Impact and Value of Brand from stakeholder’s perspective

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Introduction:

This is the era of technology, where not only businesses but socializing is also done with the help of technology and internet. Similarly, with the increase in the concept of globalization and business entering new geographical dimensions, it is getting difficult for the companies to attract the attention of the customers.

This is because the audience is very large and spread over a huge area, making it extremely difficult and impossible for the companies to reach each and every potential consumer and customer (Howe’s, 2013).Impact and Value of Brand from stakeholder’s perspective

The companies are taking help of various mediums to reach out their potential consumers, and here technology is playing a vital role. The social media and online marketing being the choice of many companies as this enable them to reach out a number of customers at a time.Impact and Value of Brand from stakeholder’s perspective.

The potential consumers are also gathering information through social media; therefore, the companies need to properly design an online marketing strategy that is effective and efficient to attract the consumers.

The report will focus on the online marketing strategy for our Charity business that is working for providing free health and care services to young children living in poverty. The organization is working with the aim of providing the young children with all the facilities of health and nutritional care that they need to live a healthy life in the society.

The mission of the company is to help children who are living in the poverty. The organization provides a platform to make sure these children have access to all the life-changing benefits, which include medical facilities, support in education, developing life changing skills, and helping them gain training that will enable them to secure a competitive position in the job market.

The organization helps these children by looking for sponsors, who can sponsor a child to help him change the life and provide the child with necessary medical and educational facilities. The target audience for our charity organization includes people who have money and are willing to donate their money to the social cause.

Impact and Value of Brand from stakeholder’s perspective. Therefore, the online marketing strategy will focus on creating interest of the people to donate and sponsor a child in order to change the lives of thousands of children living in poverty.

Impact and Value of Brand from stakeholder’s perspective

The value of brand which can also be termed as the brand equity defines the value that is associated with having a brand name that is well known. It enables the owner of the brand to generate good profits with the help of brand recognition as compared to those which have a less known brand name (Keller, 2003).

According to Niemeyer, (2006), one of the most important and most valuable assets that any organization possess, is its brand name as it is one of the most important factors that plays a vital role in increasing and maintaining the financial values of the owner of the brand.

There are some elements that are included when brand value id being estimated. These include change in the market share, margins of profit, recognition of logos and other labels and visuals by the consumer, the perception of the consumer with regards to the quality of the product being offered by the brand (Grinnell, 2009).

The brand equity plays an important role in deterring the perception of the brand in the minds of different stakeholders including the shareholders, the employs, and most importantly the consumers.

According to Batas (2010), the brand value or the brand equity is what the consumer perceives of the quality of the product and features that are associated with the consumption of the product under the particular brand name.

The organizations can even benefit by charging a premium price for the brands that have positive and high-quality perception from the point of view of the consumer. Impact and Value of Brand from stakeholder’s perspective (Leuthesser, Kohli and Harich, 1995).

The importance of value of brand with regards to the strategic positioning of the organization cannot be neglected. However, it is difficult to quantify it (Farris, Nail, and David, 2010).

As our organization is a nonprofit organization, the impact of the value of the brand is not directly on the financial position or the increase in the profits, but the major impact is building a trustworthy relationship with the stakeholders.

According to Kathy (2013), similar to a profit generating organization, the brand equity also plays a vital role for any non-profitable organization.

The perception of brand awareness in the mind of the stakeholders and the trust they have on the equitable and justified use of their donation will enable the organization with respect to fundraising, people willing to volunteer, various projects and presence of the organization.

Effective Marketing Planning Process:

A great product if not marketed properly may lose its importance in the eyes of the customer and also may not be able to be successful in the market. Therefore, an effective and properly designed marketing plan is important and vital to the success of the company.

According to Toy (2014), no matter what the business of the organization is , or in what circumstances it will operate, the proper and effective marketing planning is utmost important.

It also serves and acts as the road map for the employs and the overall organization structure to follow, as is also important when it comes to segmenting and deciding the target audience.

The marketing plan is a process of four basic steps as defined and explained by Toy (2014), these include:

1. Setting goals and objectives:

The first and for most step in the marketing planning process is setting the clear objectives and goals. It is important to identify the target audience, the profits that the company wants to achieve in the next five to ten years, and developing a marketing plan in accordance with the objectives and goals of the overall organization.

The organizations use SMART format while formulating their goals to make sure that these goals are achievable, specific, measurable, attainable, realistic and time specified. Once the organizations have their goals set, they can easily compare them with the vision of the company at a broader and larger perspective.

2. Assessing the current situation of the company

Once the marketing goals and objectives are set, the next step is to analyze where the organization is currently standing. An important tool to evaluate the current position of the organization is the SWOT analysis, where the companies assess their strengths and their weakness with respect to the opportunities and threats that are prevailing in the market where they are operating.

At this step the company’s analysis the internal factors of the company along with the external factors, as to what are the risks that the organization might face with respect to the competitors in the market, the political conditions and the economy of the state where they are operating (Toy, 2014).

With respect to the current situations in the market and when there is a boom in the technology of smartphones and mobile apps, the marketing manager is taking help of social media and mobile friendly avenues to market their products.

Which is a good example to understand how organizations are exploiting opportunities present in the market with regards to technology to increase the effectiveness of their marketing plans?

3. Writing strategy and the marketing plan

It is also one of the important steps in the complete marketing planning process, where the marketing managers write down their strategies and the plan that they would follow with respect to the marketing objective and goals set prior.

Here the most important role is played in form of developing the marketing mix that is determining the 4 Ps of marketing which includes, Product, Price, Place, and Promotion.

Here the marketing manager needs to answer the following questions, (Toy, 2014)

1. The product. What will be the appropriate product with respect to the needs of the consumers in the market?
2. The Price. What price should be charged by the organization with respect to the product that is also acceptable to the consumers in the market segment they are targeting?
3. The Place. This includes the distribution channel, as to where the product or service should be delivered in order to make sure it reaches the desired audience or the target audience of the product?
4. The Promotion: the most important with respect to the marketing is the promotion and advertising of the product in the market.
5. What mediums will be used for the promotion and the advertising of the product? It is important to understand the fact that the product which is of high quality if is not promoted or advertised properly, will lose its value and might not be successful in the market. Therefore, the marketing manager needs to carefully generate the promotional activates for the product.
6. The effective Implementation and managing of the developed plan…….