The Role Of Product And Brand Strategy Essay

An article about the importance of branding reads “brands were invented to protect consumers, not to exploit them. Initially they served as a visual badge which guaranteed a certain level of quality and simplified customer choice” (Gieske, n.d, Page 7). We can learn from this how branding helped consumer to choose between products and represent its quality. Today branding is often used to increase the value of products, and less importance is played on the quality.

According to Holt (2004), a brand can be defined as a term, name or a design that distinguishes product or service of one manufacturer from others. Brands are normally utilized in advertising, business and marketing. In accounting terms, brand is an intangible asset which is present within every organization. It is most valuable asset that is outlined in the balance sheet of a company. Brands owners need to effectively manage their brands in order to enhance shareholder value. Brand valuation is an important technique that associates money with a brand. Effective branding often results into high sales volumes of a particular product. A customer who prefers a brand is more likely to choose other products which are offered by the same brand. Brand can be stated as a personality that facilitates identification of a company, product or service. It even encompasses relation with other constituents like customers, partners, investors, staff, etc. Individuals distinguish psychological aspect of a brand from experimental

As the brand and the customer pertains the strong interconnection, it has be to firstly identified by the managers and should be recognized the brand propositions that communicate to the consumers. Particularly, the elements like the quality, durability, functionality and the value regarding to the brand should be recognized by the branding team of the organization. The recognition of the brand may help the company to build up the relationship between the consumers (Aaker,

According to her, marketing helping companies build a formal brand of a company which will lead consumers to get use to the company and build a good relationship with it. During the late 19th and early 20th century, the main focus was on advertising new products, and because of mass production, companies would create similar products resulting in companies competing for consumers. Furthermore, she discusses that the concept of branding had be relevant in the early 1880, and nowadays selling an image or lifestyle is crucial for a firm (2000). Though Klein backs up her claim by using exams from the mid and late 20th century, they are still very relevant today. Branding is much more important than advertising. No longer are advertisements found allover the place, instead if a consumer knows a brand, they are more likely to remain faithful to that brand. Brands still create familiarity and emotional ties between consumers and companies. Overall, it is evident that the brand is more important than the product (Klein,

A brand is an organisation, product or service which has created an emotional connection with their consumers in order for them to favour their brand over their competitors. It is incredibly important for brands to keep up their image and one little thing could change the global perception of a business. It takes a lot to maintain a brand image that has been built up over a long period of time and even more to regain it if that reputation is lost. Brands are created through various different aspects such as their visuals, tone of voice, advertising, actions and reputation. The combination of these will leave their consumers with long lasting emotions and perceptions of a particular brand and will effect whether they support a business or not and whether they would favour or avoid it. When a brand looses their image it can cost a lot of money and time to rebrand to prevent complete failure of the product or service.

Brand strategy is of upmost importance when it comes to customer visualizing a company. Branding is critical to the company as well as the product. The company brand embodies what the company is about,including the product (Hatline, M.D. & Ferrel, O.C., 2014). Branding provides the company with leverage when it tries to enter new markets Whether that be new locations or new product offerings (Douglas, S. P., Craig, C. S., & Nijssen, E. J., 2001).

Branding is one of the most important aspects of any business structure. Your brand is meant to increase the competiveness against your company. “your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates

Several threats exist. Company G is a well-established and respected company. Although this is a factor, rival companies eager to capitalize exist. Companies will make product closely resembling Company G’s and may offer at a lower price or with more incentives. Market growth will not be slow and low fixed cost to produce item will decrease rivalry. Since customers somewhat easily and freely switch from one product to another, this will increase rivalry. There are quite a few rivals in the same market.

Currently the inflation rate is stable at three percent or less per year, and the consumer price index is steady with approximately 1.5-2 percent change per year.   A stable economy without significant inflation will likely maintain the strong spending power of the consumer. The consumer’s dollar will be stretched further allowing them to purchase more goods. Low inflation rates will also persuade the Federal Reserve Board to keep rates low allowing free economic growth as rates increase.

According to the American Marketing Association (AMA), a brand is a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”. However, as Keller highlights, a brand is also “something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace”. Therefore, a brand is an identity created to differentiate itself from the competitors and to be remembered in consumer’s mind.

Since an increasing number of people focus on brand names instead of product, brands become important elements for customers to choose products (Carroll, 2008). When customers trust the brand, the benefits for the manufactures are generated. In the first place, brands can be used by products as the tool to identify and differentiate themselves from various products. Secondly, brands are helpful for companies to build a competitive advantage (Bick, 2009). Therefore, organisations take more attention to branding.

In UK, the consumer market for P & G is matured and there is very little possibility to expand the market. In contrast, the emerging market outperforms the mature markets like UK over the forecast period putting P & G in a valuable position. In case of the market of UK the company is eroded the market shares in a number of categories like bath and shower where Unilever is doing well now a days. P & G produce health care and beauty care products mainly for women which cannot attract the most of the male customers.

In recent times, branding has played a pivotal role in some brands’ success. This has been made possible through the ability of some marketers to capture the essence and minds of people (consumers), and put the trends and characteristics into the personality of a brand. Customers have always found ways to identify themselves with certain products, and on several occasions, branding campaigns

Branding often consists of a brand name, logo and slogan. Businesses would try their best in order to ensure the brand is recognisable in the market through advertisements. Businesses will trade market the brand so competitors cannot copy the same brand. Branding is a powerful tool when trying to sell products as it can help achieve marketing objectives such as becoming market leaders and it can raise customer’s awareness as well. In some instances the branding means, only certain colours and shapes is used and in other instances, it is more flexible. It takes time, money and effort to build a brand and to keep its position at the top in the market.

Branding is the way that conveys the message of confidence, quality and reliability to their target market. Branding strategy is altered to differentiate the product from other competitors. The main purposes are product identification, repeat sales and new product sales. The first purpose is to develop a brand name with high brand equity that familiar and easy to indicates. Secondly, repeat sales depend on the development of customers’ brand loyalty to purchase the product again. The third purpose is to facilitate new product sales when introducing a new product to gain more attention and acceptance.