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TEXTBOOK: Marshall, G. W., & Johnston, M. W. (2019). Marketing management (3rd e
TEXTBOOK: Marshall, G. W., & Johnston, M. W. (2019). Marketing management (3rd ed.). Your replies must do the following: a. Answer the question posed by the classmate. b. Respond to the practical example in the classmate’s post with a practical example that differs from the one in the classmate’s post. c. Reference at least 1 scholarly source in addition to the course textbook. Note about Responses: Seek to understand your classmates’ posts (including the marketing management theory, the facts presented in their posts, their points of view, and their real-world examples). Aim to communicate your own understanding of relevant facts, your values, and your perspective of the topic RESPOND TO THIS Discussion Thread: Customer Loyalty, Global Marketing, Branding Branding: Coca-Cola Carolyn von Goihman BUSI 520 Liberty University CONCEPT Marketing Management is vital in the overall growth and success of a business. Marketing Management includes several subsegments, including branding, which is necessary for a company to deliver information regarding its products. Management must strategically create a "brand vision" to deliver an image to consumers that defines the company's goals and overall mission (Hoang Tien et al., 2019). Per Johnston & Marshall, as defined by the American Marketing Association, brands are, “a name, term, design, symbol, or any other feature that identifies one seller’s goods or services as distinct from those of other sellers” (2019, p.247). Branding informs customers about not only what they can expect from the product itself, but also from the company that is providing the product. Managing a branding strategy across a portfolio of products allows brands to establish brand equity, which can influence customers in creating positive or negative views of products before they have even tried them (Johnston & Marshall, 2019, p.249). Additionally, the branding strategy should encompass actual raw descriptions of products to differentiate and enhance products from the company’s competitors. This, coupled with brand equity, creates brand awareness and brand loyalty that can lead consumers to purchase products without conducting additional research into the product’s capabilities based on their trust in the brand (Johnston & Marshall, 2019, p.249). It is important to note that branding should be managed through a branding strategy that ties together the company’s mission with products within the company’s product portfolio to facilitate brand loyalty and awareness. The brand's mission illustrates the purpose and existence of a company and creates an emotional connection with consumers, creating a brand association with loyal customers (Hoang Tien et al., 2019). The quality of each product within the brand’s portfolio is also an important point of consideration, as poor quality can lead to a negative customer experience. This can, in turn, damage customers’ perceptions of the brand, leading to customers avoiding the brand. APPLICATION/EXAMPLE One of the most successful brands internationally is Coca-Cola. Over the years, the company has put significant effort into establishing the brand’s equity in order to build brand loyalty. The company controls 48% of the global market share within the soft drink industry and is the largest beverage company in the world (Chu, 2020). The branding strategy behind Coca-Cola has been so successful that customers readily recognize Coca-Cola’s product upon hearing the brand name, and the company’s transformation from an unknown entity in the 1800s to one of the most successful companies in the world is regularly a point of study among business students (Chu, 2020). Roughly 94% of people around the world recognize the brand’s red and white logo, and “Coca-Cola is the second most widely understood word in the US, just after OK,” (Hoang Tien et al., 2019). To help distinguish itself in the market, Coca-Cola chose bright red as the company’s brand color. This helps the product stand out on store shelves by drawing attention from potential consumers (Hoang Tien et al., 2019). Coca-Cola’s brand strategy also includes emotional appeals to consumers that attempts to draw consumer correlations between being at home and having a Coca-Cola through the company’s ad campaign “There’s nothing like going home” (Chu, 2020). In this way, Coca-Cola attempts to bring together customers’ desire for the product with a sense of nostalgia. Coca-Cola’s ability to manage its brand strategy and connect with customers on multifaceted levels is a clear illustration of a successful brand. QUESTION FOR CLASSMATES Coca-Cola found success in presenting its products with an eye drawing red and white logo, I find myself drawn to brand images that have a clean and simple appearance, such as Apple. What types of signs, symbols, or slogans pertaining to a brand do you readily identify with as a consumer? References: Chu, B. (2020). Analysis on the success of Coca-Cola marketing strategy. Atlantis Press. Retrieved on May 30, 2022, from file:///C:/Users/vongo/Downloads/125947132.pdf Johnston, M. & Marshall, G. (2019). Marketing Management. Third Edition. New York, NY: McGraw-Hill Education Hoang Tien, N., Thanh Vu, N., & Van Tien, N., (2019) The role of brand and brand management in creating business value case of Coca-Cola Vietnam. International Journal of Research in Marketing Management and Sales. 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