Literature Review on Marketing Example | Topics and Well Written Essays - 3750 words

On Marketing - Literature review Example The goals of a successful brand include conveying the message clearly; verifying the integrity of business; psychologically linking with the target prospects; motivating the customer, and improving consumer loyalty. A powerful brand is priceless as the battle for consumers is increasing gradually (Rice & Atkin, 2012, p. 102). It is vital to invest time in researching, classifying, and developing the brand since it is a foundational part within the marketing communication strategy. Brands let the customer to purchase with assurance, and they offer a route map in a confusing range of alternatives. The actual strength of booming brands is that they meet the beliefs of individuals that purchase them or, to put it in a different manner, they signify a promise kept. They can be considered as an agreement between a retailer and a consumer - if the retailer adheres to its side of the deal, the consumer will be contented; if not, the consumer will henceforth look somewhere else. The value to companies of having powerful brands is unarguable. Brands that maintain their promise draw loyal customers who will come back to them on regular intervals. The advantage to the brand owner is that that predicting cash flows becomes simpler and hassle-free, and it becomes feasible to arrange and control the progress of the business with better assurance. Therefore, brands, with their capability to secure revenue, can be ranked as prolific assets in precisely the same manner as any other, more conventional assets of a company, for instance, investments, equipment, and cash. In general, the top bran ds are developed around an exclusive business thought or a persuasive idea (Kozinets et al, 2010, p. 82). When workforce is motivated by the plan, they will facilitate to maintain it and communicate it to clientele, dealers and others by means of their eagerness and dedication. Luxury Brand Luxury brands are considered as â€Å"images in the minds of consumers† (Caywood, 2013, p. 96) that involve links regarding a higher price, value, aesthetics, uncommonness, and a high level of non-functional connections. The contemporary perceptive of a brand is focused on customer and individuality. As a result, brands are considered as images in the minds various target groups, which are designed by businesses to categorize their products. Luxury brands are well connected with their core products. This is revealed by the current definitions of luxury brands, which talk about particular associations regarding product traits. As a result, the constitutive traits of luxury products communic ate mainly with those of luxury brands. Producers of luxury produc