Marketing- a Literature Review Essay Paper
Choose a potential brand extension of an existing company (i.e. a new product or service that extends the range of products offered by the company) and design a project able to assess the potential success or failure of the introduction of the brand extension to its chosen market.
I have chosen the real estate project Wanda One, you can view the website:Marketing- a Literature Review Essay Paper
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The assignment is not to undertake the research, nor is it to offer your opinion about the likely success of the product, but to design a research project appropriate to provide evidence with which to evaluate the product and service in the context of marketing.
While the assignment is applied research it must also be academically rigorous.
What you need to do is: The Literature Review Part ! Write 850 Words. PLEASE INCLUDE PHRASES SUCH AS: According to Faith (1999), in views of Joel (2010)………, John (2000) cites,…. etc
Marketing is one of the fundamental aspects of the business field that is closely linked to the success and failure of virtually all companies. The process of introducing a commodity or service into the market requires strategic planning and prior research such that an entrepreneur is able to ascertain the optimum period to increase sales. The majority of existing companies owe their rate of success to the performance of their renowned brands in the market. At the same time, the marketing strategies employed by a firm dictate the volume of sales expected at the end of any fiscal year or trading timeframe. This paper is a brief essay that evaluates the real estate project known as Wanda One in terms of how its products and brands have contributed to the success or failure of the business venture.Marketing- a Literature Review Essay Paper
The Wanda One project is a noble invention from the United Kingdom and it is among one of the most successful real estate ventures. This business was designed and created by a Chinese based real estate firm that thought it was wise to have it operating in a different country apart from China (One Nine, 2015). The Wanda One project has built luxurious apartments such as the One Nine elm tower that stands as a fully furnished world class hotel in the city of London (One Nine, 2015). This tower is rated as a five star hotel with its magnificent view offering a spectacular location for guests and tourists alike. From a marketing perspective, there are a couple of reasons that could be attributed to the widespread success of this real estate firm.Marketing- a Literature Review Essay Paper
Zeriti et al. (2014) cites that marketing strategies that are incorporated by firms have a direct determination of the kind of customers and sales they are likely to recover. A background research is often essential as it is able to gather vital information on the current status of the market. What’s more, this research is also able to determine whether it would be appropriate to introduce a service or product in one location as compared to another. In this case, the success of the Wanda One project can be attributed to the effective marketing strategies incorporated by the executives (One Nine, 2015). The real estate directors were able to conclude that most of their big projects would be more successful when launched in other countries as compared to their native country in China. The One Nine Elm tower is a classic example of how prosperous the company has been in terms of reaching out to its target market. In fact, the fascination of this building is immensely felt and is also illustrated by the high number of guests trooping into this facility (Zeriti et al, 2014).
These sentiments are also echoed by Palmer et al. (2014) who insists that the advent of the modern era and introduction of digital technology has made marketing a more simplified activity. The fact that the Wanda One project has created individualized websites for all their projects makes it easy to keep track of the excellent performance of their construction undertakings. At the same time, Ramaseshan et al. (2013) affirms that the prosperity of any business in terms of marketing can also be viewed in terms of the segments and type of mix that is used. The marketing mix combined with the segments are a vital and critical aspect of doing business. The nature of the enterprise dictates the best segments and mixes to use.Marketing- a Literature Review Essay Paper
Polat and Akgün. (2015) cite that there are various mixes that are more beneficial when used in the real estate business. The Wanda One project was able to create One Nine Elm as a building that was able to target customers that value their comfort, luxury and first-class treatment. As such, the services that are also provided are in sync with the class and standard of the customers. In the long run, the Wanda One project is able to swim in successful waters because it conducted a thorough research on the needs of its target clientele and fuse it with the most appropriate marketing techniques.
In view of Dwivedi (2010) and Marek (2014), the nature of the brand marketing strategy differs in terms of whether the business is small or medium scaled. In this case, the project in question is a large-scaled business that deserves an equivalent large sized approach in terms of selling the ideologies of the business. Dwivedi (2010) goes ahead to site that brand marketing can become more effective if the respective company took time to reach out to its clients through online marketing platforms. At the same time, it is also highly important to consider the immediate needs and requirements of customers. The satisfaction of consumers is always the first priority of any business and if this is fulfilled, then the firm is assured of rapid growth.Marketing- a Literature Review Essay Paper
Conclusively, marketing is a discipline that focuses on satisfying the immediate needs of customers by identifying the most appropriate routes to do so. This essay highlights the factors that have contributed to the success of the Wanda One project based in China and how buildings and towers such as the One Nine Elm came about. It should be the duty of every entrepreneurial venture to strive to embrace strategic approaches in marketing as this is the driving factor towards prosperity. Marketing- a Literature Review Essay Paper
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