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BRAND STRATEGY a soft drink manufacturer creating a brand an energy drink. Write a report benefits developing a brand strategy. Focusing communication theory itt a critical analysis branding concepts processes communication strategies successfully brand drink.
Brand Strategy Benefits
The process of globalization has significantly intensified competition in most business fields. This situation determines companies to increase their efforts and investments in creating competitive advantage. Some of them focus on developing high quality products and services, while others prefer to use opportunities determined by cost efficiency. In addition to this, companies understand the necessity of developing a marketing strategy oriented towards reaching the objectives that the company has the resources of reaching.
Some of these companies also focus on developing brand strategy. This is because specialists in the field consider that companies' brands are important tools that can be used in order to improve customer loyalty. Therefore, it is important to invest in companies' branding strategy. The numerous advantages of the branding strategy allow companies to improve their marketing activity.
The brand initially referred to the symbol of different products, but the term was expanded to refer to companies. There are several advantages determined by companies' investments in their branding strategy (Williams, 2011). This activity allows companies to address numerous business opportunities. In addition to this, these companies can significantly reduce the costs associated with the production and distribution activities. This strategy also determines lower marketing costs.
The branding strategy helps the customers easier identify the characteristics they are interested in. This is because companies can better integrate the innovations they focus on. In addition to this, the branding strategy influences companies' international expansion strategy.
There are also other advantages associated with the branding strategy. By developing a strategy based on the brand,...
This refers to visual, sound, and other types of stimuli. Branding also helps cultivate brand loyalty. This helps companies reduce the investments in activities oriented towards attracting new customers.
The branding strategy also helps improve the efficiency of activities regarding product positioning (KnowThis, 2011). Developing strong brands helps these companies easier introduce products on the market. This is because they introduce it under the same brands that have proven to be successful. This makes it easier for these companies to convince their customers into purchasing these products and services.
The Branding Process
It is important that companies develop their branding processes in accordance with the opinions expressed by specialists in the field. These specialists recommend the use of consultants in order to obtain the best results. The targeted audience must be established based on field research.
The process of developing the branding strategy also addresses the competition of the brand in case. This is because companies must analyze and determine their competitors' position and advantages in order to establish the positioning the brand is most useful to develop (Branding Strategy Insider, 2010). It is also important to correctly establish the objectives that the branding strategy must address. These objectives determine the type of strategy that companies must develop and implement in order to reach these objectives. The positioning of the brand must also be established in accordance with the resources of the company. Therefore, it is important to establish the investments that the company can make in its branding strategy.
SWOT Analysis
Strengths
The new drink stimUL8 has the novelty advantage. This means that customers are attracted by trying this beverage and then deciding if they like it or not, and if they intend to repeat the purchase. Therefore, it is important to address this opportunity. In addition…
Reference list:
1. Williams, J. (2011). The Basics of Branding. Entrepreneur. Retrieved September 23, 2011 from http://www.entrepreneur.com/article/77408.
2. Advantages of Brands (2011). KnowThis. Retrieved September 24, 2011 from http://www.knowthis.com/principles-of-marketing-tutorials/product-decisions/advantages-of-brands/.
3. The Principles of Marketing (2010). Branding Strategy Insider. Retrieved September 24, 2011 from http://www.brandingstrategyinsider.com/2010/01/the-principles-of-marketing.html.
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