A customer’s choice to make a purchase is linked to how that customer views a company’s brand.

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A customer’s choice to make a purchase is linked to how that customer views a company’s brand. The company’s brand, along with its products, services, and its customer service, contribute to the customer’s perception of brand equity. Brand equity is an intangible value that the customer believes is the worth of the brand. A quality product that is durable will have a higher brand equity than a product that is not well-made and does not live up to expectations.

Read this article about brand equity.

https://www.marketingevolution.com/marketing-essentials/what-is-brand-equity-marketing-evolution

The article provides an overview of this concept. It also presents two examples of companies with high brand equity near the end of the article.

Please discuss the following:

Select 1 of the brands from the article that has the highest brand equity (the most important) to you.
What made you select that brand?
Part 2

This course serves as a foundation upon which you will build your knowledge of marketing. It will provide you with an overview of its core concepts.

In this course, you will experience five units, including: the foundation of marketing, the marketing Ps, and all about the customer. You will also learn about using the marketing mix and marketing approaches: extending the product.

Review and reflect on the knowledge that you have gained from this course. Based on your review and reflection, write at least 3 paragraphs on the following:

What were the most compelling topics learned in this course?
How did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified?

Sample Solution

Part 1: Brand Equity and Personal Choice

Out of the two brands mentioned in the article (Disney and Apple), Apple stands out for me as having the highest brand equity. Here’s why:

  • Innovation: Apple is known for its constant innovation and pushing boundaries in technology. Their products are often seen as sleek, user-friendly, and at the forefront of technological advancements. This focus on cutting-edge design and functionality contributes significantly to their brand image.
  • Brand Loyalty: Apple has a fervent customer base known for their loyalty to the brand. This loyalty stems from the positive experiences users have with Apple products, creating a sense of trust and reliability.
  • Brand Experience: Apple creates a seamless and consistent brand experience across its products, services, and marketing. From the user-friendly interface of their devices to the minimalist design of their stores, everything contributes to a positive perception of the brand.

These factors, combined with Apple’s reputation for quality and durability, solidify their position as a brand with high brand equity for me.

Part 2: Reflections on the Marketing Course

This introductory marketing course has provided a valuable foundation for understanding the core concepts of marketing. Here are the most compelling topics I encountered:

  • The Marketing Mix (4Ps): Learning about the marketing mix (Product, Price, Place, and Promotion) was particularly insightful. It broadened my understanding of how companies strategically position their products and services to reach their target audience. Analyzing how companies manipulate these elements to influence consumer behavior has been fascinating.
  • Customer Focus: The emphasis on the customer throughout the course has been crucial. Marketing is not just about selling a product; it’s about understanding customer needs, wants, and motivations. Learning about market research, segmentation, and buyer personas has shed light on the importance of placing the customer at the center of marketing strategies.
  • Marketing Channels: Exploring various marketing channels like traditional advertising, social media marketing, and content marketing has been eye-opening. Understanding how companies leverage different channels to reach their target audience is essential for effective marketing campaigns.

Participating in discussions has significantly enhanced my understanding of the course material. Hearing diverse perspectives on marketing strategies and real-world examples shared by classmates has been invaluable. For example, a recent discussion on the ethical considerations in marketing campaigns prompted me to think critically about the potential impact of marketing tactics on consumers.

While I have gained a solid foundation, there are still areas I’d like to explore further. One topic that piqued my interest is brand storytelling. I’d like to learn more about how companies craft compelling narratives to connect with their audience on an emotional level.

Overall, this course has been a great introduction to marketing. I am eager to delve deeper into specific marketing strategies and apply this knowledge to real-world scenarios.

 

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