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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
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
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.
In marketing, understanding the importance of brand identity plays a major role in your business and ensuring that your product distinguishes itself from your competitors. A key to establishing your product as a well-known entity that burrows itself into the psyche of your target customer base¬¬¬ are your company’s logo and tagline. These two trademarks of your company are how your customers recognize your business and identify with the products your company sells. Therefore, when starting a business extensive research and creativity should go into choosing both a logo and a tagline that differentiates your product from all others within your market.
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.
While people have differing opinions on what the relationship between packaging and brand identity is, it is clear that most support the idea that success depends on how well these two elements are collated. [1] On its own, a brand identity is the vessel in which a brand communicates its “identity and value[s] to consumers and […] stakeholders.” [5] (Nandan, S., 2005, p. 265) It plays a central role in a successful marketing strategy for any company, providing a brand with a “direction, purpose and meaning”. [2] (Aaker, D. A., 2010, p. 68) With such a competitive and overcrowded market, the role of a brand identity becomes essential. A brand identity helps communicate a brand’s individuality, enabling it to establish a powerful presence amongst competitors. [5] (Nandan, S., 2005, p. 265) In fact, Nandan, S. (2005, p. 276) states that,
"To survive in such a competitive market place, companies must build brands in order to create a strong differentiation in the market, attract customers with a credible value proposition and to constantly engage customers in ways that would endear them to the brand and to the company" said Martin Roll, the brand guru. These words encompass the whole ethos behind investment in branding.
“A brand is a distinguishing name and/or symbol intended to identify the goods or services of either on seller or group of sellers, and to differentiate those goods or services from those of competitors” (Aaker 1991).A brand is the most valuable asset for an organization in the current competing world. Every organization is formulating strategies to make its brand popular and significant not only in markets but also in minds of the customers. Brand is the relation of customer with the brand. It is promise which a company makes to the customer about the goods and service they offer (Gregg 2002) Branding involves decisions that establish an identity for a product with the goal of distinguishing it from competitors offerings which means that brand becomes an important tool for marketer as consumer use it as guideline to identify certain products and their usefulness for the customer. The value of the brand can be determined by the concept of brand equity which has emerged as the one of the key factors in understanding the brand value (Krishnan 1996).
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.
The successful brand is fundamental to a number of the factors. According to a bedrock idea or principle, every turn supports a product or a company and such a platform is known as positioning. A brand has no attraction without the element of positioning. The brand which has some sort of uniqueness and reliability, it will get the distinct advantage and attention of the people in the market. The successful brand is the result of three characteristics which are to be different, to be focused and to be relevant. The determinants of successful brands are discussed below:
Product is the core of marketing, which including tangible goods like food or drinks or intangible services, as it is the major way to embody customers requirements; and, branding is directly associated with it. In fact, branding is all about decisio ns of products, like brand names or trademarks. Stork (2007) asserted that a brand is a unique business identity which represents the personality, quality or origin of products. And, such a product which added value by branding would appear in every activity of marketing, namely, branding is actually react on the whole marketing system directly and indirectly.
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.
Branding should be evident in every aspect of your business, from the way customer representatives answer the phone to the e-mail signature. It also has to extend to what you or what salespeople wear when they go on sales calls. Awareness and recognition are best established when clients are constantly fed with information and details about your brand. The next time they see your brand’s logo, hear the slogan or jingle or just the name being mentioned, they will instantly connect it to you.
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.
Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.”
Today's modern concept of branding grew out of the consumer packaged goods industry and the process of branding has come to include much more than just creating a way to identify a product or company. Branding is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol.