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what is the importance of branding as a marketing tool
the importance of branding in marketing
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When you walk down the street, you are bombarded with signs, storefront displays, and billboards showing off their newest products and sporting their new logos or brands. Using a logo or a symbol to identify them with the everyday consumer, so that when they see that symbol or “brand,” they know exactly who made the product. The brand, in essence is the personality and the identity of a company, artist, or studio. Take for example, the logo of an apple. Everyone knows that “Apple” products are made by none other than the famous Macintosh. Therefore, they know that whatever the product is, it is going to be something related to computer, or audio media. Anywhere you go, you will find an Apple store. People know its symbol, logo or rather its brand, because they have done such an incredible job of marketing their brand and selling it to consumers. In the American Marketing Association’s definition of a brand, a brand is a "Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers.” And a brand can take many forms in our society. More often than not, the consumer recognizes the “brand,” more than anything else. By selling the brand, the consumers know the band, so to speak.
There are many benefits to having a strong brand in any business facet, but the music business in particular. If you have a specific sound, logo, set of colors, slogan or even a specific look that can be associated with you or your band or company, you have a brand. Having a strong brand can very well influence the buying decision of the consumer. It creates an emotional attachment or a kind of trust on your products (albums, records, tracks etc.), that helps your specific “market”...
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Brown, Chris. "Branding and Marketing Information for Business Professionals." Branding and Marketing. Social Media Connection, 18 Nov 2011. Web. 25 Nov 2011. .
Lynch, Joanne, and Leslie de Chernatony. "Winning Hearts And Minds: Business-To-Business Branding And The Role Of The Salesperson." Journal Of Marketing Management 23.1/2 (2007): 123-135. Business Source Complete. Web. 23 Nov. 2011.
Peters, Mitchell. "Good Works." Billboard 122.12 (2010): 61. Business Source Complete. Web 23 Nov. 2011.
Powell, Annetta. "Five Simple Reasons Why Branding Is Important In Any Business Endeavor ." Annetta Powell: Network Marketing, Internet Marketing. Attraction Marketing, 02 Jun 2010. Web. 24 Nov 2011. .
When people go shopping there are limitless choices of one product made by different companies, all choices of this product basically do the same thing, but what makes them different is the brand’s name. Companies with brands are trying to get their consumers by presenting their commodities in ways
In “No Logo” Naomi Klein presents a convincing and well-documented look into how “branding” has enabled multi-national corporations to take over the way many Americans make purchases; however, since her argument fails to include the all-important human factors often overlooked by corporations and the proliferation of Internet-based retailers who are able to deal goods directly to the consumer, it is incomplete.
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.
It has become impossible to avoid marketing and branding. Everywhere a consumer turns, they are being persuaded and influenced by all sorts of symbols, logos, slogans etc. These aspects of a brand create the culture we live in. “The effect, if not always the original intent, of advanced branding is to nudge the hosting culture into the background and make the brand the star. It is not to sponsor culture but to be the culture.” 30 no logo. Humanity has become one large sponsored event, making it impossible in order to escape.
Increasing awareness of a personal and unique identity distinguishes us from the pack. A brand mantra differs from a tagline, explains Guy Kawasaki, as a mantra describes internal business, a standard for a company to abide by. A tagline is for customers and what they can expect to be delivered (Martinuzzi, 2014). John Jantsch, founder of Duct Tape Marketing defines branding "the art of becoming knowable, likable and trustable” (Martinuzzi, 2014). Many specialists on the subject agree that trust building is essential in success. Being honest is one of the top five steps Forbe’s advises when it comes to brand building (Biro, 2013). Some suggestions to follow from, How to Build an Unforgettable Personal Brand (2014) include, making sure customers are provided what is promised, leading with unwavering quality and being consistent in making good on one’s word. The article also warns that the public will assign a default brand if a
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
Companies use a collection of brand equities to represent their products in the market (Voolnes, 2012). Brand equity refers to the commercial value that is derived from the perception of consumers on any given brand name of particular products in the market as opposed to the product itself. Ataman (2003) notes that the effect to the consumer is in the brand name and not the product itself. Companies use logos, trademarks and a collection of other symbols to present this information to the customers. The use of these symbols is meant to try and capture the customer mindset so that they can be thinking about the company products at all times through the items they possess at home (Estes, Gibbert, Guest, & Mazursk, 2012). This can well be explained by use of the customer-based brand equity model that brings together the requirements for a publicly renowned brand in the market.
Brand; - brand is known as uniqueness in term of what products or service the company provides. Brand is also set of insight or image that represents seller. Brand defines symbol, name, term or feature of company’s service or goods. Example of popular brand is apple, Amazon and Samsung.
However, a company must have good brand management to achieve the longevity of the company brand. It is because good brand management can lead the company to become a strong brand and it will improve the customer relationship through the brand management process which control everything about the brand does and says also (Temporal, 2010). Therefore, brand management plays an important role which will influence the longevity of the company and the brand name.
This article studies the relationship between advertising and sales promotions and their impact on brand equity. A main priority for most companies is to establish and achieve a strong and powerful brand name. A company can build a strong brand name by creating the market for their customers want. By creating a strong brand name, a company will become more established. Brand equity is important to the producer, retailer and consumer. The consumer knowledge of the brand says how the producer will produce and market the product. The consumer knowledge of the brand name also determines the quantity the retailer will sale. Brand equity can have a positive or negative effect. A positive effect would be for everyone to recognize the name and purchase the product. The negative effect would be to have the product recalled. Brand equity is important because it can offer many advantages for a company. Brand equity can create a high demand for your product, reduce marketing cost and the company’s brand name will have high credibility.
Secondly, some light has been thrown on the previous researches by various authors on the similar topics by providing with a summarised form of the same. It helps in better understanding of the ongoing concepts and perceptions on the concept of brand and its importance.
It 's no secret that traditional marketing practices have declined and consumers are now more skeptical than ever. Brands have had to find ways of connecting with potential customers in a more authentic way.
Web. The Web. The Web. 18 Nov. 2013. http://www.interbrand.com/en/Default.aspx.
Marketing and branding, two of the most common used words in the contemporary world, is closely linked to each other without doubts, but the importance of branding to successful marketing is enquired to measure in term of the question. In fact, various people have different ideas on marketing and branding. For most of people, or customers, the two are normally combined in their minds or even equal to each other. For example, people could raise Apple as the answer for both questions of "what is good branding" and "what is successful marketing". In fact, they are two separate topics on academic, and branding is just one of the numerous marketing activities apparently. However, the perception of consumers might be a good guide to answer the question.
Every company seeks to create its own brand - a unique and effective image. Purpose of brand is attracting and retaining customers in its market share. Branding in marketing is a complex technology, aimed at making advantageous position a brand from the competition. Facilitating the search for the necessary goods to the buyer, branding in marketing becomes more effective if the consumer product features meet market requirements. It is especially necessary to identify the goods, for a case of unprepared buyer which can not assess the competitive characteristics (for example, high-tech products). The development of technology has had a huge impact on human society. It is reflected in the fact that we are surrounded by complex technical devices that we use every day and sometimes we have no idea of how this thing is located within. Here the brand comes to help the consumer that stands out from all those product characteristics that are important to the consumer and facilitates the understanding of the product.