Personal Factors affecting Consumer Behaviour
Consumer Behaviour helps us understand the buying tendencies and spending patterns of consumers. Not all individuals would prefer to buy similar products. Consumer behaviour deals with as to why and why not an individual purchases particular products and services. Personal Factors play an important role in affecting consumer buying behaviour. Occupation The occupation of an […]
Advertising on Social Networks
Marketing has always been relying on traditional print and visual media for advertising their products and services. The basis of the mass media both in print as well as in visual form is to release one common advertisement to the entire mass in general. Such advertising is controlled by the marketers who have control over […]
Scanning the Market Environment
Fad is short lived mushrooming of opportunity which is difficult to predict and forecast. Business profit from fad is pure matter of luck and chance. Trend is something which takes time to build up compared to fad and has a predictable future. Trend is sometimes co-related with changes in social culture and economical situation. Megatrend […]
Understanding and Managing Product Life Cycle
It is crucial to understand the complete product life cycle before introducing a new product or service in the market. One needs to understand that every product goes through certain stages starting from inception to its manufacturing, marketing, branding and finally losing popularity in the market. It is essential for the organizations to manage the […]
Maintaining and Measuring Service Quality
After having attained the desired service level, the next great challenge faced by service providers is to maintain service standards at levels of excellence. This is as important, and as tough, as establishing service standards and attaining to them in the first place. There are basically two approaches that any organization can have towards maintaining […]
Branding has emerged as a corporate strategy in the recent times. All business organizations in all sectors have embraced the strategy of building their identity through their corporate brands besides the product related brands.
Branding is definitely a marketing strategy. However the strategy of investing into brand building and managing the reputation of the corporate brand goes beyond marketing.
Branding is considered to be a strategy that is driven and managed by the CEO or the organization along with the senior management as well as marketing heads.
Over the recent years, we see new concepts of brand value, brand power and brand equity etc. being coined and measured.
If marketing professionals found it difficult to justify and obtain sanctions for the brand promotional activity, today they no longer need to worry. Brand value and expenses towards brand building have become an accepted part of the balance sheet.
Capitalizing the brand value and the expenses towards meeting the brand promotion are budgeted and accounted for in the balance sheets and in many cases the ROI of a brand is also calculated to reflect the brand value status over time.
Brand management has gained prominence in recent times. The fact that we have global brands that have been well established for over fifty years goes on to prove the fact that brands certainly have the power to make or break in the markets.
Goodyear, Coco Cola, Gillette, Nestle, Kelloggs, Schweppes, Brooke bond etc have been around for a very long time and have gained certain brand power to drive growth through brand reputation and relationship with the consumers.
Marketers have realized the growing power of brands and have begun to nurture the brand image and cultivate value through brand ambassadors.
Most of the lifestyle and luxury brands globally and locally have well known actors and sports persons etc as brand ambassadors. Through the persona of the brand ambassadors, the marketers derive the power to connect with the consumers and build brand loyalty.
Realizing the brand power also calls for working on the product quality and continuous modification both in the product as well as in the promotion of brand ambassadors. Building and growing strong brand at a global level calls for the entire organization to be brand oriented.
The best example of building and realizing strong brand power and unleashing the brand value is Apple. If you think that the entire world outside is an Apple fan, you are right. But the entire organization within also worship their brand too.
All of the strategies, decisions as well as day to day business decisions at all levels are directed towards promotion of and strengthening of the apple brand. The entire organization believes in the brand and all business processes are driven to build the brand and deliver superior customer experience through the brand. Apple as a global brand is perhaps the best example of a successful corporate brand.
As much as the corporate strategy has got to account for the branding strategy, the marketing has also to ensure that they work on the different aspects of the brand packaging, design, etc and keep working on the brand so that it is consistent with the changing times, markets, consumer expectations and taste etc.
The brands have their own value. The market leadership and profitability of a certain product or business is realized through the brand value.
Growing the brand power and using the brand value as a driver to increase profitability as well as the market calls for expert management of branding. Maintaining the leadership of a brand calls for strategic planning in the long term perspective.
Your email address will not be published. Required fields are marked *
