An effective brand strategy is central to a product, and a brand is a
company's promise to its customer. It determines what the client
should expect from the product and what is its competitive
advantage in an industry. The brand should reflect the company's
vision and mission, and it should be created for the specific customer
segment.
A logo is a visual part of a brand, and it is the primary communicator
for the brand. A company should create a brand strategy to determine
where it should be advertised, what are its distribution channels and
what is effective communication mechanism for it. An effective brand
adds value to a company's service or product and increases its price.
Whan, I think of a brand the most obvious example that comes into
my mind is Coca-Cola. It created a specific emotional attachment, and
many people are willing to pay a higher price for it than for similar
under-brand products. Another example of emotional attachment for
a brand is Nike. The company attempts to associate its products with
star athletes and desires that customers will build the same emotional
attachment towards the products as they have for athletes.
Brand plays a central role in my decision to purchase something. I
have trust in some brands built up with experience and often choose
them for not spending time on an exploration of new products and
decreasing the possibility of being disappointed.
I am very excited to start this course and wish everyone an effective
and productive educational process.
References:
Entrepreneur Staff, 2022,
https://www.entrepreneur.com/encyclopedia/branding
