Review the memo from the CMO of the organization in the course scenario and write a short report on the role of marketing in creating and sustaining a brand. You will also explain the benefits of customer loyalty to the brand.
Specifically, address the following criteria:
Explain the role of the four Ps of marketing in creating and sustaining brand.
- How does product (theme park services) from the four Ps of marketing reassure existing customers and invite new ones? Explain.
- How can price (entrance ticket, services, and food and beverage costs) from the four Ps of marketing be used to generate new customers and motivate existing ones? Explain.
- How can place (location and ambience of the parks) from the four Ps of marketing restore and enhance confidence of customers in the brand? Explain.
- How can promotion (events, outreach programs) from the four Ps of marketing create additional traffic and more engagement? Explain.
Explain the benefits of customer loyalty to the brand.
- Determine the benefits of brand loyalty in reducing marketing cost.
- Explain how brand loyalty can be used to create a barrier to entry for the new competitors.
- Explain the how brand loyalty can help overall financial performance.
Guidelines for Submission
Submit a 2- to 3-page Word document using double spacing, 12-point Times New Roman font, and one-inch margins.