Branding a Product Idea through Drive Competency

Branding a Product Idea through Drive Competency

Introduction

This paper contains the process of branding a new idea into the market with the use of a critical competency of branding, which is “Drive”. The competency of “Drive” actually encompasses the brand management concepts that are discussed in the paper with references to the product branding idea. The company targeted for this purpose is “Apple”, which is among the top 10 rankings of Fortune 500 companies.

Overview of Apple Company

The company has grown bigger than ever as it has cracked the 10th position among Fortune 500 companies. With the failure of its maps application, and other disruptions of its software upgrades, the company had suffered severe losses last year, but it has managed to gain back its competency with its innovative approach to the wide range of its products, including iPads, iPhones, iPods, Mac Series, iTunes, iCloud and the most important aspect of attaining customers' reliance and satisfaction with its retail stores offering easy access to its products (www.apple.com).

Competencies of Branding a Product Idea

Wheeler and Katz have described the competencies of branding as Dynamics, intelligence and Drive. These competencies ensure the best roadmap for planning the journey of the brand. The authors have described the concepts of all the competencies associated with the branding among which “Drive” as the brand management is the focus of this paper. These competencies have provided the corporations, countries, communities and even individuals a leverage of gaining magnificent advantage in the marketplace. The mere aim of the organization is to position their product irrespective of the size, service or the product (Wheeler & Katz, 2011).

Importance of Branding a Product

The technological era has given the consumers unprecedented power in the management of brand for meeting their demands, considering the competitiveness of the market. Therefore, successful organizations or the organizations aiming at the achievement of success need to consider these competencies in their business, focusing on the basic concepts of these competencies (Kotler, 2009).

Concepts of Drive (Brand Management) in Branding a Product Idea

The company “Apple” maintains its brand drive for the launching of a new product in the market, considering the competencies, culture and perceptual mapping. The company follows the basic concepts of brand management in order to attain consumers' attention to the maximum. These concepts enable the company to gain booming outcomes in the market (Kotler, 2009). Following are the concepts that are followed by the Apple Company in its way of branding a new product idea in the market,

Branding

The company at first decides the process of branding with its associated strategies to be followed. The quality of Apple's bran does not require any justification as it has worth among its consumers. Such a quality oriented approach towards the products and services have served the company in maintaining its competitive advantage. Therefore, the company focuses on the branding processes and messages that are effective on the consumers, based on the quality of services and tools with better impacts (Kotler, ...