Unit 41-LO1 Demonstrate an understanding of how a brand is built and managed over time-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Brands have their own life. They are created, managed, and change over time. It is not always easy to understand from the inside looking out. This article will help you understand how brands are built and managed over time by providing insights into what goes on behind the scenes in brand management.

Also Read: Analyse how brands are organized in portfolios and how brand hierarchies are built and managed

Building brands:

Present an overview of brands and how they are developed, the use of the brand pyramid

A brand is a name, term, design, or symbol that identifies one seller’s product as distinct from those of other sellers. Brands are used in business, marketing, and advertising.

A brand is a name, like Nike. It has logos and other symbols, like the Nike tick or a color scheme. It also has phrases that it uses and pictures of its products. Its employees act in a certain way to represent it

For example, some Starbucks staff is very nice! A brand also communicates with customers by how good the service is for them (how quickly they get their coffee) or influencers such as people walking around outside Starbucks.

The brand pyramid helps companies and people understand how to build a successful brand. The best way to do this is by understanding the levels of buyers and customers.

The pyramid shape is useful in things like quick product placement or merchandising where people do not need to think about what is happening. Executives of multinational corporations who need to know about all the products their company has can also use it. The shape gives good feedback from cultural indicators (elements).

The advantages of branding for organizations, consumers, and intermediaries

Organizations

Organizations are more successful in their marketing efforts because people know what the organization stands for and what it offers. They have a strong, consistent message that is less expensive and can be seen by more people.

For example, Nike became a well-known name in athletic gear because they did clever marketing. For example, “Just do it.” That branding made their company much stronger because of the high prices they were able to sell from athlete endorsements and collaborations with big names.

Consumers

People buy more often when they feel like the brand knows them. This is because of cognitive construal level theory. People think about things in different ways depending on their perspectives and feelings about a brand. When people have strong feelings about a brand, their decision is influenced by it.

A strong brand can make customers buy your products. It is also important to have what the consumers want from the other parts of the business as well.

For example, Nike sells their spot on the podium at major sporting events to big-name athletes who endorse them because this makes people happy.

Intermediaries

Intermediaries are people who tell other people about brands. They can do this by talking about the product or they might do something else instead. However, they can also influence how you behave.

People care more about how much something costs and what it is worth than where it comes from. If you pay $20 for an item that is worth $50, then you will believe your purchase was good value. What people think something is worth before they buy it is called perceived value.

What is brand equity?

Brand equity is the way people feel about your product. It is hard to measure, but if you are skilled at it then advertising will not be so expensive. You can develop brand equity through strong advertising campaigns or word of mouth.

How do organizations develop and grow brand equity?

Brand equity is the value or worth that, people attribute to a particular brand, often favoring it over competing brands.

The first and most important step in building good equity for a brand is to understand its positioning – what kind of emotional benefits does the target audience get from a particular product? Is it best in class, revolutionary, or an expert in one specific thing?

The second step is about making sure the quality of the product offering matches up with its positioning. Quality is something that needs to be maintained at all times, as anything that disrupts this alignment can lead your customers away from you and dilute their perception of your brand’s work.

The role of marketing in building brand equity and brand positioning and techniques

The role of marketing in building brand equity:

Marketing helps to make a company’s brand. It tells us how the company creates products, what they are called, and where they can be found. The more successful marketing is the more money a company makes.

Brand Positioning:

Brands and companies want to make sure that people know their products. They try to do this by placing them in a certain market. This way people will be able to trust the company and see what they offer on the market. Promising companies for this position, garnering loyalty from key players when you decide here to do.

Marketing Techniques:

• Market segmentation
• Mass customization
• Product innovation
• Social media campaigns (marketing on Face book or Twitter)

Managing a brand over time:

How to strengthen brand equity, brand extensions, reinforcing and revitalizing brands through innovation

A successful method for strengthening company brands is through innovation. Innovations in products, services, and marketing strategies all contribute to brand relevance, success, and market share. Brands that are more closely aligned with their target markets often have a higher ROI in terms of equity growth.

Investing resources into developing new ways to serve your key demographics will go a long way towards augmenting your company’s brand equity and focus on customer retention by remaining innovative and current.

All of this adds up to increase profits thanks to increased economic efficiency (i.e., less invested capital turns into greater economic returns). Let us face it; nobody wants to deal with an old-fashioned tiresome brand anymore when there are so many options out there today!

Overcoming brand crisis, transmedia branding, and specific communication strategies for recovering and restoring a brand

Attempting to recover a brand from lack of confidence, negativity, or bad attitudes is challenging. Four methods can be used when attempting to recover and restore your company’s quality reputation.

The first strategy is to share the story behind the product in order to inform consumers of how you create it.

The second strategy is to hire experts who can teach you how to talk with customers on social media. This way, if there are any problems, they can get fixed before they get worse.

A third tactic is to create two brands and have they fought with each other. This very both companies will benefit. The other company’s opinions will be seen as their own problem instead of yours.

The company could achieve final strategies by doing the following: set up a reward program for their loyal customers. This way, they will feel like their loyalty has been rewarded.

Interacting with customers: exploiting converging technologies to engage customers

As new technologies become mature, businesses need to think about how they can use them.

For example, there are social media platforms like Face book and Twitter that have many followers. A brand could make a fan page with information on it to help followers grow. They could also do direct marketing campaigns using the people on the fan pages as customers.

Companies can get feedback on new products or contests by hosting polls or contests. However, they need to be careful with their customers’ information. People might not have a good opinion of the company if the company’s description is vague and does not tell you why they are collecting your information. Even though people can choose not to be on the fan page, other companies might use that same information for future campaigns, which might cause problems later on.

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