Brand name
For a business to become successful and maintain its self in the current competitive market trend, there are some essentials that the business owners must consider. For instance, as much as some people tend to assume, brand names are significant when it comes to marketing and categorizing the products as well as services offered by the company. In simple terms, the brand name is the name that is mostly in a proper noun that is given to particular products and services by the manufacturer or the company in charge (Nordquist, 2018).
In most instances, the chosen brand name sometimes becomes the trademark of not only the product but also the whole company as well. Before choosing the brand, the company should make some considerations and ensure it is the best since the name is always the one that reveals the brand's intentions. Therefore the brand name enables the consumers to create a picture in the mind of what the brand or product is all about. A good example is "Pampers" which tells the targeted audience that the product will pamper their babies and subject them to comfort (Nordquist, 2018).
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Positioning statement
In addition to the brand name, a positioning statement is also essential to overcome the growing competition in the market right now. A positioning statement is generally an overview expression of how well the given product will fulfill the needs of the customers in a unique way that stands out when compared to the competitors. Therefore, the process on which the product is well identified in a given area or market and gets established is what is called positioning (Rouse, 2019). This statement is also the one that attracts the customer in addition to the brand name and in a way, makes the customers trust and purchase the brand.
Market penetration
After completing the two, the company has to consider its audience in this next stage. Market penetration is the total estimates of the targeted market in percentage form that are intended or expected to consume that product or service. Therefore it is the overall measure of a company's sales in percentage form in regards to all the purchases made for that particular product. The reason why this stage matters is because it is the stage where the company will be able to note whether the sales are increasing or not for that product (Meyer, & Tran, 2006 p182). Therefore if the company indicates a small market penetration for a specific product, then the company needs to invest more on the strategies of marketing that product to increase its sales.
References
Nordquist, R. (2018). Brand Name. Retrieved on 28 September 2019, from Retrieved from https://www.thoughtco.com/what-is-brand-name-1689036
Rouse, M. (2019). Positioning statement . Retrieved on 28 September 2019, from Retrieved from https://whatis.techtarget.com/definition/positioning-statement
Meyer, K. E., & Tran, Y. T. T. (2006). Market penetration and acquisition strategies for emerging economies. Long Range Planning, 39 (2), 177-197.
