Notably, an organization needs to have a marketing strategy that incorporates both brand
equity and brand positioning for the products that a particular company is offering to its
customers or the market in general. Arguably, an effective marketing strategy leads to increase
mutual understanding between the consumers and a company and increased awareness among
the customers who mostly purchase or use its products and services (Camerer and Yoon, 2015).
Ideally, brand positioning and brand equity are the way to go to ensure that products and services
offered by a particular company shut out and outdo the competition. Towards that end, brand
positioning is a strategy that will allow businesses to win and to acquire more clients. For this
reason, an organization acquires persuasive tools from brand positioning and uses these tools to
nurture sales, thereby closing high turnover. An organization will shut out the competition by
coming up with a unique brand positioning approach (Hajli, 2014). About brand equity, it
includes the premium of value that is generically equivalent and consists of a recognizable name.
As such, to enhance the brand equity of products offered by a particular company is to make
brands superior in quality, reliable, memorable, and easily recognizable (Maison, 2018). This
paper analyses brand positioning and brand equity concerning our product, which is the holy
basil natural drink. Enhancement of brand positioning and brand equity enables organizations to
formulate formidable competitive strategies for their products that the competition cannot
overcome.
Identifying and Explaining the Selected or the Chosen Product
The product chosen or selected for analysis in this report is the holy basil natural drink.
Therefore, the analysis of brand positioning and brand equity in this report concerns this product.
Markedly, our product, the holy basil natural drink, will be a soft drink, and it will retail in most
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markets in the world. The uniqueness of this product is that it will have a distinctive taste, and
this will make consumers like taking more and more. Also, to make our product unique, we will
adopt the competitive pricing strategy and the intensive distribution strategy, respectively. The
competitive pricing strategy will ensure that our product the holy basil natural drink retails at low
prices that will lead to higher returns on investment. About the intensive distribution strategy,
this will ensure that our product is present and it retails in almost all corners of the world.
Besides, we will adopt appropriate branding and packaging in terms of color so that this product
is unique and memorable to our customers. Another feature that makes our product unique is that
it is made of natural products and, therefore, there will be no chemical ingredients added to our
product. This feature means that our product will suit the entire target market since it is a healthy
product that will present no side effects to the users or the consumers.
Competitive Information
Notably, no business thrives without having competition. Our product, the holy basil
natural drink, will be a soft drink, and it is anticipated that it will face cut-throat competition
from giant producers of soft drinks such as Coca-Cola and Pepsi. To make our product
competitive, we will adopt competitive strategies like low-pricing, suitable branding, product
distinctiveness, and high-quality to ensure that our product overcomes competition. Also, there is
a need to conduct a competitor analysis to identify areas that we will formulate counter strategies
for our product, the holy basil natural drink. In the competitor analysis, we will include
The products offered by our competitors
The price of the competitors’ products
Identify our competitors
Identify the target market of our competitors
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Analyze the distribution strategy used by our competitors
Analyze the financial resources that our competitors have and how they utilize these
resources
Arguably, knowledge in the above areas will enable us to formulate formidable counter strategies
for overcoming the competitors for our product, the holy basil natural drink.
Environmental Scanning
Every marketing environment includes both the internal environment and the external
environment (Shukla, 2008). An organization can control all that happens in the internal
marketing environment but cannot manage all that occurs in the external marketing environment
(Petrescu and Lauer, 2017). For purposes of scanning the internal marketing environment
concerning our product, the holy basil natural drink, a SWOT analysis will be the tool to utilize.
This tool and analysis will involve outlining the strengths, weaknesses, opportunities, and threats
related to our product. Examples of strengths for the holy basil natural drink include that the
product will have a distinctive taste, and it will retail at low prices. For purposes of scanning the
external marketing environment, the tool that will apply will be the PESTEL analysis. This
analysis will involve outlining the political, economic, social, technological, environmental, and
legal factors related to our product, the holy basil natural drink.
Demand Forecasting
It is anticipated that the demand for our product, the holy basil natural drink, will be low
at the initial stages of the manufacturing and selling of this product. However, we anticipate that
the demand for our product will increase as the product gains more presence in the target market
as a result of enhanced brand positioning. Arguably, when the demand for our product gets at its
highest, we will apply the intensive distribution strategy to ensure that our product is present in
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all corners of the targeted market. This strategy will ensure that the supply of our product the
holy basil natural drink will meet consumers' demand so that we meet all the needs and the
requirements of our consumers, thereby enhancing customer satisfaction. This strategy will then
increase customer loyalty concerning our product, the holy basil natural drink.
Marketing Segmentation, Targeting, and Position Statements
Market segmentation is the strategy for dividing a target market into sub-groups that
comprise of similar and different characteristics. These subgroups include consumers who share
traits such as same locations, needs, and interests (Teodorescu et al., 2007). The marketing
segmentation concerning our product, the holy basil natural drink, will utilize the strategies or
the criteria of behavioral, geographic, and demographic segmentation. The target market for our
product, the holy basil natural drink, will mainly be adults who suffer from chronic diseases such
as diabetes, and thus, they require to use natural and healthy products. For the positioning
statement, our product will come with distinctive and unique features such as high-quality taste
and affordable prices to enhance the satisfaction of the needs of our customers. Our product is
reliable as it is healthy since it is made up of natural products. The target market will like our
product, meaning that the turnover and the return on investment on holy basil natural drinks will
be much higher.
In conclusion, enhancement of brand positioning and brand equity enables organizations
to formulate formidable competitive strategies for their products that the competition cannot
overcome. Brand positioning is a strategy that will allow businesses to win and to acquire more
clients. For this reason, an organization acquires persuasive tools from brand positioning and
uses these tools to nurture sales, thereby closing high turnover. An organization will shut out the
competition by coming up with a unique brand positioning approach. About brand equity, it
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includes the premium of value that is generically equivalent and consists of a recognizable name.
Efficient and formidable marketing strategies need to include appropriate approaches of brand
positioning and brand equity.
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References List
Camerer, C., and Yoon, C., 2015. Introduction to the journal of marketing research special issue
on neuroscience and marketing. Journal of Marketing Research, 52(4), pp.423-426.
Hajli, M.N., 2014. A study of the impact of social media on consumers. International Journal of
Market Research, 56(3), pp.387-404.
Maison, D., 2018. Qualitative Marketing Research: Understanding Consumer Behaviour.
London, England: Routledge.
Petrescu, M. and Lauer, B., 2017. Qualitative marketing research: The state of journal
publications. The Qualitative Report, 22(9), pp.2248-2287.
Shukla, P., 2008. Essentials of marketing research. Bookboon.
Teodorescu, N., Stancioiu, A.F., Anghel, L.D. and Vranceanu, D.M., 2007. Qualitative versus
quantitative marketing research. Management & Marketing, 2(3).