Warm up

Questions

  • How can a company take its product and brand to the global market?
  • Why is brand recognition a very long process?
  • What specifically does a company have to do to achieve brand recognition?

Words

  • Long March　　product and product brand　　brand recognition
    marketing　　　marketing budget　　　　　　marketing strategy　　distributor
Background
  • The year of 2003 was important yet unusual for China in its development, in which China achieved a great deal in the reform and opening up drives. China overcame all the difficulties caused by the outbreak of SARS epidemic and other severe natural disasters, and maintained a high economic growth of 9.1 percent averaged for the year.
  • China's GDP in that year approximated USD 1,400 billion, ranking the 6th in the world, and its per capita GDP hit USD 1,000.
  • Export and import increased substantially with a combined total of more than USD 850 billion, up by 37.1% over the same period of the previous year. And with the figure, China became the 4th largest trader in the world, with a growth of 34.6 percent in export and 39.9 percent in import.
  • An accumulated total of USD 53.5 billion in foreign direct investment was channeled for actual use in the year of 2003. By the end of that same year the balance of foreign exchange reserves stood at USD 403.3 billion and Renminbi remained stable. These achievements point to the all-time high in the national strength and capability.
Very important terms
Brand：
  • A distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others in the market.
  • Once a brand has created positive sentiment among its target audience, the firm is said to have built brand equity. Some examples of firms with brand equity - possessing very recognizable brands of products - are Microsoft, Coca-Cola, Ferrari, Sony, The Gap and Nokia.
  • Legal protection given to a brand name is called a trademark.
Marketing：
  • The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion.
  • Many people believe that marketing is just about advertising or sales. However, marketing is everything a company does to acquire customers and maintain a relationship with them. Even the small tasks like writing thank-you letters, playing golf with a prospective client, returning calls promptly and meeting with a past client for coffee can be thought of as marketing. The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensure profitability.