Brand marketing Essay Example | Topics and Well Written Essays - 1750 words

Brand marketing - Essay Example Brand is the design, name, symbol, term or other characteristic that generally identifies whether a product is distinct or can be differentiated from other sellers’ products.A brand is considered as an intangible assetEffective branding strategy helps an organization to achieve several potential competitive advantages in competitive global market place. Several leading organizations around the globe are trying to increase their core competencies through the implementation of several unique competitive strategies. This particular essay will discuss various theories in order to assess the relationship of different customers with several B2C brands. This essay will consider and evaluate various authors’ academic literature regarding a brand. Moreover, the essay will reveal how a brand can drive both financial and non financial brand performance metrics. Finally the essay will summarize and conclude the whole findings. Discussion This part of the essay will provide answers of two essay questions. Question (A) It has been discussed earlier that brand is an intangible asset. The brand owners effectively manage their brands in order to develop shareholder value. Several organizations adopt branding to differentiate their products from other market competitors. This branding is subsequently used in marketing, advertisement and business. Coca Cola is a key modern example of brand that belongs to the Coca Cola Company. Several organizations generally focus on brand valuation. Brand valuation is a key management technique which ascribes a significant monetary value to brand (Ariely, 2009, p.23). Moreover, it allows the organization to manage the marketing investments to maximize the value of shareholders. Appropriate branding strategy can result in high sales growth. For example, if a customer likes regular Coke under the Coca Cola Company, then the customer will surely try other products under the company. Brand is a significant personality that helps to id entify a company or a product or a service. According to Kotler (2000), a brand can be defined as the name that is associated with one or more than one product in the specific product line of an organization (Kotler, 2000, p.396). Whenever a marketer or an organization develops a new name, design or logo for a newly developed product, he or she has developed a brand. Branding is one of the initial and important steps within the product or service marketing process. According to Urde (1999), for a longer period of time brand has been treated as the important element of a product or a service (Urde, 1999, p.197). Some individuals distinguished the psychological aspect and brand associations like feelings, perceptions, images, thoughts, beliefs, attitudes, thoughts and experiences. However, the experiential aspect consists of the sum of total points of contacts associated with the brand. This is known as brand experience. According to Baldegger (2012), this brand experience is known as a specific brand action that is perceived by an individual. Sometimes this psychological aspect can be referred as brand image. Brand image is a symbolic construct that is developed within customers’ mind (Baldegger, 2012, p.39). Brand image consists of expectations and information associated with an organization or a product or a service. It is important for an organization to carefully develop a brand management strategy. Careful brand management strategy seeks to develop products and services related to the target audience. It is important for the organizations to achieve significant brand recognition of their products and services (Browayes and Price, 2008, p.192). Effective branding strategy always increases the core competency of a product or service. A strong brand name always demand high price for the products or services as a strong brand name always develops strong brand awareness and market demand. Strong brand