BRAND STRATEGY

A Brand Strategy for a BOP Market

“A Brand Strategy for a BOP market?”

Literature Review

Branding

Branding is a marketing approach tool that distinguishes the product in the market place. Today, many businesses have been using this tool to maximize their profits and build a distinct image of their products in the minds of consumers. Organizations strive to develop new brands by identifying the needs of customers specifically. The costumer's preferences are considered highly imperative in building a strong and powerful brand which can deliver superior value and build profitable relationships with consumers. Branding distinguishes the product from other competitors. Marketers must understand the preferences of customers and devise brand strategies at every level of execution of marketing strategy.

Brand lives within the minds of customers. It is the summation of all the experiences and perceptions, which they developed about the brand. A strong and powerful brand is priceless as the competition in intensifying day by day. It's essential to spend some time analyzing, describing and building the brand. It is because the brand is the foundation of a promise which company makes to their consumers. It is the chief function in marketing communication and companies cannot afford to lose it. Branding has many advantages for consumers and companies as well. Companies capitalize on the established brands and create new brands to satisfy the wants of their costumers. However, consumers are assured that the brands which they are using will be of superior quality. They consume brands only considering brand name and it value. Hence, it is highly important for companies to create such brands as which can deliver their consumers the same quality which they are expecting. (Rooney, 1995, P.46)

Creating a strong brand

Jamal & Goode, (2001, P.485) believes the in today's world branding has attained the heights of popularity and organizations come up with unique ideas to differentiate their products from their competitors. They try to outdo each other in developing and creating new brands. Branding is not only limited to products but also has expanded to corporations, industries and services. Marketers have begun to look for new avenues for branding. Several branding techniques have been identified by marketers which help a brand, establish its identity among the users of those products. For creating a strong brand, it is necessary for an organization to critically analyze the goals, missions and objectives thoroughly. After that understand about the preferences of costumers and keeping those preferences in mind create such a brand as which can deliver superior value by fulfilling all the needs and wants of costumers. Marketers use different strategies in this regard and look for different and unique ways to develop strong brands which can capture the market share and increase customer loyalty.

Brand value

A strong brand is considered a valuable asset for organizations as it differentiates their costumers from competitors and capture brand equity from them. Branding have been used in one or many ways by tens of hundreds of organizations by changing products into brands which deliver superior value and achieve customer ...