Table of Contents
Selection of Brand
The purpose of the report is to encourage the brand to make changes needed for the betterment of the brand. Due to the current situation of the market, the brand needs to take some measures for the improvement of society and also for their own company to be in the competition.
Brand Resonance Pyramid Model
The relationship between the consumer and the product and also how well the consumer relates to the product is known as Brand ResonanceMoura, (L. R. C., Ferreira, P. R., de Oliveira, A. D., & da Silveira Cunha, N. R. 2019).
1. Brand Identification
2. Brand Establishment
3. Eliciting Response
To fulfil these above points for developing the brand equity, the six blocks required to be obeyed that are set out in a pyramidal structure is known as Brand Resonance Pyramid.
1. Brand Salience
2. Brand Performance
3. Brand Imagery
4. Brand Judgement
5. Brand Feeling
6. Brand Resonance
This is the final level where every company wants to reach. The psychological bond between the consumer and the product is the ultimate goal of the company, which is known as Brand Resonance (Raut, U. R., & Brito, P. Q. 2014).
The main focus of Brand Reinforcement is to maintain the equity of the brand and make the product alive between the old and new consumers (Oliveira‐Castro, J. M., Cavalcanti, P. R., & Foxall, G. R. 2016).
Advertising is one of the most essential sources of Brand Reinforcement through TV, the Internet, posters etc.
1. The exhibition plays a vital role in displaying the features of the products to the consumers, which can attract them to buy.
2. Through sponsoring, the main goal is to remind the customers about the product and also develop a positive image.
3. Showroom layout is also a standard tool to strengthen brand image in consumers' minds.
4. Promotion is one of the special tools of reinforcement by providing gifts, discounts, vouchers etc. with the product, its popularity increases among the consumers.
These all above points maintain the position of the brand in the people's mind by which the longevity of the product extended and also helps the company to remain in the competition.
The strategy of the market adopted by the company when the product reaches its final level of the product life cycle is known as Brand Revitalization. In spite of several strategies, the brand needs to revitalize due to various reasons (Macelloni, E., Beckers, M., & Salmon, E. 2020).
1. The significant reason needed to brand revitalization is due to an increase in competition.
2. The product should change according to the preferences of the customers. So Brand relevance played an important role.
3. Due to globalization, the brand needs to change its product for the different consumers who live in different countries.
4. The company should have the latest technology to compete in the market.
5. With the merger of two companies, the strength is also increased.
PepsiCo is an American multinational company. It manufactured food, liquid refreshment, snacks, and also other quality products. After the merger of the Pepsi-Cola Company in 1965, PepsiCo was formed. Its headquarter is in Harrison, New York. PepsiCo has, after all, enlarged from its name of the brand. It has a large range of liquid. Refreshment and food.it consist of liquid refreshments based on fruit, food mix products, and also sports themed refreshments and food products. Its main famed product is liquid refreshment. It has a wide range of liquid refreshments.
The goal of every company is to sell more products as possible so that the profit of the company also increases. PepsiCo also has this goal to compete with the market. For the growth of the PepsiCo company, many strategies need to take further to compete with other companies.
Consumers not only buy products, but they also want the benefits of the products. So the products of PepsiCo should provide their consumers with health benefits. By this, customers can enjoy their products.PepsiCo should also offer products according to the age of consumers. because people of different ages want different taste products according to their ages (Venkataraman, S., & Summers, M. 2017). The company should identify the problem facing the people about their products and try to solve them. The company should provide its customers with the essential features of the product so that the consumer can differentiate their products with the other products of other companies. It should focus on the process that makes its products better than others. PepsiCo should use more social media platforms to describe its products. By this, it can become more popular among the people. PepsiCo products should have less fat, especially its liquid refreshment products, nowadays consumers are very conscious of their health. Due to high competition, the company should review its price for the products. But the quality should not be lowered. The quality should further change according to the people's taste, and the company should think about what their consumer actually needs. The company should focus on developing powerful relationships with consumers. This can ensure the company's product for the long term.
As PepsiCo is a large famed company, recommending them is a challenging job. It was difficult to gather information due to the time limit. If given an opportunity, the critical discussions could have been better by asking the people and getting to know more about the organization. Though through this, the company and the people will get an overview of what needs to be changed in the future, still to give a better view, more research was necessary.
Social responsibility is one of the important aspects for the betterment of the business. The PepsiCo company should maintain good quality with society, which can increase their profits. So we can call social responsibility a strategy of the market. The company's image can be improved by maintaining good relationships with society. For advertising, it is one of the important ways. Nowadays, global, local issues have a great impact on business, so these also influence customers' buying decisions. So consumers buy products from the company which is concerned about these issues. Through a successful brand strategy, the trust of the customers can be earned. Nowadays, consumers want healthy products, so PepsiCo should provide products that have good qualities for the benefit of health. The brand image also depends on how the company treats its employees. By maintaining good relations with the employees, productivity also increases.
Macelloni, E., Beckers, M., & Salmon, E. (2020). Brand revitalization in the music industry: a case study approach.
Moura, L. R. C., Ferreira, P. R., de Oliveira, A. D., & da Silveira Cunha, N. R. (2019). Test and validity of the Brand Resonance Model’s. Revista Gestão & Tecnologia, 19(1), 4-24.
Oliveira‐Castro, J. M., Cavalcanti, P. R., & Foxall, G. R. (2016). What consumers maximize: Brand choice as a function of utilitarian and informational reinforcement. Managerial and Decision Economics, 37(4-5), 360-371.
Raut, U. R., & Brito, P. Q. (2014). An analysis of brand relationship with the perceptive of customer based brand equity pyramid. Universidade do Porto, Faculdade de Economia do Porto, 26.
Venkataraman, S., & Summers, M. (2017). PepsiCo: The Challenge of Growth through Innovation. Darden Business Publishing Cases.
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