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MKTG314 Managing Products And Brands

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MKTG314 Managing Products And Brands

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Course Code: MKTG314
University: Australian Catholic University

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Country: Australia

Question:
Purpose:  
Demonstrate awareness of a range of product and/or branding issues that affect companies, their customers, and other stakeholders.
Requirements:    
Read the appropriate journals and research material around branding and consult your text book to develop your framework.
Using the appropriate/corresponding theory,and where possible, use examples to illustrate or illuminate your content:

Choose an organisation where you can readily assess and apply the theories and concepts we have discussed in class to real world strategies, outcomes, and applications.
Prepare a report examining a brand of your choice in relation to the concepts of brand equity, brand resonance, and brand asset evaluation.
Examine brand asset evaluation models and discuss the strengths and weaknesses of the models you have selected.

Considerations:    
In relation to your chosen brand, use the concepts, issues, and questions below to stimulate your thinking, and to act as a guide to your research:

What constitutes a brand? What does a brand represent to the organisation, and the target market?
How are brands differentiated and positioned? How does brand positioning affect consumer perceptions?
How are brands and brand relationships developed? What strategies are implemented in effective brand management?
How do consumers resonate or connect with a brand? What do brands say to consumers? How do brands shape customer value?
What benefits and advantages do brands give the organisation?
What is brand resonance? How are bonds forged between brands and consumers?
What is brand equity? What competitive advantages does brand equity provide, and how is it achieved? What is its significance to consumers and organisations?
What is the connection between brand resonance, brand equity, and customer equity?
What is brand asset valuation? How is it measured and what is its significance to consumers and organisations?

Tasks:     
     Specifically, the criteria you need to address in your report:

Choose one organisation/brand from the following list: https://www.forbes.com/powerful-brands/list/2/#tab:rank or http://brandfinance.com/images/upload/bf_2018_100_australia_website_locked.pdf.

ILO3: Use Keller’s Brand Resonance Model to analyse the brand you have chosen. Examine all model tiers in relation to actual brand performance (see Reading 1 from Week 7 for guidance).
ILO5: Complement your analysis by assessing the performance of your chosen brand according to the BAV and BrandZ models.
ILO5: Provide any recommendations re: current and/or future branding issues for your organisation/brand.

Answer:

Fuel post pay policy
Literature Review
People make choices basing on a number of reasons that range from flexibility to variety. Collier (2010) acknowledged that its human nature to have a set of choices to make a selection from. In the world of business, a customer is a most valued person a business wish to keep around thus every organization strives to do whatever it can to satisfy the endless needs of its customers so as to maintain them (Purohit 2013). According to Prahalad (2000), some organizations adopt new policies that will appear to be favorable to customers even though in reality it’s not.  
Payment policy is one of the major concerns of a customer that will determine how frequent he will buy from you. The kind of payment policy you should be flexible enough for him/her. Most people do not like paying for goods instantly. Some of them may be having financial constraints at the moment but they really need to access a product very urgently. The solution to this is a business to adopt a post-payment policy that will allow customers to access goods up to a certain limit and pay for them later based on certain criteria. Now let’s say I have to travel a distance of 200 km but the fuel in my tank is not enough to enable me to get to my destination but I am near the petrol station I normally fuel in, what will I do for me to get the fuel yet I have tried all means of getting money but all in vain. If that petrol station could have initiated a fuel post pay policy things wouldn’t be a headache on my side
The post-pay policy should allow customers to receive services they want for 15 days then pay for the five days after payment statement is processed. For a customer to qualify using such a policy, all his/her purchasing history has to be checked if he/she meets the stipulated criteria. The history is extracted from the recording of previous purchase record kept in the station’s system.
A similar policy is a credit card payment where a customer can do fuel filling I a station for a whole month and then pay for the services within 15 days after processing of the payment statement to avoid being penalized. The city of Chicago in its article “Filling Station Rules” 2014 revised payment policies to include credit card payment policy. This method seems convenient to some customers but it does not give a concrete solution to the problem in our situation because if a customer does not have a credit card it means no service will be rendered to him/her..
Policy Consultation
Fuel suppliers, customers, and the workers will have to be consulted for their opinion if the policy sounds favorable to improve the performance of the filling station. Suppliers will be asked if they can offer to supply fuel and other required services for a certain period and then payment be settled at later dates. Consequently, the workers will be consulted to give their view if this policy will help to keep customers around because they are the ones that interact with the customers frequently. Customers too should be consulted to seek their opinion if they are flexible with this policy and how do they think it will help them.
Recommendations
From the literature reviewed, the policy should be adopted because customers who cannot afford cash and credit card to get a great challenge to fuel their cars although this will depend on every stakeholder’s view if they think the policy is good. A special fueling pump should be set aside for those who wish to use this post pay services to avoid congestion at the filling station. It is also recommended that a system that keeps tracks of fuelling history of a customer to be put in place so that when he/she wants to use post pay service, the details of purchasing history are just checked instantly using his/her ID. 
References
Collier, M. (2010). The ultimate online customer service guide: how to connect with your customers to sell more!.John Wiley & Sons, Inc., Hoboken, New Jersey.
City of Chicago Rules (2014): Filling station Rules: Retrieved on October, 12, 2018. Available at: https://www.cityofchicago.org/content/dam/city/depts/dol/rulesandregs/FillingStationRules.pdf
Prahalad, C. K., &Ramaswamy, V. (2000).Co-opting customer competence. Harvard business review, 78(1), 79-90.
Purohit, G., &Purohit, D. (2013).From customer satisfaction to customer delight: a new trend in hospitality industry. Global Journal of Management and Business Studies, 3(5), 545-548.

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