This week of assigned reading of the course marketing management mainly focused on brands. It effectively discussed the marketing framework that includes key topics such as 5Cs, STP, and 4Ps. I found these concepts presented in this week of reading interest because they provide an effective focus on the brand of a firm, understand the brand image of a firm and undertake significant actions to control the risks and promote the brand recognition of a firm. It offers effective focus into the customers of a firm, company, understands the context, collaborations, and competitors of a firm (Iacobucci, 2016). It also offers to focus on the segmentation of customers, targeting and positioning, product price, and place and develop effective strategies to promote the products and enhance the brand reputation of a firm and achieve good results. It also tells the importance of a brand for the company and the different types of functions the brands serve and associations and the various types of brand strategies. It helps to gain significant knowledge into various brands and develop effective strategies to promote the brand and increase the sales of goods and services of a firm effectively and assess the quality of a brand effectively. It is noticed that the brand is a portfolio of qualities that are linked with the name of a brand. It invokes the images of the brand and enables the company to promote the brand and control the image of a brand in the marketplace. It also helps to shape a product and package, make the color and symbol of the brand logo of a firm, and reflect the products and service offerings of a firm effectively. The marketer selects the name of a brand to increase the benefits and increase communication with the customers. The brands of a firm can be local, global, co branded. It offered effective insight into the personalities of a brand, experiences of a brand affective, behavioral and intellectual, communities and strategies, and extensions. These help to gain effective knowledge into brand strategies and develop effective tactics and promote brand well.
Based on the observation of methodology following by Inter brand to evaluate the brands offering by it is effective. It is following forward methodology and offering both the local and global brands to serve customers well (Interbrand, 2020). I will improve the brand of a firm by identifying the key weaknesses in the brand, identifying personalities, customer views and services, and developing effective brand strategies. One of my favorite brands is Apple because the strategies following it are effective and reflect the products and services of it and provides benefits for the customer. The brand I hate is Redmi. The main reason I hate this brand is that methodology and strategies followed by this brand are not helpful for the customers and quality is not good.
References:
Iacobucci, D. (2016). Marketing Management. Cengage Learning.
Discussion 2
In today’s business world there is a major need for the brands to gain popularity and reach more customer base. It will be more productive if the above thing happens. So it is necessary for the bunnies firms to stay connected with the consumers in one way or the other. Also there is a need to project your product or services to the consumers in a way. For this purpose one of the nest methods available and also being adopted by almost every brads either big or small is the branding concept. With the help of the brand, the firms can create an image in the consumers mind about the company in a way such that they should find that the company will address their needs without fail. Let us now try to learn about few concepts and definitions related to the concept of branding. A brand can be in any form like a logo, name, the product, or service you offer to them. Also it is important to note that the brand will be closely associated with the consumers in many ways. It might also be refer as the monetary value of the company in the market. A brand is a recognizing image, mark, logo, name, word, and additionally sentence that organizations use to recognize their item from others. A mix of at least one of those components can be used to make a brand personality. For The Product Or Service Behind The Brand Creates Increased Revenues And Market Share Enables The Company To endure Temporary Crises, expands The Organization's Estimated Worth. Makes a Remarkable and Unique Brand Image Expands Profitability by Commanding a Higher Price following are the fundamental elements of a brand. They are as per the following. To separate your organization from those in your field, To show the genuineness of your item or administration ,To fortify the qualities that your organization places at the bleeding edge of each activity ,To bring together every office inside your organization. Perhaps the greatest ways brand association benefits organizations is it makes your brand stand apart among your rivals. Brand strategy is an arrangement that incorporates explicit, long haul objectives that can be accomplished with the advancement of a fruitful brand - the consolidated segments of your organization's character that make it recognizable. A very much characterized and executed brand strategy influences all parts of a business and is straightforwardly associated with buyer needs, feelings, and serious situations. Brand equity is the extra worth an item gets from having a notable brand, or significant level of brand mindfulness. It is the distinction in value that a shopper pays when they buy a perceived brand's item over a lesser known, nonexclusive variant of the equivalent product.
Brand valuation is the process of calculation of the entire value of the brand in the market... there are various parameters considered for ths prcesss. Now a day’s brands are focusing on some of the best factors to value a brand. They should use newer technologies for this purpose. My favorite brand is GAP due to the unique products it offers.
References:
Iacobucci, D. (2018). Marketing management. 5th ed. Cengage Learning