Building+a+brand

Module 4

 * Developing packaging and promotion capabilities – e.g. Building a brand**

If one wants to express the word “brand” in most simple terms, than it is the perception of the customers about some product or business. Brand is very important part of contemporary marketing strategy. It helps a firm to protect the ideas, the uniqueness of their products and to differentiate themselves from the competitors. There are several factors crucial for successful brand building: Quality, Positioning, Repositioning, Long term perspective, Internal marketing, Credibility, Communications. **//Quality//** is a core value that customers would expect from one products. **//Positioning//** is about the place that particular product has in customer's mind and consequentially in the market. Successful positioning means powerful blend of good quality, service standards, guarantees, way of delivering. **//Repositioning//** is a measure if a company wants to keep the market share and customer's trust in circumstances of mature market or tendency to decline. **//Communication//** is key element in building successful brand perception. Brand is all about image that one product or business has in customer's mind. The only way to reach the customer is communicating with the targeted audience. **//Long term perspective//** – Building successful brand takes time and money. Senior management must be aware of that and put forward long time perspective over short time profitability. **//Internal marketing//** – Internal communication with employees and employees' loyalty, awareness and effort in brand building is also very important factor. Additionally //“first mover advantage”//could be also considered as a factor in brand building. However there are lot of examples of //“second mover advantage”// in creation of successful brand name.

**The benefits of the brand**

Brand is strong intangible asset. The company who posses prestigious brand has the following benefits:
 * //Company value//** - The financial value of the company can be enhanced by possession of successful brand.

//**Consumer preference and loyalty**// - Brand name develops association (prestige, status, economy) in the customers' minds and makes the buying decision easier. Strong brand have positive effect on customer perception and preferences, which results in brand loyalty where satisfied customers continue to purchase a favored brand.


 * //Barrier to competition//** - Customer loyalty and positive perception about some brand makes for the competitors difficult to compete.


 * //High profits//** - Usually popular strong brands are expensive.

More extensive reading on brand building on following link: []