Importance of Branding

1816 WordsFeb 13, 20138 Pages
Introduction Successfully building an appropriate brand for a company does more than merely provide an appealing design, picture and slogan for a consumer to view. It provides a value that which is necessary to obtain in order to stay competitive in most industries in modern day society. This is both valid in Business to Consumer (B2C) marketing and Business to Business (B2B) marketing. The approach and importance of successfully branding ones service or product both tangible and intangible through B2C and B2B are similar, but also do have key differences. In this report, we will discuss the advantages of building a strong brand name and image, risks, and some techniques. Relative Literature Brand pundits refer to our modern day…show more content…
Evaluation are key tools needed to ensure that the implemented strategy is actually going as planned. There are two ways of evaluating brand strategies. The first is a research-based evaluation. The aim of this approach is to put a financial value on the brand measured by customer’s behaviours and attitudes towards the brand itself. Components of the measurement are: awareness, knowledge, familiarity, relevance, satisfaction, and recommendation (Robert Vitale). Second approach is financially driven. This time brand valuation is used to approximate the value of the brand and it is based on subjective judgments of people within the organization in question. The earnings stream is estimated then divided by those attributable to the brand, to the fixed assets, and to other intangible assets. Next there’s an estimation of value for the brand in the market (Robert Vitale). These tools are so important because without checking up on ones brand image, it could possible take a turn down a path in the minds of the market in a direction the company does not want to go. It takes a long time to successfully establish a brand because it takes a long time to establish trust and confidence in the customer (Robert Vitale). Here B2C and B2B marketing differ. Because B2B business is simply so much larger then B2C, gaining a trustworthy relationship proves to be
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