Custom «Managing Brands in a Changing World» Essay Paper Sample
Many business people have employed strategies that will help in the growth of businesses from the local market to becoming world class businesses. With the endeavors of having influential and attractive business, many have come up with brand names to entitle their businesses. In this context, the book Advanced Brand management highlights on the key points to consider while making a brand name.
-The use of brand names started a long time ago. However, not all brands have been successful in the market. Most of the brand names with insignificant names did not do well in the market. Therefore, brand names have a vital role to play in the market.
-The writer in chapter one opens the discussion by explaining the significance of brand management. The companies with reputable brands tend to do better in the market compared to those that do not have a brand.
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- Brand names should be tailor-made to attract the client, thus to enhance the client to buy the product. Hence, brand managers should strategize on how they can best make a global and significant brand name.
-Having a reputable brand name can be a significant contribution to the company’s image. In addition, it can as well improve public relations with other companies. The companies with reputable brands have used their brand names to communicate their vision and mission to the clients.
-The brand name should be unique, and fit for the competition in the market. Hence, brand managers have a task to consider all aspects before releasing a brand name to the market. The brand name has to be made in a way that it conveys a message to the consumer at first sight. Therefore, the brand has to be part of the business strategy. The brand name should also play a role in the growth of the business. In addition, it is necessary for brand managers to consider the vision of the business or company.
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- Positioning of generic products has to be put into consideration. The positioning of products in the respective market segments to reach the targeted consumers.
-The brand names well marketed have their products selling best in the market. For instance, consumer drinks with reputable brands had most consumers. Hence, brand manager should take time to strategize well when considering a brand name.
-There are ways in which brand manager can make effective brand names. This is by the personalizing the brand name e.g. the brand with a family name.
-When considering a brand name, brand managers should consider the market segment in which they are targeting. The brand managers can use brand architecture to assist them in the making of a new brand. The company should also consider the strategies of architecture to come up with a reputable brand.
-The clients should be able to receive the message about the product from the brand name. That is the brand managers need to be watchful while considering a brand for their product.
-Another aspect of branding is architecture. It is necessary and beneficial to the brand managers to consider other products. A company can have a partnership with another as a branding strategy.
-The brand manager can choose to have a partnership with another company with a product that is doing well in the market. It will help in boosting its image in the market. However, this should be done keenly so as to bring more revenue.
The three dilemmas are brand stretching, revitalization, and brand deletion. The brand name should not stay dormant for a long time. Brand stretching, revitalization, and deletion can help improve on the brand performance. Through brand stretching, many brands have gained more publicity and hence grown significantly in the market. Hence the performance of the brand in the market has improved. It is convenient to note that the changing of the brand name may also affect its market negatively. The view of the brand can be negatively affected. Hence, it is necessary for brand managers to weigh the effects of their action on the brands image.
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Another aspect that affects the brand in both local and international market segments is communication. Communication can either make or destroy the image of the brand. Brand managers should be keen to protect the image of the brand. Brand managers should coordinate public relations and marketing with communication to enhance brand publicity. Communication is also essential in tracing the movement of the market trends especially with the competitors changing the brand name of a certain product has helped in the improvement of the brand in the market.
Communication plays a significant role in the maintaining of a reputable brand name. The responses and insights of the customers can be well taken care of only if communication is reliable. The rate at which a company responds to insights of the clients on the brand name affects performance of the brand. While some companies will respond quickly, other may have slow responses.
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The negative effects that may affect the brand name include competitors in the market. The writer explains that competitors in the market can as well copy or forge a brand name. It is essential for the brand managers to ensure that they have protected their brand name and image. E-branding can also go a long way in assisting in the building of the brand. In this case, online marketing services are for maintaining of the brand and constant communication with the consumers. Brand managers can also consider co-branding as a way to improve brand performance. When considering co-branding, the company managers have to ensure that they gain publicity from the collaboration with the other product.
Maintaining a consistent brand culture has been known to be beneficial to any business. The business with a reputable brand culture does not easily lose their customers to other brands. Training of the employees will enhance creativity, and excellence in managing the brand name. It is the role of the brand managers to ensure that they maintain a strong brand culture to enhance brand performance. In addition, they have to link all their efforts with the market trends to for a successful global brand.
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In order to have a brand name well established within the institution or company; it is crucial for the company to spend some employee brand training. The training will help its personnel to improve on brand performance and participation of the workers in building the brand name. During this training, brand managers should make the brand name more familiar to the employees. They should be able to relate it to their own lives. The trainers can use models to facilitate the training and enhance learning.
The company should combine all aspects of making the brand. This will ensure that the brand grows steadily in the market. In the end, it will not only be making the brand for business, but also adding value to the company.