Provide a 9 pages analysis while answering the following question: Brand Positioning through Market Segmentation and Targeting. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. There is now a strong emphasis on brand building through the explicit communication of a vision in the whole organisation where strong brands are more than mere trademarks that people recognise. In the generation of a branding idea and implementation of the same to build a brand profile, organisations behind the strong brands have managed to build a brand identity. “Brand identity should help establish a relationship between the brand and the customer by generating a value proposition involving functional, emotional or self-expressive benefits” (Aaker 1991).
While the consumer’s behaviour is based on a brand and the reasons for choosing an associated product may depend on various factors including peer reference, peer approval, or other social factors beyond the direct control of the brand’s investor, the brand’s marketing mix is definitely within the investor’s control, and something that demands big budget investment. Therefore, investor’s and researchers are always concerned about the actual effects and results of marketing components including the advertisement, sales promotions, and company emblems – upon the consumer’s perception and their consequence upon brand equity. In the last decade, a lot of research has been dedicated to conceptualizing and measuring customer-based brand equity. However, apart from putting forth various influencing factors, no integrative framework has so far been developed to account for the complex psychological processes underlying the formation of customer-based brand equity. In this context, this paper attempts to propose such a framework by drawing on the theory of the Elaboration Likelihood Model. (Kotler, 1997) This has been firstly discussed in the case of the Coca Cola Company. A soft drink giant, the Coca Cola company shifted its strategy from mass marketing to product variety market and then to target marketing so as to cater to the growing market for soft drink products. Its strategy can be studied under the elaboration likelihood model as it wanted to be a forerunner in the market where soft drink brands were emerging with each passing day. The choice of the Elaboration Likelihood Model was one that came directly from the consumer-oriented characteristics of brand equity and brand knowledge. Elaboration Likelihood Model identified message relevance as one of these factors. According to this model, when message relevance is high, individuals will actively process and evaluate the information in the advertisement when forming or changing attitudes. (Aaker, 1991) When message relevance is low, individuals will not actively process the information in the advertisement, but will instead rely on peripheral message cues to form or change attitudes. Brand Identity is that element of customer perception and awareness which has its focus in the results of a certain kind of projection through the brand equity building measures. This calls for an integrative model which will combine the basic elements of the brand identity and brand equity concepts so as to create a platform for the effective discussion of the Elaboration Likelihood Model. This has been of special relevance for the Coca Cola company as far as its foray into the target market and product variation is concerned.
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