Hire Writer The banking industry is very well established and has a limited selection of different products. Due to few substitute products, firms in the industry will find it hard to differentiate themselves from their competitors. Theory ANZ is rebranding and repositioning itself it the market to appear more appealing to customers.
The main objective is to differentiate the product in relation to competitive products. Repositioning goes beyond cosmetic changes in the product. It is deeper than just rebranding; it deals with right markets and right positioning Drummond, et al, The factors that lead marketers in to repositioning their brands include competition from other firms, changing needs of consumers, emergence of new technology and new channels of production.
However, the high marketing cost often fails to generate the desired results of repositioning. There are many strategies that can be used by Starbucks and its sister chain Seattle Best, in repositioning itself in the market. Discussion Marketers often say that the reputation of a firm holds a brand Doyle, In business, most consumers will relate more to the firm than the brand or product.
Starbucks has made a reputation for itself over the years by making excellent coffee, selling coffee beans and coffee making machine. In the current world, advertisement is not enough. The company has to ensure that their plan will resonate with consumers.
Once they have this combination, the markets can evaluate to see the best approach to use to obtain the strongest customer stance. This is because repositioning can affect the consumer.
For example, if the firm changes its operational hours it might inconvenience some of their customers.
Additionally, the prices must also reflect the fact that it is the same brand. Most consumers relate price to the quality, the higher the price the higher the quality and vice versa Drummond, et al, The aim is to unite both chains.
Repositioning Starbucks may be the perfect opportunity for the management to set-up strategies to target the younger generation. The main difference between Starbucks and McDonald is the types of groups that frequent both chains. To create a competitive age against McDonald, Starbucks can try to reposition the company; the management can include this information in their plans.
Campaigns should be targeted towards merging the two chains in the mind of the consumers. Marketers should make certain that the consumers know that the same standard applies in all the chains.
Moreover, this will ensure that consumers do not think that one coffee is better than another is.
Retrieved from Doyle, P. Marketing strategies for corporate growth and shareholder value. You can place an order similar to this with us. Use the order calculator below and get ordering with accurateessays.
Contact our live support team for any assistance or inquiry.Brand repositioning is when a company changes a brand's status in the marketplace.
This typically includes changes to the marketing mix, such as product, place, price and promotion. Updated Personality and image of Brand – Brand Repositioning can help the company to get away with their old dull and monotonous image and get the new refreshed and rejuvenated image which can be more close to the customer.
This may involve radical changes to the brand's logo, brand name, image, marketing strategy, and advertising themes.
These changes are typically aimed at the repositioning of the brand/company, sometimes in an attempt to distance itself from certain negative connotations of the previous branding, or to move the brand upmarket.
Although the wrong original market position is the reason why a firm should reposition its brand, however, it is not the only reason of repositioning a brand.
The strong competition in the marketplace which also means the original position weaken the competition of brand is another important reason.
This report will offer the definition of brand positioning and analyze the importance of brand positioning in a company. The Definition Of Brand Positioning Marketing Essay. Print Reference this radio, print, and outdoor" advertising in order to selling the company's new brand position to its customers.
The brand repositioning purpose. Read this essay on Repositioning. Come browse our large digital warehouse of free sample essays. Get the knowledge you need in order to pass your classes and more. That is why they are forced to start a worldwide repositioning strategy, since their brand image is already diluted now.
Therefore, the aim of repositioning would be to establish.