* Is It Enough To Be Strong At '4ps' To Build A Strong Brand?
The process of marketing, which includes 'product, pricing, promotion, and place' helps define 'product/service' and 'other aspects'. Each of these four activities includes the process of brand formation, i.e. Branding. However, none of these in isolation of together define the complete branding process. It is just not enough to:
o Develop a product based on customer need,o Develop an attractive packing,o Decide on a brand name,o Design likeable and relevant advertising,o Arrive at an appropriate price,o Run consumers offer,o Implement efficient sales and distribution plan,o Keep tab on competition,o Contact market research to ascertain effectiveness of marketing initiatives,o Market segmentation,o Undertake billed brand position,o Redress customer's complaints tactfully, etc.
All the above are important activities and have a role to play in branding. But this does not provide a structured and complete process. The process of branding is too critical, not to have its own identity, structure, and distinct place in a marketer's 'things to do'. Unless it is done, 'product, price, promotion, and place,' may happen, but brand formation may not happen. Enough of such cases exit at the market place. Once the process of branding is understood and planned for a brand, other activities, Vis, 'product, price, promotion, and place need to be tuned around it. These together will go a long way in building strong brand.
* What Is Brand Management?
Brand management is the application of marketing techniques to a specific products, product line, or brand. It seeks to increase the product's perceived value to the customers and thereby increase brand franchise and brand quality. Marketers see a brand will continue with present and future purchases of the same product. This may increase sales by making a comparison with competing product more favorable. It may also enable the manufacturer to change more for the product. The value of the brand is determined by the amount of profit it generates for the manufacturer. This results from a combination of increased sales and increased price.
The annual list of the world's most valuable brands, published by inter brand and Business Week, indicates that the market value of companies often consists largely of brand equity. Research by MeKunsey & Company, a global consulting firm, in 2000 suggested that strong, well-leveraged brands produce higher returns to shareholders than weaker, narrower brands. Taken together, this means that brands seriously impact shareholder value, which ultimate makes branding a CEO responsibility.
* Branding/Manageable Elements Of The Brand
Consumers are human beings. They know brands, express about brands think brands, feel brands, compare brands, choose brands, recommend brands, reject brands, buy brands, and do not buy brands through a combination of :