Introduction “Designing a product is designing a relationship.” (Steve Rogers). Sincere relationships are created by an exchange in communication between individuals in which the end result will be an established form of friendship-relationship. The intend of branding is to assist companies in developing a strong friendship-relationship thereby introducing their products to a customer base with the intention of winning their affection, this affection in turn has the potential to influence customers to become loyal to the brand. Therefore, the job of the organization is to maintain a homogeneous relationship with these customers in a cost effective way. The development of branding was created as a vehicle for companies to create and distinguish their products and services at the same time it is a way to set them apart from those of the competitors. A brand also offers consistency and quality in the eyes of the customer thereby setting the stage for a long and prosperous relationship, for example: McDonald’s, Startbucks, KFC etc offer customers the same quality and consistency on their products regardless of the geographical location, qualities that customers have come to expect when they visit any of these establishments (Mccabe and Boyle, 2006). The purpose of this paper is to examine the importance of building relationships with stakeholders in corporate branding as well as with product branding. In order to better understand how relationships are formed and how corporate and product brands are produced and marketed, there will be a discussion on brand relationship, brands and corporate identity, product branding and organizational branding, brand knowledge and brand behavior will also be analyzed. Brand Relationship and Loyal... ... middle of paper ... ...f a product however, only a few will become part of the experience through brand relationships and community engagements. Corporate brand is the image that a company must maintain in order protect its products. Brands on the other hand are key resources that an organization can tap into in order to create sustainability and competitive lead, this process however, requires delicate and strategic brand nurturing and supervision (Mccabe and Boyle, 2006). The firm’s marketing communication division plays a large part in maintaining customer association with the product, the lack of proper brand communication and control of information could potentially result in brand erosion which in turn has a direct effect on customer loyalty. It is therefore imperative for marketers to streamline and nurture customer loyalty and brand recognition (Mccabe and Boyle, 2006).
When the consistency of the information is built, the credibility of the brand becomes higher (Bengtsson, Bardhi and Venkatraman, 2010). It is suggested that asymmetric information leads to consumer uncertainty, which would therefore have a negative impact on brand image (Erdem and Swait, 1998, p. 138). Accordingly, consistency of the information has become a key factor that leads to the successfulness of a global brand since it reduces the uncertainty and the thinking process time of consumers (Lee et al., 2007). Several effects have been found regarding to standardization of a brand (Erdem and Swait, 1998, p. 138). Marketers will have a better control of the brand if the brand meaning has been consistent over the time (Erdem and Swait, 1998, p. 138). First of all, it increases brand equity, which would therefore improve consumer’s brand awareness (Erdem and Swait, 1998, p. 138). Second, it would reduce consumers’ uncertainty of the brand, which would thus increase the reliability of the brand and brand loyalty (Erdem and Swait, 1998, p. 138). Third, it greatly reduces the conflict of consumers’ cognitive structures, which would lead them to trust more on the brand (Erdem and Swait, 1998, p.
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.
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
However, the marketer must act like an integrator where they must produce technical capability with the market requirements and the marketer should be invented to bring the consumer into organisations. Furthermore, the consumers associate with the firms as members for the reworking and expansion of commodities. Therefore, the associations are measured as the important point for the source of consumer choice and firm variation. It is noted that the relationship promotion comprises in using the one-on-one communication in order to getting the loyalty of clients. These relations might be simply enhanced in the organisations if the promotion is part of everyone's work picture that is beginning from receptionist to board of directors (Basole & Rouse,
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.
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
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.
In order to get a clear cut understanding of the effects and utilization of branding strategies to create high value; brand equity and achieve brand loyalty, the qualitative method will be applied to the research. It was believed that the usage of this method will facilitate to gain insight and describe complexity (Hanson and Grimmer, 2007). The research displays an inductive approach where the data will be assembled from the literature review and also by further field research such as interviews and observation. One major advanta...
People are buying the product which gives them prestige. Marketers have interest on consumer psychology and they are playing with every day by showing that their product will give prestige in the society. It’s true that the transparent societies now needs brands image. Marketers analyze the interest and needs of consumer than create the product according to the need of the society. Brand can attain the people attraction and the business can have the good reputation by giving satisfaction to consumer. If the brand gives satisfaction and function are according to the expectation of consumer than the brand gets good image on the mind of consumer. brand image is great weapon to use for the competitors it builds in years , at once the business gets brand image it has competitive edge from other brands in the market. When consumer rely on the brand the company can create the long term relation with the consumer, in other words (CRM) consumer relationship management. The brand image has effect on the choice of every individual there believe and attitude change their preferences. Brand image can be effected by price as price is an important part for consumer when they are making purchase decision if they find the value of brand is equal to the pricing they purchase that brand if not they refuse it. Similarly the image of brand can be effected by the attributes and features or
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.
When somebody hears the word brand they usually think of some popular, famous company’s name, its logo, its trade mark or the products that are produced by that certain company. Initial thought leads to identification favorite brands of an individual. Behind favorite brands there are not just hidden products and company, but also different human emotions. Products and goods, for a long time now, do not only fulfill
Maintaining Brand Consistency almost certainly, the most significant considerateness in reinforcing brands is constancy in the nature and quantity of marketing sponsorship the brand obtains. Brand consistency is essential to sustaining the strength and favorability of brand associations. Brands with diminishing exploration and expansion and marketing consultation budgets are in jeopardy of becoming industrially underclass or else obsolete on top of dated, inapt, or overlooked. (Keller,
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.
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...
In today’s highly competitive global markets, the concept of brand equity holds a lot of significance, for the business survival and business