Stakeholders must understand how to create a strategic and effective branding as word of mouth and firsthand experience have more of an effect on user love than celebrity endorsements and well-toned advertisements. Brand Experience Consumers experiences are of utmost importance to marketing practitioners for developing marketing strategies
How much is the brand name, product appearance, price and market distribution is important must be recognized with respect to each type of customer. 4. Service Brand Brands fulfill some functions of a value system(or a value chain) relevant to customers but there are adjustments required to formulate and execute related brand strategies. These adjustments cater to the needs of the customers in cases where there is confusion because of alternatives available in the market or when the technical edge of intangible service brands is not understood(in case of financial or professional services). A strong identity of the brand is important as it creates trust in the organization’s service range and provides a differentiating parameter.
Organizations differentiate their products through branding, and a lack of effective branding can cause products to fail in the marketplace (Aaker 2007). Although brand management has been an important activity for some companies for decades, branding has only emerged as a top management priority for a broad cross-section of organizations in the last decade or so. Before considering how brand equity has been conceptualized it is useful to define what brand is. According to the American Marketing Association, a brand is a name , term, sign, symbol or combination of them that is designed to identify goods or services of one seller or group of sellers and to differentiate them from those of competitors '. According to Aaker, most brands focus
Question 1 (10 points) Stakeholder management is one important aspect of project management, especially in large projects where multiple stakeholders with different power, influence and interests are present. Identify two different stakeholder models used in academic literature and compare their underlying assumptions and relevance. In the article Project Management Models as Value Creators, Eskerod and Riis used a project management model. It shows and specifies the management breakdown structure, the management processes, and the roles in project management. Five companies were selected for the study.
Implications of the Study Brand loyalty is an important concept which is eagerly noticed by manufacturers, marketers, and buyers. Since, brand loyalty indicates the close associations between the product and the users, it is essential to study the brand loyalty. Packaged food market is highly competitive which has enormous number of varieties. Hence, it is indispensable to study brand loyalty of consumer packaged food category. Though these types of studies customer brand desires can be identified.
• Flexibility: it is another integral component of a brand. • Employee involvement: employee involvement plays a big role in branding and its management because employee understands the brand and is treated as a company’s asset. • Loyalty: brand loyalty is what is important for it to sustain and
Introduction The idea of branding has been extremely important for many years now. The main purpose of any organization in the corporate world is to maximize their profits. To achieve this they have to ensure they increase their sales which can only be possible when people are attracted towards their goods and services (Malik, 2013). This is where brand awareness comes in. Brand awareness is the capability of consumers to recognize a company’s goods or services.
2.2 Brand Equity Keller (2002) argues that, from the company’s point of view, branding is the ability creates the differences and equipping products with the power of brand equity. Farquhar (1989) explains brand equity as the added value to the firm, the trade, or the consumer with which a given brand gives a product. Aaker (1991) mention that there are liabilities and assets linked to the brand and that these brand assets can provide value to both the company and customers in form of brand equity. He describes that there are different goals to archive as: • Helps the customers interpret process and store large amounts of information
Brand image is the key driver of brand equity, which refers to consumer’s general perception and feeling about a brand and has an influence on consumer behaviour. For marketers, whatever their companies’ marketing strategies are, the main purpose of their marketing activities is to influence consumers’ perception and attitude toward a brand, establish the brand image in consumers’ mind, and stimulate consumers’ actual purchasing behaviour of the brand, therefore increasing sales, maximizing the market share and developing brand equity. Brand equity is the focus of both academics and practitioners; however, there is no paradigm among the brand equity studies by now. Most studies measure brand equity from perspective of consumer or from the
Powerful and strong brands are as a rule a source of economic income, which is going to grow if target audience is loyal to the brand. Thus, Aaker (2014, p. 10-11) emphasizes three assets of brand equity – awareness, associations and loyalty – which have to be considered in the process of brand building and developing. The first dimension – brand awareness – is known to affect perceptions of people, because they tend to think positively about the things they are familiar with. The fact that brand is recognized can be a sign of brand success and commitment of consumers. The second dimension – associations which brand elements (design, product attributes, design, innovativeness) trigger are capable of connecting the brand target group to the brand and influence on their relationship and experience with the brand.