Essay on The Importance of Branding in the Marketing Mix

1762 Words 8 Pages
Introduction What comes to mind when you hear the term “brand” or “branding” in marketing? Nike? McDonalds? Five dollar foot long? Whatever it is, the importance of branding in the marketing mix should not be argued against, instead, it should be studied further to reveal what makes this aspect so important. Therefore, the following is an assessment of what a brand means to consumers and the effect it has on their purchasing behavior. This will also evaluate the importance of brands to the companies that own them and the qualities each company hopes to attain when creating their brand. Lastly, this assessment will uncover reasons for brand failure and offer suggestions on how businesses may build a stronger brand. THE …show more content…
It lets the consumer know who you are, what you promise, and your ability and willingness to deliver on that promise. Brands also serve as a road map for consumer purchasing behavior with product differentiation as the destination and branding being the route taken to get there. In most cases, if a person buys a product that meets, if not exceeds, their expectation, that person will likely purchase that product again and would be more willing to try other products marketed under the same brand. On the other hand, should the consumer have a bad experience with a particular product, it could generate negative perception of all products associated with that brand. They are especially important in establishing a bond of loyalty and trust with consumers.
Brand Significance to the Organization That Owns It
From a business standpoint, brands are seen as a valuable corporate asset that may increase profitability and sales. Branding done right minimizes sales cycles, enables higher pricing and help launch new offerings (Wreden, 2005.) Businesses recognize that consumers have options and if the benefits of their product or service are not readily available and consistently delivered, people will choose something else. Brands foster customer loyalty leading to more reliable company earnings and therefore, higher and more sustainable levels of employment and wealth creation
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