“Brand” Importance

What sort of brand is your shirt, is it peter england, excalibur or oxemberg? This is a question we often come across when ever we buy a new shirt. Why is this brand name so important to people

Brands today are generally recognized as a key asset for creating value for a business. Any company, organisation or corporation, whether it is for-profit, non-profit, small, medium or large-sized, even a country or geographical region, can develop a brand image. So why are enterprises still paying so little attention to develop brand value for their goods and services and that too especially indian companies.consider the heroics of ferrari when compared to any indian cars ,the concept of brand value plays its part.

Brand image can be a powerful tool for promoting and marketing goods and services.indian entrepreneurs especially the medium and smaller players do not even want to invest time in thinking about their brand values or image.i have seen many businessmen whose products are very good and are appreciated by the people living around ,the thing is that they all are satisfied with what they are getting and they do not want to risk their market by investing capital in this helucinated brand image. But the reality is that developing a brand image is not an out-of-reach venture for small and medium-sized enterprises. It requires time, effort, commitment, and certainly some financial resources, but not as much as might be expected. Moreover, experience and knowledge of the market, a creative and flexible approach to problem solving, enthusiasm about one’s products or services, and the courage to take risks are just as important factors in developing a powerful brand image.

Branding strategy should constitute an integral part of any business plan.each and every strategy which is made must enhance the brand value.what is the use of making major investments into developing quality goods and services if that quality reputation cannot be captured and developed in the form of a brand image?

Effective marketing strategies coupled with crystal clear view of forecasting the customer’s choices can help the cause.the company must at least be clear, specific and credible in terms of their message, its differentiation power, and the quality it symbolizes. It should also be attractive and appropriate in relation to the goods and services which the brand embodies.

“Whats so special in a perticular brand” is it the distinctive feature factor? , if it is, then communicate it to the customers effectively, be truthful .let the customer come to the conclusion that u r brand is credible, desirable, but before that make sure u make urself recognisable. Use variety of marketing strategies like advertisements on teleevision, internet, newspapers so on and so forth

A successful branding strategy should be in a position to anticipate and shape the consumers needs and desires.knowing consumers is therefore a key to a brand’s success.as we call demand forecasting and planning in terms of managerial economics.good consumer-research therefore constitutes a pre-condition for a successful strategy.a strategy which is implemented has to be a blend of marketing analysis and the experience accumulated in running the business.ultimately it has to be group effort which has to be exhibited irrespective of the position of the workforce.

One has to keep in mind that the brand is the central nexus of communication between an enterprise and its consumers

Koru Dilip
MBA 1st Semester

Content is © Indian Institute of Information Technology - Allahabad
Powered by www.iiita.ac.in