Steelco Research Paper Example | Topics and Well Written Essays - 1500 words

Steelco - Research Paper Example Thus theirs is a typical business-to-business product, and the direct buyers rely more on the standardized specifications in the industry rather than going by any other criteria or mandate. So far the brand of Steelco is concerned, it is already a known brand within the industry and the key players down the line who act as the direct customers of the products sold by Steelco are aware about the products as well as buy them. Thus it is clear that brand awareness is not required by Steelco. However, given that the new products have not been taken well by the direct customers of Steelco, the branding strategy needs a thorough relook so that both the existing products as well as the new products may be branded in such a way that demands for both these product lines may be augmented. In this regard, in order to take a relook at the branding strategy deployed by Steelco, the first step could be to analyse the existing branding strategy as well as activities of the firm. To this end, the concept of POP and POD comes into play. Kotler (2007) has noted that points of parity or (POP) refers to those associations that are not essentially unique to the brand, however these points may overlap with other brands. He has further noted that the concept of competitive points of parity holds that the associations that are designed in order to negate the points of difference of the competitors. On the other hand, Keller, Jacob and Parameshwaran (2011) have been of the opinion that points o difference are attributes or benefits that consumers strongly associate with a particular brand and are even of the belief that the particular point cannot be found to the same extent with any other brand available. In this context, Steelco has already gone by the typical routes of business to business marketing as well as brand building activities. Their awareness about the new product program has included informing about the latest development at their end to their customers through