2.1 Introduction
Lately, most of the research studies on the product branding and product rebranding have been focused towards the positive aspects such as organisational profitability is increasing when products with brand that manufactured by a company get overwhelming responses from customers (Rot et al., 2010; Kotler & Armstrong, 2004; Zekeri, 2004) and the effect of current strategies of product brand development can give positive effect on profits generated by company and also organisational growth (Thompson, 2004; Kotler. P, 2004; Osuagwu, 2002; Brown, 2002).
Other than that, brand awareness and brand ethics also could lead to increasing the organisational profitability. Hence, brand awareness is the combination of brand loyalty, whereby
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The successful strategies of products branding and products rebranding would make sure the detection of changes is taking over in the market before rivalry and the advantages gained from this would be made available for customers (Zehir et al., 2011).
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Other than that, the better strategies of product brand development in a company implicate taking risks by paying attentions towards competitions and at the same time hoping to distinguish its products position in marketplaces by promote the development of customer oriented perspectives and effectiveness of management performance in company (Drury, Segal-Horn & Chernatony, 2003).
2.2 Product Branding.
Variety research and studies have been conducted onto the transformation of an organisation consistent with branding issues (Merrilees 2007; Abimbola & Kocak, 2007; Wong & Merrilees, 2005; Abimbola, 2001). Literature of marketing is encountering a change from a company on branding strategies to entrepreneurial of branding for approximately 15 years. Even though there is a high of additional amount of profits in this industries, it is still indicated that the branding of product in Asean countries are as yet in the early stage of development (Abimbola & Vallaster, 2007; Spence and Essoussi;
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Furthermore, developing brands takes time and the methods to make the process shorter of internationalization views to obtaining brands, compared with creating them naturally (Liu & Buck, 2009). Obtaining brands also provides a fulfilment to the questions of the problems. There are some exemption, whereby China’s Haier has successfully builds its brand name in developing markets through combination of product innovation and market niching (Duysters et al., 2009).
The world of long-term branding is a complex and tricked with making of the research more attractive. A well-created branding process produces a self-concept and distinctive brand that prominent among competitors. So, H. G. Wells’ (2010) has made some observations and has expressed his observations as “it allows the achievements of producer exceeds the shoulder of the traders directly to the buyers” (p. 12).
At the current period of marketing trends, branding is a prominent and absolutely necessary of marketing function (Murphy & Scharl,
Differentiation through marketing strategies, this is a form of innovation driven by the need to create a superior brand (Sadler, 2003).
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
Despite its complexity, branding can be denoted as a marketing exercise of developing a symbol and name that distinguishes and classifies a produce from other another produce. An effective brand approach offers the business a major edge in progressively competitive markets. Johnny Cupcakes has been able to differentiate themselves as a fashion icon by focusing on the customer’s experience at their stores. Johnny Cupcakes does not market their store locations as stores but instead they market themselves as bakeries. When entering consumers feel like they are purchasing food items not clothes, making the experience different from other clothing brands.
We propose a branding strategy which takes into account the brands capabilities and competencies, strategies of competition brands and the outlook of consumers experience in their respective societies. As an international brand there is the challenge of staying connected with local customers. We will overcome this by adapting marketing strategy to local needs using a variance of standardized marketing mix and an adapted marketing mix.
What is branding? Branding has been advocated as a potentially successful response to heightened market concentration; it offers the possibilities of centralized control and format standardization, and an added value or cost driven strategy can be used to differentiate the retail offering and reinforce market positioning. Brands provide informational cues for buyers about the store's merchandise quality, and favourable images of brands positively influence patronage decisions." Successful retail branding can provide a form of "insulation" against price competition and states: "Where the store brand name is itself a brand name based on a quality appeal, it will be easier to position the own brand as a premium product under the same name" (Schmidt, R., & Pioch, E., 2005). Further as consumers, we tend to think about brands as symbols like the Nike swoosh or McDonald’s golden arches; the working definition of a brand is broader. A brand is usually defined as a name, logo, symbol, words, or combination of these, intended to distinguish a particular company’s offerings from those of competitors. In this sense, the modern use of the word “brand” harkens back to its older meaning which is a distinguishing mark or burn to identify wine, livestock or other commodities by their owner (Koehn, N., 2013).
Marketers assert to develop branding and packaging strategies that signify the brand’s products in a way that establishes lasting impressions in consumers’ thoughts. Because brands distinguish the many product offerings in the marketplace, brands help consumers choose between product offerings. When branding and packaging strategies clearly illustrate worthy product expectations, and products remain true to branding messages, positive consumer perceptions ensue, and brand value is strengthened.
According to Moss (Schuiling and Moss, 2004), pharmaceutical companies have not worked proactively in identifying a brand identity for their products and in communicating this identity to consumers. They have not done market research to determine their brand identity and to verify if this is how consumers view them. Although brands exist in both the consumer goods and pharmaceutical industries, only the consumer goods industry is using brands as a competitive tool, managing its brands with care and investing resources in brand development. On the other hand, the pharmaceutical company has not understood and integrated the competitive advantage that brands could represent (Schuiling and Moss, 2004). The difference between the pharmaceutical and FMCG industries is also seen in the organisation of brand management. In the FMCG industry, branding is a strategic priority at every level of the organisation. Brands are created very early in the product development process and marketing people work in depth R&D at the beginning of the process. R&D for FMCG is relatively inexpensive and quick compared with R&D for pharmaceuticals. As a result, FMCG can focus on creating brands that will last decades, not 7-20 years. The marketing of these products is focused on maximizing the long-term brand growth rather than going after short-term return through a large sales force. In the pharmaceutical industry, it is often late in the development process when global marketing people become involved in the phase. Key decisions are taken at a much earlier phase of the product's development plan. Moreover, pharmaceutical marketing people are often more sales
Mazda is one of case studies which success in business transformation. There used the brand strategy which reform from the insight of th...
Lastly, brand awareness is a crucial consideration. And It may be thought of as a consumers’ ability to find a brand within a group in adequate detail to make a purchase. It is important to remember that adequate detail does not always need identification of the brand name. Often “brand awareness is no more than a visual image of the package that stimulates a response to the brand.” Moreover, recall of the name is not necessarily required because brand awareness in which can try via brand recognition. According to Emma Macdonald and Byron Sharp (2003), suggested, when a brand is recognized at point of purchase, its brand awareness does not need brand recall. This is a major point in the consideration of brand awareness as the most important communication objective. In fact, the difference is misunderstood by marketing and advertising managers. The difficulty is to relate to the essential difference between recognition and recall, that is extremely important to advertising strategy. Brand recognition and brand recall are two separate types of brand awareness. The difference depends upon the communication effect that occurs primarily in the consumers’ memory.
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.
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.
Branding and marketing are both buzzwords that to the uninitiated seem interchangeable. After all, they’re both methods businesses can use to increase their profits and productivity. Despite this end goal, there are subtle differences in how and why the tactics are used.
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.
Branding on consumer purchase decisions. In order to comply with this a questionnaire was prepared and survey has been conducted among 100 respondents and data revealed that brands have strong influence on purchase decision.