Phil Company II Research Paper Example | Topics and Well Written Essays - 1000 words

Phil Company II - Research Paper Example This means that a company should create a brand after acknowledging the influence of economic forces on any given marketing environment. In the contemporary business environment characterized by economic forces created by free enterprise, a company’s brand has proven to play a substantial role in ensuring accomplishment of marketing objectives. Therefore, modern managers should develop reliable skills of initiating and developing a company’s brand. In the context of Phil Company, we will strive to create a brand that deems appropriate for the company’s marketing strategy. From a theoretical perspective, creation of a brand starts at the definition stage whereby a manager defines what a company’s brand should mean to all the interested stakeholders. Upon defining a company’s brand, the responsible manager determines clear objectives meant for that company (Julian, 2011). Based on the business profile of Phil Company and the prevailing marketing force s in the electronics manufacturing industry, Phil can develop a concrete brand by articulating marketing research information into their decision making processes. Research information helps in brand creation because it highlights the key stakeholders and their respective expectations with respect to the company’s marketing practices. In the context of Phil Company, research findings show the expectations of selected market segments. After an accurate definition of the brand, the next step should involve specifying the intended objectives of that brand to the interested stakeholders. A typical brand should communicate the intended message to the target audience(Peter, 2004). A brand should create a vivid perception of a company’s products’ qualities and uniqueness. Phil Company emphasizes the need to differentiate their product with respect to the element of competition in the industry. As a result, the brand developed will influence the target audience at an em otional level. The content of the created brand should achieve a feeling of connection to the consumers. In addition, Phil can achieve loyalty among the consumer population by engaging in the house of brands. In order to reach all its target audience, Phil Company will engage in active brand positioning, both at the domestic and the international market environments. Brand positioning can be achieved through the use of advertisement channels like the media, both television and print, or through the internet. Employment of these modes of advertisement will facilitate substantial positioning of Phil’s brand in both markets (Peter, 2004). Product pricing is another essential element in marketing. In a competitive environment characterized by the typical forces of free enterprise, product pricing is influential in a company’s marketing process. A business environment enjoying the economic aspect of free enterprise allows easy entry and exit from any product industry. In th is regard, the electronic products industry in the US and at the international level has numerous competing manufacturers. Therefore, Phil has to consider the influence of pricing during the development of their marketing strategy. Phil chooses to adopt three pricing strategies that can facilitate the development of comprehensive pricing principles. The first pricing strategy adopted by Phil is