Discuss about the Strategy on Luxury Brand Dilution.
A brand is an identity of a product or service that is offered by the company, it is a marketing approach that allows the company to develop an entity that has a name, identification logo or symbol a design that differentiates in between the product form the other similar products in the market. It is a tool that is use by a business organization to combat the competition. An efficient and effective branding strategy of the company gives it an edge over the constantly growing market. It is observed that the recall value of a brand is much more than a recall value of a product (Ci et al., 2017). The main objective and aim of brand is to establish an important as well as differentiated presence in the market in order to attract and retain customers as well as create new potential customer base. This aforementioned explanation is a much traditional view on branding. The contemporary concept about branding is that it is a opinion of a particular product form a particular company that a consumer have when they hear or think of the name of the company or the product or service. The idea to create a brand is to convey a clear message regarding the item, which will motivate and encourage the buyers to purchase that item in place of the competitors (Ginesta & de San Eugenio, 2014).
The purpose of this study is to understand the dynamics that are involved with the branding in order to improve the sales and conduct organizational development. The research proposal the author mentions the issue that is addressed in this study as well as a justification so as to prove how this study is relevant and how it may be useful.
Branding has been the topic of research and study of many authors, it has been understood that the product branding has a direct impact on organizational growth and development. Strengthening the argument that branding has become a major force in product strategy. Branding has emerged to become a significant product issue, today every company understands the value of the concept and employees it in the process of operation. The topic of research that has been chosen by the author is the impact of branding on the sales and organizational development. The idea is to study the aspects which a company can use in the brand approach of marketing strategy undertaken by the company so that there is an increase in the sales of the company as well as there is efficient organizational development. With the help and aid of the available technology at the disposal of business organizations, branding have increased its reach and output to an exponential level (Huertas-García et al., 2017). The research would include the logical implementation of the efficient activities for creating the substantial analysis of the branding approach by an organization in order to ensure development of the operations and implication of the improved processes. Because branding plays a key role in sales and organizational development in the same time there are several issues and challenges that are associated with branding. The main aim and objective of implementing the concept of branding in the marketing strategy is for getting the customer’s attraction and development of the organizational sales. The main issue that is faced by a business organization is to formulate a brand and to employee effective branding tools to promote the branding (Inama, 2015). Depending upon the type and nature of the business along with the scale of the operations the organization and the management of the organization should decide on the tools. In this report the researcher is going to investigate the aspects which affect the success of a branding approach as well as find out the prerequisites that are necessary in order to establish a brand by a company. Analysis of the impact of the organization in order to understand customer loyalty and customer base will also be a part of this research (Magnoni & Roux, 2017).
Marketing is the process by which a company communicates with the end customers and other stakeholders of the company branding is a part of the marketing strategy undertaken by the company there are several tools that are employed in order to execute the branding activity like advertising, public relation, sales promotion etc. the aim of this research is to understand the affect and the facts that are involved in branding which accelerate the sales process of the organization (Neven, 2014). The aims and objective of the research is as follows:
R1. What are the factors that should be kept in mind while formulating branding strategy by an organization?
R2. What is the tactics used by successful brands?
R3. What is the impact of branding on the end customer?
R4. How does branding help in achieving high customer satisfaction level?
R5. How does branding accelerate the sales maximization and organizational development?
Branding is a concept in marketing that has a traditional and a contemporary version. Branding is very relevant in today’s competitive market. Globalization has enabled business organizations to grow and expand in the international market which has in turn grown the competition. Then came the internet which has allowed consumers from around the world access to products and services which are even in different countries all these has increased the level of competition in the market which has in turn given a scope of branding as a concept to grow and develop. Branding allows the company to set itself apart from the other companies in the industry. Branding is a concept that deals with the imagination of the consumer. A brand is set up with logos, colours, tag line and several other elements which help the consumer develop and create an image in the mind and associate a brand with the conception as soon as it is recalled. Branding does not only deal with the loyal customers and create potential customers so that they will choose a particular product over its competition but it is also about getting the prospects to see the product that is offered by the company as the sole provider of a solution to the issue the customer is facing and the requirement he or she has. Branding for a company has to follow some of the important to invest in researching, defining, and stargazing in building the brand. Brand is like a promise that a company makes to the end customers to provide a certain type of service (Rezvanpour & Bayat, 2017). Therefore the topic is justified to conduct a study upon as it is relevant to the current scenario of the business world market.
This research is conducted in the direction to identify several aspects of the branding concept. First of all it is going to give the reader a close insight about the brands that have successfully established itself in the market and the recall and brand loyalty is high. By studying these bands the researcher is going to understand the dynamics of the concept of branding and also determine the aspects of branding that gives a company an edge over its competitors. New companies can derive insight from this research regarding the process that should be imbibed by the company while launching a brand. The researcher aims to derive a correlation in between the concept of branding and sales maximization (Rahman, 2014).
Branding has been the most effective tools for every company to attract more customers as well as retain the existing customers. However, the problem here lays the type of branding framework a company can design depending on their business structure and products and the tactics they should use to move forward with effective branding activities. For the purpose, the company has to go through a lot of challenges and issues that needs to be met from time to time to get the maximum outcome. The study on these issues is necessary to help the organizations realize the important of branding and the ways it can overcome all the challenges they met while formulating branding activities. Branding consists of all the activities that help the organization to show their product as a brand in the market and to their consumers. It allows the company to increase recognition of their product among the consumers in a name of a brand. Thus branding is known as a process by which the company creates a unique picture or name for their company before presenting it in the market. Such kind of activity gives a strong edge to the company to survive in the competitive market economy of the world. A brand is not just a name for the customers, it is a sense of promise that they expect from the organization. It is the picture that the customers hold for a product as soon as they think of buying that product or look at it. On the other hand creating a brand name depends upon the aims and future goals of the company. The company can create a strong brand strategy for themselves by various steps (Rubera & Droge, 2013).
Through these activities, the company will be able to easily think about their goals, their aims and set a desired structure for the brand. Effective branding in turn has an impact on customer behavior as well as on sales of the company. Branding includes a lot of activities and among them one most important activity is marketing that it carries out after designing the structure for their brand. Marketing includes sharing messages about the products with the targeted customers to increase recognition. This helps the customers to be aware of the brand and set a specific image about it in their mind. A positive brand image helps in attractive more customers for the brand and increases their sales. Thus altogether deciding the structure for the brand, designing the messages and other above-mentioned activities has direct impact on sales. This in turn will reduce the challenges for the company and help them grow (Strebinger, 2014).
Creating a research methodology is essential for the research for carrying out the research activities effectively. This will help the researcher to find out the essentials of the research effectively.
Literature review consists of analyzing the problem put forward in the research by analyzing the papers and research submitted by past researchers or organization. For the purpose, previous literatures will be used such as books, journals, newspaper or press releases of any company. This will help the researcher to know the effectiveness of branding in that organization and the perception that others hold about this topic. By reviewing the literatures, he researcher will be able to present a thematic type of survey to the extent that will state the relevance that branding is important and it helps in increasing sales of the organization. These type of research in which the research has already done in the past is known as secondary research and the data obtained are secondary data.
Data plays a crucial role in any research as it helps the researcher to prove the question put forward in the research. Data is collected for the research from various source such as customers, managers and employee of the organization as well as internet. The data that is collected is then summarized is a single place to get the desired result. However, validating a data is important for accuracy of the result. Validating should be done before carrying the research forward and starting the analysis process. Data can thus be collected from primary as well as secondary sources to get a much wider coverage of the research (Flick, 2015).
The secondary research will be conducted after analyzing and reading the work of past literatures from books and journals. On the other hand, various processes such as interview and questionnaires will do primary research. For primary research, both qualitative and quantitative data will be collected and analyzed. Primary research is much more efficient as it helps the researcher to go to the depth of the research and help them analyze the true purpose. For this research, primary research will help in analyzing the amount of branding strategy used by various companies being surveyed. This will help the researcher know the rate of adoption of branding. The researcher will collect data from these companies as well as from the customers with the help of interview and filling up of questionnaire. Data will be collected from the customers with the help of a questionnaire. The questionnaire will be prepared consisting of both open ended and close-ended questions. There will be 20 questions of both categories, which will consist of 5 open-ended question and 15 open-ended questions. However, 10 companies will be chosen of various brands and interview will be conducted with their managers to know the activities they took for promoting their brand. Questionnaires will be distributed to the companies and to the customers with the help of internet. Customers will be asked to get to fill the questionnaire as soon as they visit that brand (Creswell, 2013).
Secondary research will help in doing qualitative research and primary research will be used for quantitative research. However, the open-ended questions will be analyzed qualitatively.
Lastly the collected data will be used for analysis and reaching the desired result. However, analysis will be different for both secondary and primary data. For the qualitative data the analysis will be presented in a transcript format which will be easily understood by any person. This is because a transcript is a descriptive presentation of analysis that is offered for qualitative data by almost every researcher. Qualitative data will give a detailed analysis of the tactics of branding used and its impact on the sale. While quantitative data will be analyzed with the help of SPSS and graphical representation. Both the type of research analysis will reach testing of hypothesis and desired conclusion that branding offers to the company carrying out effective branding methods (Choy, 2014).
Thus, this proves that the following research will give the accurate result by using a mixture of data and strategies for analysis. However, few steps will be done after data collected from various sources such as journals, books, questionnaires and interviews and before analysis such as organization of the data and sorting the useful data.
For effective and most desired analysis of the data and to offer the correct result, it is necessary that the research is organized properly. For organization of the study, following steps can be followed:
These are the chapters that the researcher is needed to follow to complete the research activity efficiently without leaving any loopholes in between.
In order to conduct any research study the researcher requires resource and time limitation so that the process is controlled and organized and does not exceed the requirements. A research is a process which requires discipline and rules in order to execute in a way that the researcher wants and this is the reason why allocation time and resource in terms of money is imperative to the research procedure. The amount of money that has been allocated to this study is $1500. The steps that are taken in order to carry out the research process have been allocated with specific budget.
|
Purpose |
Estimated Amount Required for Research |
|
Literature Review |
$300 |
|
Data Collection |
$700 |
|
Data Analysis |
$500 |
|
Total Budget |
$ 1500 |
Table: Allocation of Budget
Source: Author Creation
|
Task Name |
Start Day |
Duration (Days) |
|
|
Project Proposal |
17/9/2017 |
31/9/2017 |
15 |
|
Literature Review |
01/10/2017 |
14/12/2018 |
73 |
|
Data Collection |
15/12/2018 |
14/02/2018 |
60 |
|
Data Analysis |
15/02/2018 |
14/03/2018 |
30 |
|
Submission of Final Report |
15/03/2018 |
15/04/2018 |
31 |
Reference List:
Choy, L.T. (2014). The strengths and weaknesses of research methodology: Comparison and complimentary between qualitative and quantitative approaches. IOSR Journal of Humanities and Social Science, 19(4), pp.99-104.
Ci, C., Park, S., & Kim, B. (2017, July). DIFFERENCES IN THE BRANDING STRATEGY OF THE BIG 3 SPA BRANDS: ZARA, UNIQLO, AND H&M. In 2017 Global Fashion Management Conference at Vienna (pp. 65-66).
Creswell, J. W. (2013). Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Flick, U. (2015). Introducing research methodology: A beginner’s guide to doing a research project. California, United States of America: Sage.
Ginesta, X., & de San Eugenio, J. (2014). The use of football as a country branding strategy. Case study: Qatar and the Catalan sports press. Communication & Sport, 2(3), 225-241.
Huertas-García, R., Huertas-García, R., Lengler, J., Lengler, J., Consolación-Segura, C., & Consolación-Segura, C. (2017). Co-branding strategy in cause-related advertising: the fit between brand and cause. Journal of Product & Brand Management, 26(2), 135-150.
Inama, S. (2015). Branding products initiatives in LDCs trough GIs: the case of the Kampot Pepper in Cambodia and the Harenna Coffe in Ethiopia. Connecting local and global food for sustainable solutions in public food procurement, 14, 163.
Magnoni, F., & Roux, E. (2017). The impact of brand familiarity, branding and distribution strategy on luxury brand dilution. In The Customer is NOT Always Right? Marketing Orientationsin a Dynamic Business World (pp. 100-103). Springer, Cham.
Neven, S. (2014). Branding strategy for specialized tourist product. Advances in management, 7(1), 8.
Rahman, M. (2014). Differentiated brand experience in brand parity through branded branding strategy. Journal of Strategic Marketing, 22(7), 603-615.
Rezvanpour, N., & Bayat, A. (2017). Determining effective urban design factors within the branding strategy due to brand city spaces and evaluating city spaces by comparing them to the presented factors. A case study of ChaharBagh Avn, Isfahan, Iran. Energy Procedia, 115, 6-17.
Rubera, G., & Droge, C. (2013). Technology versus design innovation’s effects on sales and Tobin’s Q: The moderating role of branding strategy. Journal of Product Innovation Management, 30(3), 448-464.
Seo, S., & Jang, S. S. (2013). The roles of brand equity and branding strategy: a study of restaurant food crises. International Journal of Hospitality Management, 34, 192-201.
Strebinger, A. (2014). Rethinking brand architecture: a study on industry, company-and product-level drivers of branding strategy. European Journal of Marketing, 48(9/10), 1782-1804.
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