Relationship Marketing with Business Associates and Partners
Business dynamics have forced the Organizations to recognize Customer as the most important factor responsible for its own existence and survival. Organizations have no option but to be customer centric. When we say that Organizations have to be customer centric, we are not only referring to the marketing and sales tuning in with the end […]
Why Do Brands Have Extensions?
As the business environment is changing, the profile of the organizations as well as the way of conducting business is changing too. Use of technology and globalization has changed everything about business. Marketing is no longer what it used to be. Online marketing has changed the face of conventional marketing and both are incomparable by […]
Search – Starting Point of Understanding for E Marketing Exercise
As a Marketing professional you are too familiar with marketing research. In fact Organisations spend millions of dollars into market research to know anything, everything and all things about their customers. The market research analysis and outcome becomes the input for developing Marketing, Advertising and selling strategies as well as in designing product strategy as […]
The Responsibilities of the Shareholders
Any public limited or private limited company has shareholders who contribute capital towards the setting up and running of the company. While in the case of private limited companies, the shareholders are usually the promoters and a few close friends or family, the public limited companies have a large body of shareholders drawn from all […]
Media Strategy in Advertising
Every work to be done needs a plan of action so that the work is done in a desired and correct manner. Media Strategy plays a very important role in Advertising. The role of Media Strategy is to find out the right path to transfer or say deliver the message to the targeted customers. How […]
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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Leveraging Secondary Brand Association to Build Brand Equity
February 12, 2025
