Choosing Brand Elements to Build Brand Equity
February 12, 2025
Companies first find the target market than segment and then customers. After these companies go about developing products, which may be product modification or it may be a completely new product. Product offerings are increasing every year as consumers are looking for more and more variety of products. Companies which are unable to churn out […]
Marketers have various tools at their disposal to build a strong consumer based brand equity. Through this tool, they have developed many strategically important marketing communication programs. It is important for survival of brand to understand how effective these programs have been. If these programs have been able to induce a positive image and increased […]
There are many benefits of strategic management and they include identification, prioritization, and exploration of opportunities. For instance, newer products, newer markets, and newer forays into business lines are only possible if firms indulge in strategic planning. Next, strategic management allows firms to take an objective view of the activities being done by it and […]
The word shopping mall brings to mind certain specific kinds of images. For instance, as soon as the word mall is used, people start imagining a huge retail space filled with name brand departmental stores. Consumers have become used to these kinds of malls for the past 50 years. Also, in the initial years, both […]
A set up where two or more parties engage in exchange of goods, services and information is called a market. Ideally a market is a place where two or more parties are involved in buying and selling. The two parties involved in a transaction are called seller and buyer. The seller sells goods and services […]
The other day I over-heard a conversation generally referred as cooler moment.
John was in conversation with Terry around lunch time. John said he was hungry but had to take a quick meal as he was expecting to run a business call. Terry gave alternative of burger as quick and easy meal, to which John said “McDonalds”.
Above conversation could be part of anyone’s life and but very important to understand Strategic Brand Management. Here in the conversation need or want is for a “quick meal”, available generic product “Burger” and brand choice “McDonalds”.
What made “McDonalds” pop up in John’s mind as a choice for quick meal burger?
Answer to this question lies within framework of strategic brand management.
We will explore each word “Strategic”, “Brand” and “Management” and come up to conclusion where in John’s answer is understood.
Brand does not carry a definite and absolute definition but it is relative. Some observers would term products or services characteristics, which differentiate it from competitors as brand, where as some would consider standing of one’s product or services in market as brand. In all these, value of product or service for what it stands and attributes which identifies them can be considered as brand.
Branding or Brand is considered important not only for companies but they carry equal importance for customers or consumers also. From consumer or customer point of view, brand becomes important for various reason let us explore some of them.
Brand for a customer will indicate commitment towards quality from sellers there by reducing time spent in coming to a purchase decision. Brand for companies will indicate a sort of benchmark in quality as well as customer expectation, a point of differentiation from competitors and a steady stream of profit.
Normally we associate branding from point of view common mass; and products or service displayed in malls and supermarket. However there exists another market where branding is equally important and that is business to business market. This is referred as corporate branding, which is again a challenge as decision making process for purchase order is way different compare to individual. Here survival of organization as well as individual will be at stake. The key lies in developing a brand for corporation where in which other business can be confident of.
Modern globalized, technology driven world has thrown new challenges to branding. Customers/consumers have more access to information than ever before. Internet has become a strong tool through which product information proliferate raising expectation bar for companies. Companies have responded to this challenge by improvising in the way they run their marketing campaigns, by exploring new avenues to showcase their products. Like for example; sponsorship of events and teams or association with social cause.
In a given market innumerable products and services are offered by different companies. The identity developed for this product and services over a period of time, through marketing strategies, sturdy performance etc is referred to as brand.
A stage is reached where brand become synonymous with product e.g. - Coffee-Starbucks, Donut-Dunkin Donuts, Online Retail-Amazon etc. This process is called strategic brand management.
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