Branding
Evaluate 6.1, Branding
Dennis McKeon
Southern New Hampshire University
Abstract
This document will discuss the marketing theorem: Successful brands are built on successful products.
I agree with the theorem that successful brands are built on successful products entirely for some product categories but partially for others. Products which meet a genuine customer need can become successful brands with minimal marketing effort by merely having a solid product that meets a need. Products which fulfill a desire must work on their branding in order to become successful products.
Products which meet a genuine customer need by providing a valuable function and are of a perceived high quality are often strong brands with a high equity. A quarterly study at Fordham University business school has shown that leading brands fulfill consumer’s five basic needs as identified by Maslow’s Hierarchy. The fourth quarter 2012 results showed Facebook, Wal-Mart, Google, Visa, Amazon, Nike, Coca-Cola, Subway, McDonald's and UPS, in that order, lead overall. (Greenberg 2013). I have personally used every one of these products in the last 90 days and can relate them to Maslow’s basic needs of physiological, safety, social, esteem and self actualization needs as identified below.
1. Physiological or my survival needs are fulfilled by Wal-Mart and Subway by selling or offering food and water products, products to repair or maintain my shelter and products to help fulfill my sleep and sexual behavior needs.
2. My safety and security needs can be met by Visa through offering the convenience of not having to carry cash for purchases. If my car breaks down and there is no cash in my wallet I can always use my Visa card to extract myself from this situation.
3. Social needs are met by the company
Dennis McKeon
Southern New Hampshire University
Abstract
This document will discuss the marketing theorem: Successful brands are built on successful products.
I agree with the theorem that successful brands are built on successful products entirely for some product categories but partially for others. Products which meet a genuine customer need can become successful brands with minimal marketing effort by merely having a solid product that meets a need. Products which fulfill a desire must work on their branding in order to become successful products.
Products which meet a genuine customer need by providing a valuable function and are of a perceived high quality are often strong brands with a high equity. A quarterly study at Fordham University business school has shown that leading brands fulfill consumer’s five basic needs as identified by Maslow’s Hierarchy. The fourth quarter 2012 results showed Facebook, Wal-Mart, Google, Visa, Amazon, Nike, Coca-Cola, Subway, McDonald's and UPS, in that order, lead overall. (Greenberg 2013). I have personally used every one of these products in the last 90 days and can relate them to Maslow’s basic needs of physiological, safety, social, esteem and self actualization needs as identified below.
1. Physiological or my survival needs are fulfilled by Wal-Mart and Subway by selling or offering food and water products, products to repair or maintain my shelter and products to help fulfill my sleep and sexual behavior needs.
2. My safety and security needs can be met by Visa through offering the convenience of not having to carry cash for purchases. If my car breaks down and there is no cash in my wallet I can always use my Visa card to extract myself from this situation.
3. Social needs are met by the company
References: Greenberg, K (February 2013). Study: Google, Facebook, Walmart Fill Consumer Needs, Marketing Daily. Retrieved from: http://www.mediapost.com/publications/article/193289/study-google-facebook-walmart-fill-consumer-nee.html#ixzz2T0sJuAz9 Loftus, J (April 2013).Pfizer 1st-Quarter Profit, Sales Miss Estimates as Lipitor Pressure Continues, The Wall Street Journal. Retrieved from: http://online.wsj.com/article/BT-CO-20130430-714942.html Hughes, D (May 2012). BrandZ-Top 100 Most Valuable Brands Study 2012, Millward Brown Press Release. Retrieved from: http://www.wpp.com/~/media/Others/M/millwardbrown_pressrelease_brandz_may12_guid690846.pdf Schneider, J (April 2011). Why Most Product Launches Fail, The Harvard Business Review. Retrieved from: http://hbr.org/2011/04/why-most-product-launches-fail/