Importance of branding
Importance of branding
Executive summary
This essay deals with the importance of brand image and brand building for companies and how they can adapt their promotional mix, in order to obtain the desired results, related to their image.
First of all, it is necessary to get to know the market environment. It is essential for one company that they know how the consumers act: what is their culture? What are their habits? Who are the competitors?
Once they have a good impression of the market, they can start building up their brand image by keeping in mind several key elements.
When a strong brand is established, the work is not over yet. The company must invest in maintaining a long term relationship with its customers. Otherwise the customers will easily switch between brands, due to the massive oversupply of different brands.
To maintain such a long term relationship with your clients you must adapt the promotional mix. Sponsorship is a perfect way to enhance your brand image and reach your desired target group.
1 Introduction
To a company, it is important to differentiate yourself from the competition. Consumers also, want to differentiate themselves from the rest. They want to be unique and try to obtain a certain level of uniqueness by identifying themselves to certain brands.
When consumers are shopping, subconsciously they will form a list with their favourite brands who are top of mind, based on what they have heard, seen or experienced. Therefore branding has become almost critical in the competitive market of today.
To most important elements to build your brands are:
Knowing your consumers and relating to them;
building a relationship with your consumers;
sustaining the quality of your products;
providing a better value;
differentiate your business from the competition.
Once you can maintain all the points listed above, your chances of having a strong brand in your product portfolio are strongly increased.
Executive summary
This essay deals with the importance of brand image and brand building for companies and how they can adapt their promotional mix, in order to obtain the desired results, related to their image.
First of all, it is necessary to get to know the market environment. It is essential for one company that they know how the consumers act: what is their culture? What are their habits? Who are the competitors?
Once they have a good impression of the market, they can start building up their brand image by keeping in mind several key elements.
When a strong brand is established, the work is not over yet. The company must invest in maintaining a long term relationship with its customers. Otherwise the customers will easily switch between brands, due to the massive oversupply of different brands.
To maintain such a long term relationship with your clients you must adapt the promotional mix. Sponsorship is a perfect way to enhance your brand image and reach your desired target group.
1 Introduction
To a company, it is important to differentiate yourself from the competition. Consumers also, want to differentiate themselves from the rest. They want to be unique and try to obtain a certain level of uniqueness by identifying themselves to certain brands.
When consumers are shopping, subconsciously they will form a list with their favourite brands who are top of mind, based on what they have heard, seen or experienced. Therefore branding has become almost critical in the competitive market of today.
To most important elements to build your brands are:
Knowing your consumers and relating to them;
building a relationship with your consumers;
sustaining the quality of your products;
providing a better value;
differentiate your business from the competition.
Once you can maintain all the points listed above, your chances of having a strong brand in your product portfolio are strongly increased.
References: Brakus, J., Schmitt, B. and Zarantonello, L. (2009) 'Brand Experience: What Is It? How Is It Measured? Does It Affect Loyalty? ', Journal of Marketing, May, pp. 52-68. Cliffea, S.J Craiga, S.C. and Douglas, S.P. (2000) 'Building global brands in the 21st century ', Japan and the World Economy, pp. 273-283. E., J.-B., Steenkamp, M Erdogan, Z. and Kitchen, P. (1998) 'Managerial mindsets and the symbiotic relationship between sponsorship and advertising ', Marketing Intelligence & Planning, pp. 369-374. Geist, M Leeflang, P. and van Raaij, F. (1995) 'The changing consumer in the European Union: A "meta-analysis" ', International Journal of Research in Marketing, pp. 373-387. McAlexander, J., Schouten, J Needham, A. (2010) 'It 's all about the consumer, stupid ', Market Leader, Q2, p. 17. Pine, J Spaeth, T. (2010) 'The Identity Recession ', The Conference Board Review, pp. 21-27. Tarnovskaya, V., Elg, U