This reaction finds application in most instances of my individual life because I often find myself listening and executing the needs of other people without giving my personal opinions or thoughts. In most cases, I would agree to do task requested before I express my personal feelings of whether or not the task should be done or not (Goodboy
Branding as a Significant Business Strategy Term Paper
Nursing Assignment Help Executive Summary According to economists and business analysts, the ability of a product to sell or to attract a higher clientele depends mainly on how it is packaged, marketed and advertised to the potential market segment.
As such, it is always important to select a name and a presentation technique that will motivate the consumers to buy a product irrespective of the available substitute goods. In today’s society, branding has become a significant strategy to employ while trying to eliminate competition or/and competing effectively. Branding presents an organization with the opportunity to enhance its reputation and make itself known by the consumers.
It is an important tool to utilize especially since consumer loyalty in today’s world can easily be swayed. Therefore, if an organization intends to remain successful in the highly dynamic markets, it is imperative that they employ some cutting edge innovative brand in order to keep the consumers ‘wired’ to the products that the organization is producing.
Introduction According to Walser, a brand can best be defined as 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” (39). As such, it should be known that branding is not only about making the consumers buy your product but also a means of making them understand that your organization has the ultimate solutions for their needs and desires.
It is an important concept because a product brand acts as a guarantee that the organization will always cater for the needs of the target consumers at all times. Consequently, branding plays a pivotal role in forging a long lasting relationship between the consumers and the product because they are assured that the desired quality of the product will always be there.
As mentioned earlier, brands are very important in the marketing process of a given product. This is mainly because a brand goes a long way in reputation building as well as creating an image for your organization. In most cases, consumers do not buy products because of the management and financial status of an organization but their decision to buy a product solely depends on how it is presented and its ability to satisfy a given need. Therefore, giving a product a good name or a relevant symbol will suffice in convincing the consumers that a given product is what they need.
Brands are very critical towards the success of a business and often refer to what an organization is doing to make itself known to the general public. According to Randall, branding may range from posting an advert, tagging your car with the business logo, using an attractive letterhead on your invoices or letters with essential details on what your business is all about.
Get your 100% original paper on any topic done in as little as 3 hours Learn More The author suggests that in so doing, it may not be a surprise when referrals start trickling in, phones start ringing or people recognizing your product when they see it. A marketing rule of thumb is that you must be seen, heard and remembered by your target market. Branding offers the avenues through which these aspects can be addressed simultaneously. It should be noted that consumers are often showered with different brands on a daily basis.
Therefore, the best way to stay on top should be through effective branding. This can only be achieved when an organization does extensive research on consumer behavior as well as the new trends in the markets. Such endeavors ensure that the consumers are blinded from other products thereby cutting marketing and production costs that could have otherwise been incurred in the process of introducing new products into the market.
Types of branding There are various documented branding strategies. The decision on which brand an organization should use depends mainly on the targeted market, cost and the type of product or service that the organization is offering to its consumers. They include the following:
These are brands used by companies which offer a specified benefit or service to their clients. The main advantage of using corporate brand is that everything that the organization does is linked to the brand that it has chosen.
This is beneficial to the company because it reduces the costs incurred in advertising and introducing new products to the market. However such brands have a disadvantage associated with the use of a single brand for various products. As earlier mentioned, consumer loyalty can easily be swayed depending on how a product or service is presented.
What seems fashionable today may not necessarily hold the same weight tomorrow. Therefore, using a single brand for different products may not enable a company to compete effectively with a company which uses various brands for its products. In addition to this, failure of a product, affects the company as a whole because consumers will most likely associate the failure to the brand and consequently every product under the brand will be considered as a failure.
This type of brand is used by companies or organizations which choose to introduce all their products as independent brands for example Proctor