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Reaction Paper # 3 Marketing Management

The document discusses the importance of branding and market segmentation for businesses. It states that a brand is defined by what consumers say about a company rather than what a company says about itself. The document also emphasizes that identifying target markets through market segmentation allows businesses to tailor their products, services, and brand messaging more effectively. Finally, it stresses that competition should be viewed as an opportunity for growth and innovation, as facing competitors pushes companies to improve their position in the market.

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Mara Shaira Siega
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251 views1 page

Reaction Paper # 3 Marketing Management

The document discusses the importance of branding and market segmentation for businesses. It states that a brand is defined by what consumers say about a company rather than what a company says about itself. The document also emphasizes that identifying target markets through market segmentation allows businesses to tailor their products, services, and brand messaging more effectively. Finally, it stresses that competition should be viewed as an opportunity for growth and innovation, as facing competitors pushes companies to improve their position in the market.

Uploaded by

Mara Shaira Siega
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Reaction Paper # 3

According to Scott Cook, a brand is no longer what we tell the consumer it is – it is


what consumers tell each other it is. The discussion about branding and creating brand
position clearly explains what Cook meant by what he said. Branding is one of the most
important aspects of any business. An effective brand strategy gives a major edge in
increasingly competitive markets. Simply put, your brand is your promise to your
customer. It tells them what they can expect from your products and services, and it
differentiates your offering from your competitors. Your brand is derived from who you
are, who you want to be and who people perceived you to be. However, before digging
deeper into branding, it is important that you have already identified your target markets
for your products and services. Segmenting the market can be a great help for your
business to develop and grow. Focusing in on a specific market segment allows a business
to tailor existing products ad services to meet the particular needs of the customers.
Segmentation allows the business to design future products and services to address the
exact needs of the target market. Market segmentation can also help businesses identify
underserved market, which provide a golden opportunity for a business to establish itself
as first in the market. Market segmentation also encourages the business to focus, as trying
to serve too many markets or provide too many products dilutes the business brand.
Upon identifying the target markets and utilizing the market segmentations, the
business can now focus on creating their brand. The brand strategy to be used should be
applicable and it would also depend on the target market. For example, your target market
are the senior citizens. You cannot fully utilize the technology advancement since your
market is least likely to be users of social media and the like. Therefore, you brand strategy
is how, what, where, when and to whom do you plan on communicating your brand
messages.
Creating a brand is a tool for any business to stand out in the market since
competition is always around the corner. Venturing into a business, you should already
expect that there is competition. The important thing is you know how you will address the
competition and what actions will you take. First thing to do is know your competition. In
any war, generals always gather information about their opponent. You cannot go into war
bringing your swords, not knowing that your enemy is already using guns. Conducting
market research will be a good way in gathering data not just about your competitors but
also your consumers. With the gathered information, you will then strategize of what
actions are to be taken. You can either face the competition head on or do some sneaky
attacks. In the end, what is important is that you take the competition as an opportunity for
growth. Overall, a health competition is good because it motivates innovation and growth
for the company. It pushes you forward to strive and maintain and improve your position
in the market.

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