Thursday, May 14, 2020

Marketing Plan For Krispy Kreme - 1024 Words

One of the biggest issues of marketing today, is developing a valuable brand. Once a company is recognized as a brand leader, the company is able to expand its product line. Some of the biggest industries names are Gatorade, Apple’s iPhone, Google, and even America’s favorite past time: baseball, is learning ways to attract ticket sales to the stadium. Companies spend millions of dollars trying to develop a product line. Brand recognition is the most important part that any company or product can accomplish. When brand recognition is successful Americans will stand in line countless hours to get things like the newest Nike Jordan’s costing over $400 or in line when a new store for Krispy Kreme doughnuts opens. Krispy Kreme used a simple†¦show more content†¦It’s inevitable that even big names make mistakes such as Microsoft when it released Zune to compete against the iPod, the former leader of home entertainment and mobile business said â€Å"We just weren’t brave enough, honestly, and we ended up chasing Apple with a product that actually wasn’t a bad product, and there wasn’t a reason for somebody to say, oh, I have to go out and get that thing† (Yarrow, D., 2014) Opening up a daycare is an example of a service business. â€Å"Services are intangible activities or benefits that an organization provides to satisfy customers’ needs in exchange for money or something else of value† (Kerin, Hartley Rudelius, 2012, p.148). A new product pushes the consumer to consider their brand loyalty and whether or not they will accept a substitute. Companies as big as Microsoft experience both success and failures. For example Xbox had a problem with the 360 consoles microprocessors ranks. This was a huge setback to the company that cost them billions. Here is a list of why marketing strategies for new products can turn into failures. 1. â€Å"Insignificant point of difference research shows that distinctive point of difference is a simple most important factor for new product to defeat competitive ones - having superior characteristics that deliver unique benefits to the user†(Kerin, Hartley Rudelius, 2012, p.153). 2. â€Å"Incomplete market and product protocol before product development starts. Without this protocol firms trying to design a vague

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