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ˇ@ 1) Consistent corporate image Good brand stands the test of time. No matter MNC or SME, a consistent and creditable corporate image is important. Even the name or the logo of the company does matter. Of course brand names should be easy-to-pronounce and simple-to-remember. Recently, one of the long- established banks in Hong Kong ˇ§Liu Chong Hing Bankˇ¨ even gets rid of its family name to market itself as young and energetic. All branches are renamed ˇ§Chong Hing Bankˇ¨. Response from customers has been good. From advertisements, products packaging to customer services, companies should promote a focused message to target customers - be consistent in your marketing efforts. Hong Kong is a fast-paced society which enables enormous flow of information. Hong Kong people welcome new ideas and products due to the co-existing Chinese and western cultures in Hong Kong. Thus, creativity is the key to impress them. Of course, the nature of your products should also be taken into account. ˇ@ |
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2) Market differentiation In the business world, in order to capture the largest market share, you should make customers feel that your products are relevant to their desires. But you canˇ¦t use the same strategy to different markets as they have different needs and expectations. So, you should identify different marketsˇ¦ needs and tailor-made strategies for different markets. In Hong Kong, we have Chow Tai Fook, a famous jewellery firm which have long been targeting woman who are mature and have higher earning power. But, they found that there is a market niche for young ladies who are aged 22-30, they also like jewellery but canˇ¦t afford too much. They stress less on the value of the jewellery but look for trendy and young styles. Therefore, Chow Tai Fok launched a new line CTF2 especially for this market. They did advertisements on magazines to promote their trendy designs and prices were set lower. They are now opening more branches for CTF2 owing to their instant success. |
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