D, MINI Convertible, MINI Clubman and MINI Countryman. Price The pricing method used by the company to appraise its cars is â€Å"value-based pricing†. This method of pricing is consistent with the strong brand equity of the car. Since the car is a symbol of a specific kind of lifestyle, therefore it carries immense value for the followers of this kind of lifestyle. These followers are willing to give extra when it comes to expressing their peculiar lifestyle. This makes MINI exclusive and inaccessible to every car buyer. Promotion Industry followers have always found MINI’s marketing campaigns to be very innovative, lively and peculiar. These attributes make these campaigns very successful. When MINI launched its new 2001 model, it employed adventure campaigns to enhance brand awareness. This campaign had at its core the concept of buzz marketing. By the use of this concept the company amplified its core association of: Excitement, Uniqueness and Fun. Through this campaign th e company very successfully raised the level of awareness of its brand, and created a word of mouth effect among its customer community. This campaign employed both traditional and contemporary marketing tools and tactics, for instance media houses were brought into this campaign, print and online advertising was done along with promotional material being planted in hot spots(important public centers). Through â€Å"Bondage Fetish leather†, the company extended its adventurous and likely nature. In this entire promotional campaign the company engaged its target audience and fan community. The company employed methods which led to their (audience and community) participation. In this endeavor the company also made use of digital community forums like social networking sites e.g. Face Book, Twitter, YouTube. One unique method used in this endeavor was MINI Space, which brought together the MINI community. This community used to engage in online conversations in the form of thre ads, to communicate their opinions about the car. Direct marketing tools like emails and instant messages were also used. A unique king of email was sent to customers, containing a game in it. This mail was very

Customer Behaviour Essay Example | Topics and Well Written Essays - 3000 words

Customer Behaviour - Essay Example Three key concepts, service quality, satisfaction, and customer loyalty are no longer the centre of creating a relationship with consumers. The latest trend in emphasis in relationship to the consumer is value (Foss 2011). Creating value for the consumer, or at the very least the appearance of value, has emerged as the economic crisis has created a dynamic in which economic restraint is in fashion. Therefore, expenditures are assessed for the value in contrast to the cost that is experienced by the consumer. While value may be at the forefront of the corporate goals in relationship to consumer expectations, service quality, satisfaction and customer loyalty comes through the value that is attached to a product or service. While these concepts may seem to have become set aside in favour of value, value is defined by these aspects so that the consumer feels they are getting the best possible service and product for their money. One cannot truly create value if quality and satisfaction are not met, and without quality and satisfaction, loyalty will not be the result. In trying to determine value, it is important to set criteria through which the company can operate and the consumer can perceive the value of their purchase. As an example, if a company can build computers for a lower rate, but still maintain high quality that have added an aspect of value for the consumer. ... Customer value comes when people become customers through repetitive buying behaviours, though adapting to the culture of the product line, and through becoming a resource that is then tapped in order to create further success. Understanding how customer value is achieved requires understanding consumer behaviour. Thus an understanding of the relationship between the organisation and the consumer can be achieved (Samover, Porter, and McDaniel 2011). The necessity to understand how value to the consumer and customer value is achieved must be attained through an understanding of relationships as they are defined through service quality, satisfaction and customer loyalty provides for the comprehensive understanding of customer value and in achieving value for the customer. Without the foundational concepts, the idea of value becomes a meaningless term with no basic understanding. It is essential that service quality, satisfaction and customer loyalty be involved in the construction of t he overall dynamic of the relationship that exists between the organisation and the consumer. Through these concepts, value is constructed Value The idea of value is based upon the exchange of use for benefit. From the perspective of the consumer, a product provides value through the benefits that are achieved in its use in comparison to the money that was spent to achieve the purpose that was intended. Value to a consumer, in this economic stage of history, is defined on a great number of levels, some of which are at the basic level, others residing at the level of self-actualisation. If Maslow’s Theory of Needs is applied to the concept of value, the basic needs such as food, shelter, and safety are