Print Advertising – Newspapers, Magazines, Brochures and Fliers
Print advertising is a widely used form of advertising. These advertisements appear in newspapers or magazines and are sometimes included as brochures or fliers. Anything written in the print media to grab the attention of the specific target audience comes under the purview of print advertising. People who read newspapers or other publications have a […]
What is Brand Image? – Meaning and its Concept
Brand image is the current view of the customers about a brand. It can be defined as a unique bundle of associations within the minds of target customers. It signifies what the brand presently stands for. It is a set of beliefs held about a specific brand. In short, it is nothing but the consumers’ […]
What is Mystery Shopping? – A Tool For Retail Optimization
Mystery Shopping is a fascinating method of gauging customer experience where individuals are recruited to portray actual customers that shop at a store. Feedback is then taken through these ‘mystery shoppers’ and the company uses it to evaluate how close is the actual experience of the customers to the desired one. It prompts the company […]
Sales Management – An Overview
The art of meeting and exceeding the sales goals of an organization through effective planning, controlling, budgeting and leadership refers to sales management. Sales Management helps the organization to achieve the sales targets efficiently. Process of Sales Management Sales Planning Marketers must plan things well in advance for the best results. It is essential to […]
Introduction to Corporate Communication: Need and its Importance
Why is Corporate Communication Needed? With the proliferation of activities that any company does, there needs to be a mechanism through which it advertises its achievements, answers queries about its performance, and has a window to the external world in times of crises and other catastrophes. The corporate communication department of any organization performs the […]
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 *
