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Pros and cons of corporate branding strategy
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Hence the corporation needs to evaluate and possibly adjust the corporate branding strategy on a regular basis. Obviously, a corporate brand should stay relevant, differentiated and consistent throughout time, so it is a crucial balance. The basic parts of the corporate branding strategy like vision, identity, personality and values are not to be changed often as they are the basic components. The changes are rather small and involve the thousands of daily actions and interpersonal behaviors, which the corporations employ as part of the brand marketing efforts. But make sure complacency does not take root in the organization and affects the goal setting. The strong brands are the ones which are driven forward by owners whom never get tired …show more content…
They are the following: Complex The brand identity building process is complex. This is especially true for organizations that offer a range of services and products. The process entails extensive research, including market research, marketing audit, competitive audit and usability, and a clear branding strategy. Furthermore, a brand identity is only truly successful when customers closely identify with the brand. This happens when a brand caters to customer requirements and preferences. Marketers have to keep this in mind and ensure that the brand identity is aligned with, and relevant to, its customers. Expensive to Design Designing and creating a brand identity is expensive and time consuming. Brands either delegate the task to their marketing teams or hire consultants who charge by the hour and spend many hours in close consultation with managers before they decide on the brand logotype, color, typography, sound, motion and other key elements of the brand identity design. Trial applications are run before the identity is presented for approval. The approved identity is then trademarked and translated to the company website, business cards, letterheads, packaging and advertising. Each step of the process entails heavy funding and
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
Brand identity is about story telling. Using the latest content that has been published, compromising the five best images that reflect the profile of the brand, a consumer-photo-storyboard can be developed to: Describe the profile of the brand; Identify the main communication and publicity themes; and Critically assess the integrated modes of communication with consumers, including limitations and negative content.
Brand identity is integral to the growth and success of a company. It provides a line of communication with customers, differentiates business from others in the marketplace, shapes company style, and increases business performance (Ellwood, 2002). In my own experience as a graphic designer, I have gained an increased awareness of the importance of brand identity after I emigrated to the United States and began studies for my Master’s in Graphic Design. Graphic design as a course of study does not exist in Saudi Arabia; so consequently, I have realized that designing a brand identity for a company or business is not an easy job.
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
According to Philip Kotler “A brand is a name, term, sign, symbol, or design, or a combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of the competitors. The business firm(s) faces the choice, whether it should brand its product or not? The Generic products can be offered to the consumers at a price lower than the branded products with standard or lower quality. The brand sponsor decision involves the decision about who is going to brand the product, manufacturer or re-seller or will it be a combination of the two? Indian retailing has seen a lot of ups and downs over the last few years. With the increasing growth of the organized
Building and enhancing a strong brand has been found to have profitable rewards in business, it has therefore become a prime priority for many firms. Customer-base brand equity (CBBE) is a model that is being adopted by many organizations in order to build strong brands that can compete with the other ones in the market. The model outlines the four steps that should be followed in building a strong brand. The first step involves the establishment of appropriate brand identity, which includes enhancing customer awareness of the brand.
One of the fundamental parts of successful brand creation process is developing the strong brand image and communicate brand ID across all available media channels. This essay will discuss and evaluate companies NIKE marketing strategies in terms of companies brand development efforts. The company’s success in the footwear, apparel and accessory markets will be linked with marketing branding concept. Furthermore, the discussion on NIKE marketing strategies and their efforts to preserve and increase the leading market position and marketing activities to increase brand equity will be discussed and critically evaluated.
A brand is utilized by a company to differentiate its products from others in the market. Some techniques for accomplishing this are through the use of distinguishing logos, names, color schemes, and slogans. An effective branding strategy is one of the most important components for gaining a significant advantage in a progressive market. Basically, a company brand is its promise to its customers about what can be expected from its product and how it differentiates from the competitors. The branding strategy is the part of the marketing plan that explains how and to whom the company proposes on conveying its brand messages. It will also explain where the company plans to advertise and what it will publicize both visually and verbally (Williams, 2013). Home Depot’s marketing plan will contain domestic and global branding strategies and will be a collaboration of brand messages from both Home Depot and Reach the Top®.
Branding is very important aspects of any business because it gives identity to company and its products for example every person is different and have unique personalities similarly companies differentiate their products through branding. The brand I have selected to analyses for this assignment is GoCompare.com. I have selected this company because it has always displayed very catchy adverts on television and it will be interesting to analysis the brand using theoretical models. Gocompare.com was first launched back in November 2006 by Hayley Parsons. The main difference from competitors was to display more detailed quotes rather than just prices stacked together. It found big success in very short time and in 2013 it is estimated to worth over 450 million express, 2013.
What comes to mind when you hear the term “brand” or “branding” in marketing? Nike? McDonalds? Five dollar foot long? Whatever it is, the importance of branding in the marketing mix should not be argued against, instead, it should be studied further to reveal what makes this aspect so important. Therefore, the following is an assessment of what a brand means to consumers and the effect it has on their purchasing behavior. This will also evaluate the importance of brands to the companies that own them and the qualities each company hopes to attain when creating their brand. Lastly, this assessment will uncover reasons for brand failure and offer suggestions on how businesses may build a stronger brand.
Branding is a strategic practice used by marketers in conjunction with graphic designers to assist with developing the visual identity and personality of corporations and their products. Developing a brand identity allows a company or product to distinguish itself from its competition to the consumer. Brand identity is developed from many different elements in a marketing campaign including, but not limited to the storefront, the logo, the website, print materials, all the way to the uniforms the employees wear on the store floor.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
By communicating a new value proposition, brand management aims to change the brand’s former brand percep-tion and link the new brand image to the new position. Of course, also within re-positioning, new attributes have to demonstrate points of difference and superi-ority. By emphasizing the brand’s uniqueness, management enables the cus-tomer to perceive higher brand value in their mind (cf. Friis 2009, p. 19). If the brand elements are not relevant for the target audience or the brand proposition was not chosen correctly, brand identity will not be perceived as credible and communication will fail. Therefore, companies have to analyse their target groups accurately before choosing new attributes, which they want to communicate. Management has to find out what are the target audience’s needs, wants and desires and what do they believe in. The organizations values should in best case overlap with the values of the audience. New brand attributes have to follow specific communication objectives, which are focussed on changing the custom-ers’ perception (cf. Feddersen 2013, p.
Brand identity really allows the company to flourish, and stay a strong reputable brand. The brand personality is a mix of young and fresh, while still remembering nostalgic aspects from the brand. The company appeals to emotions. They draw up feelings of nostalgia. The brand has a way of being classic and hip at the same time. They present this personality in their choice of advertisements and product. Everyone can recall what a classic Coke bottle looks like. The glass has a hint of green with sharp curves. It is all branding and brand personality.
The second step deals in creation of proper brand meaning through powerful and unique brand connection with the customers. The third step involves invoking positive brand response while the fourth one involves engaging the customers so as to build a brand affiliation aimed at enhancing active brand loyalty. However, some building blocks are requisite in order to achieve these steps. These...