Brand management initiates with comprising an inclusive knowledge of the term ‘brand’. It typically incorporates a promise, making that promise and sustaining it. Brand management further signifies defining the brand, positioning the brand and further delivering the brand. Brand management is nothing but an art of creating as well as sustaining the brand (Heding, Knudtzen & Bjerre, 2015).
Brand management includes managing the tangible and intangible attributes the brand. In terms of product brands, the tangible primarily involves the product itself as well as its price and packaging. While in case of service brands, the tangible factors essentially involve consumers’ experience and satisfaction. Branding is recognized as the accumulation of various marketing mix strategies into a whole in order to provide a specific identity to the products (Ertimur & Coskuner-Balli, 2015).
The primary aim of branding is to fundamentally convey brand information vividly and further create a base for consumer loyalty and establish an emotional connectivity with customers. The following report evaluate the value and importance of internal and external factors which serve determining role for the success and failure of any brand development and brand launch. In addition to this, the report further examines the way each factor intend to contribute to the successful and unsuccessful brand launch along with their potential short and long term impact.
Discussion
Brand management-development of brand perception
Brand management is recognized as the development of brand perception in the market. Efficiently constructing assertive relationship with the target market is considered as highly critical for brand management (Solomon et al., 2014). However it further incorporates wide ranging determinants and factors of the consumers’ brand association as well as relationship with the purchasing procedures (Rani, 2014). This furthermore internalizes several tangible elements associated to the brand along with the brand experience. Brand management is also identified as a vital aspect of marketing which employs refined strategies and techniques to stimulate the value and significance of a product.
Solomon et al., (2014) indicate that depending on the marketing strategy that has been employed, brand management can further elevate the price range and value of the products and further establish dedicated and constant customers using brand affirmations with visuals and delivering core information. It has been noted that the Unique Selling Proposition (USP) fundamentally distinguishes a business enterprise from its competitors and further help the company develop a competitive advantageous position in the market. A classic example of innovative USP is of M&M Company, Australia, which has used an USP stating “melts in your mouth and not in your hand.”
This innovative USP further emerged as a well-known slogan essentially recognizes M&M from its other competitors of the Australian retail market selling candies and chocolates (M&M.com.au, 2018). This particular brand differentiation has been core determinant to the success and prominence of M&M, Australia. Coleman, de Chernatony & Christodoulides, (2015) note that organizations in order to create Unique Selling Proposition must comprehend its market positioning and image. Brands must take into consideration areas which distinguish a specific product from its other competitors in the market and evaluate its level of durability and cost-efficiency.
Building Brand Value
There can be identified various models which reveal approaches of establishing the value of brand into the company. The model of brand building known as ‘de Chernatony’ has been regarded as a highly prominent model for strategically establishing brands (Christodoulides, de Chernatony & Furrer, 2015). The building of the brand can further be perceived as a significant process whereby aspects of brand identity and image have been created. Furthermore, on the basis of the brand identity, the imago initiates to build up.
Building the brand typically initiates with strategically defining the vision and the vision furthermore can be segmented to three different parts such as future environment, meaning along with the values (Coleman, de Chernatony & Christodoulides, 2015). Following to the proper description of the company vision, enterprises should further shed light on the pre-existing cultural aspects of the organization and identify its appropriateness for the specific brand. It has been noted that with appropriate cultural patterns, company can efficiently create a significant competitive beneficial position for the brand (Roll, 2015).
Thus in order to create achievable business, business enterprises should primarily focus on what customer will attain and the way through which customers will attain it. However, by employing the model of brand building by de Chernatony, the significant strategies and procedure of building brand can be distinguished to four vital steps which are Defining Vision, Defining Brand Identity, Designing Brand Identity and Analysing Brand Environment (Coleman, de Chernatony & Christodoulides, 2015).
Strategic Consequence of Positioning In the Place Brand Concept
The strategic importance of brand positioning has developed by Kotler who fundamentally places the positioning in the conceptualization of STP (Segmenting, Targeting and Positioning). Therefore, brand positioning similar to segmentation or the choice of target group becomes the key groundwork for defining a strategy and technique for the brand. Author treats positioning as one of the fundamental strategic pillars of brand which determines the whole management process (Hollebeek, Glynn & Brodie, 2014). Furthermore, the strategic importance of positioning can be perceived in two essential dimensions such as internal and external.
It has been noted that with the external dimension of brand positioning in consideration, the fundamental emphasis tends to be on its criticality and value as a guide and verifier of any activities strategized and sustained by the brand. This function however is regarded to be of high value in the perspective of brand management due to the multitude and distribution of brand activities. Liu et al., (2018) indicated that segregation as well as intensity of brand activity in several areas focuses on distinctive and uncomplicated principles in order to ensure high level of consistency of brand positioning.
Furthermore, in the external dimension, highly comprehensive and well-formulated brand positioning must incorporate wide range of employees who exhibit the propensity to get impacted by visual and conceptual positioning of brand (Roll, 2015). It may further stimulate aspects of creative activity pertaining to the determinants of brand idea.
Furthermore, on top of creating an emotional bond between employees and the brand, the positioning also tends to serve a highly pragmatic role. Conceptual brand positioning provides range of guidelines, directives, strategies of the brand’s activity and development. However, on the basis of brand positioning, a specific form may be created in order to verify the rate of competence of the planned activities. Soomro, Issani & Nasim, (2016) observed an integrated affinity between the activity and brand positioning, whereby greater degree of value towards a certain brand activity must be provided in the strategies of brand management. Thus, positioning has been perceived as a resourceful mechanism for strategic planning of brand.
Consequently, internal strategic aspect of positioning further indicates itself in brand regulation (Monga & Hsu, 2018). However evaluation of efficacy of brand positioning in the perspective of its compliance with the employed positioning may be highly critical factor of the productivity of certain activities practiced by an administrative unit. The importance and effectiveness of brand positioning must be recognized efficiently at every crucial stage of brand strategic activities related to brand planning, authentication of activities along with operational goals which further substantiates the value and significance of positioning in the market (Soomro, Issani & Nasim, 2016).
However, in the external dimension with regards to the customary understanding of the notion, brand positioning establishes the outline of the communication strategy. It further indicates that fundamental communication idea which has the tendency to be innovatively signified by sources of accessible process, techniques as well as means of brand marketing execution (Iglesias, Ind & Alfaro, 2017). Thus well-comprehensive positioning may further reveal the subjects, technique and tone of communication in attempting to launch brand (Ertimur & Coskuner-Balli, 2015). Furthermore any forms of communication practice of a brand must lead to the imprinting of the brand in the minds of customers who are aligned to the employed and expected positioning.
Importance of Market Segmentation
One of the primary reasons to utilize market segmentation is to fundamentally benefit a competitive beneficial position by efficiently comprehending the demands and expectations of specific consumer base. Wide ranging marketing techniques which are employed have assumed that all customers possess similar demands and needs towards brands (Rani, 2014). An exploration into market segmentation aims to seek improved strategies to emerge as a prominent brand. Successfully expanding into a new market can be considered as highly essential for the launch of new brands into the market.
A significantly specific brand for the market, the brand requires to resonate with the consumer in terms of it market positioning to obtain greater level of achievements and success (Zhang, Liang & Wang, 2016). Any business enterprise should fundamentally initiate by distinguishing a market with substantial development and progress occurring repeatedly while launching any product. Furthermore, for any company focusing on such forms of expansion, if employed in appropriate manner and with accurate mechanisms, dimensions of market segmentation can shape the course of the business progress for improvement.
Ertimur & Coskuner-Balli, (2015) note that as every brand tends to possess a particular niche; it gains a position of utmost ease with the consumer base. Targeting appropriate target base is of immense importance and can be regarded as a beneficial factor. However, the primary focus lies on the brand’s existing consumer base and further seeks enhanced areas for opportunities (Barringer, 2015). As Woolworths primarily positions itself in the retail sector, it fundamentally reaches out to families with both high income earners and LSM that is living standard measure segment in order to stimulate level of engagement in the market and further create greater level of volume (Du Preez & Bendixen, 2015).
Analytical frame – contact between the consumer and the brand
Significant consumer guide is fundamentally recognized as its values, standards through lifestyle patterns, conduct, expression as well as the use of products and brands. As a result, any brand to the extent reliable to the consumers’ values and expectation. However the path of brand launch is identified as highly complex and not relevant at the initial stage. It is highly crucial for any brand to consider consumers’ expectations and demands (Heding, Knudtzen & Bjerre, 2015).
Furthermore, the purchasers to identify that even with the utilization of specific product or brand range values and standards is essentially required along with the applicable and functional dimensions of the product in order to communicate the sense of desire. It is also important to note that greater the gains and advantages of the product which serves in correspondence to the emotional level of consumers’ needs and expectations it facilitates the ultimate aims and values of the brand (Ertimur & Coskuner-Balli, 2015).
Building Brand Identities
Through brand assets such as slogans, taglines, promotion, advertising and customer service a highly comprehensive identity can be established which further creates an emotional attachment with the consumer base (Pearson, 2016). These emotionally attached users compel the company to take actions and further provide relevant information and explanations that justifies their choices and preferences. Companies can efficiently establish its brand recognition and awareness with the help of satisfied consumers (Soomro, Issani & Nasim, 2016). However, contemporary brands claim that in establishing brands, advertising has developed to be less significant and forms of innovative media messages have been identified as essential forms of building brands to new markets. Greater level of inclination and prominence of messages implies to the intensified image of brand.
Furthermore, launching a specific brand with feedback sessions in public relations (PR) is regarded as a vital determinant in brand management (Liu et al., 2018). By launching significant public relations programme surpassing of actual product introduction is highly beneficial to modify and shape products prior to brand launch. Once any advertising programme launches, an enterprise tends to be dedicated.
Conclusion
To conclude it can be stated that brand is identified as a relatively new term in contemporary market as studies revealed that majority of enterprises aims to inform the world that the products and services of their specific brand is most economical and highly qualitative rather than creating sustainable bound with users, associates and employees. Technical expertise along with customer services utilizes branding elements to facilitate them to establish sustainable relationships with stakeholders at a greater rate than other sectors. The report has explicitly evaluated the way branding elements related to virtual bases of brand such as logo, tagline, visual representative elements possess high value and criticality to the success of brand launch.
References
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Champniss, G., Wilson, H. N., & Macdonald, E. K. (2015). Why your customer’s social identities matter (Doctoral dissertation, Harvard Business School Publishing).
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