Fulfilling the 'GAP'

Introduction

In order to understand customer retention of a particular brand, individuals need to see, witness and comprehend the necessary information available before launching a product belonging to any category, be it be a simple refreshing energy drink or the launch of a full-size, state-of-the-art technology oriented automobile. Marketing research, in this aspect, has become one of the most important instruments for sole proprietors and entire organizations who aim to survive in the market with either novel product launch or a recovery of their existing product portfolio.

The market has been oversaturated with different brands flooding the market shelves every year. This results in an overwhelming competition in the market and as a result, companies have to carry out year-long planning and market research to come up to impossible and overstated levels of customer satisfaction in order to retain the current prospects and at the same time capturing the minds of potential customers; such strategies are employed that customers can be attracted toward the brand.

Successful brands have been known never to compromise on quality and always incorporate newer ideas into their products so that customers remain loyal to their brands. Some brands also offer perks and privileges in order to beat their market rivals. Another strategy is to go toward brand extension, where a renowned brand enters into a new product category with the same brand name or extends the line of the same brand. This research is meant to assess those marketing and brand management strategies which help brand names to remain in the market and also attain customer satisfaction, thereby gaining trust and consequently high turnovers and profits (Borda, 121).

Literature Review

Today's fashion businesses must observe their customers and competitors if they want to survive in the market. In addition to this, another important parameter is to develop brand management strategies that can help in attracting customers as well as contribute towards customer retention. In practice - that marks the inception of the process - three core phases are identified. In the first phase a brand pays little attention to customers and competitors as the company is geared to the product. In the second step, the company starts to pay attention to customers. In the third stage, the company begins to pay attention to competitors; at this stage care must be balanced in both directions for the company to move towards the market. In this regard, brand management is necessary since the application of the marketing techniques is being understated to a particular brand or product. The objective of brand is to raise the profile of the product in the perception of the consumer and increase brand value (Borda, 121).

In the world of fashion, brand value is the one benefit that the brand brings a manufacturer to increasing sales, increasing prices and reducing production costs. Accordingly, brand manager, as opposed to a marketing manager, plays a strategic role in managing the organization. Brand strategy helps a brand to practically understanding the behavior of the business in the fashion ...