A brand refers to a commodity produced by a certain company or manufacturing organization under a certain name, which is usually the brand name. The brand helps differentiate the products of one seller from those of the others. The brand is created as a marketing practice that helps a country counter the stiff competition in the market.
Branding is the marketing act of creating a name for a certain product. The name created is usually different from those already existing in the market. Branding takes into account the logo or tag-line of the company as this will help in attracting and retaining customers. All this is dependent on the uniqueness of the name created.
Positioning is the action taken by a company to acquire a place for the branded product in the market. It is a strategy that shows what an organization should do to let its customers know of the existence of its products. This is the first marketing strategy carried out by a company after the creation of a certain product.
Why is a successful brand becoming more and more important in todays highly competitive markets?
When creating a brand, all the company has in mind is to create a successful and strong brand that stands out in the competitive market and puts the company in an irreplaceable place as a partner to their clients. When the brand is strong and successful, most of the companys customers will stick by it even in a negative economy such as one with stiff competition. This is because of the trust the customers have on the brand. A big percentage of the customers will always be willing to pay a little extra for a superior brand that they love in the market.
A successful brand in a competitive market also creates benefits inside the company because it is always easier to confidently sell a product whose brand is believed in. This is why branding is important in a company and it makes it a priority to successfully sell the product internally. This helps strengthen the marketing department as well as improve the success of the brand.
In todays marketing discussions, social media is often considered the cure it all, that is, a revolutionary tool to create and manage brands. Would you agree?
Yes, social media is a revolutionary too to create and manage brands. It is right to say that social media provides a platform for companies to involve their customers with their brand based on the social behaviors of the customers. Social media such as websites also provide a place for the customers of a certain brand to return to after the initial visit. In addition, social media provides a place for the customers of the brand to discuss that brand by openly airing their views such as on a website.
Lastly, social media helps provide all there is to know about a brand to the customers, enabling them to make a decision on choosing the companys brand over that of the competitors. Social media provides diversity in ideas as the employees and the customers meet here to discuss the brand.
What are opportunities social media provides and what are requirements that have to be fulfilled in order to use them effectively.
The social media provides opportunities such as marketing research, communication especially on sales promotions and discounts, relationship development and loyalty in the company, E-commerce. To be able to use the social media effectively, it is good to; choose the applications carefully, ensure proper activity alignment, pick the proper best application for you or create yours, provide a media plan integration, provide access to all to view your site, be interesting, humble, honest, unprofessional and most importantly, active.
Explain different approaches to innovation. What are the advantages and disadvantages of these approaches?
The approaches of innovation include; ideas-driven innovation which obtains and generates numerous ideas which are processed until one final is selected. Once the idea is chosen development, it is seldom and dealt away with. The companies that use this approach are normally in short-cycle suppliers in a volatile market. The other approach is research driven-ideas, which generates several ideas from research which are then filtered to choose a few of them for development. The innovators in this group are the smallest and it would be best if they aligned their organizations with pharmaceuticals and gas explorations.
The other approach of innovation is analysis driven innovation, which obtains its ideas from the analysis of markets, competitors as well as the internal abilities and achievements of an organization. The advantage of analysis driven innovation is that once the projects are started, chances are it will not be discontinued. Idea-driven innovation is not as tedious and involving as the other as the other two innovation approaches.
The disadvantage of research driven-ideas is that the projects under development are can be rejected at any point until they are completed. The research-driven approach covers a lot of the areas needed to create a market for the brand such as the customers, internal organization etc, unlike the ideas-driven innovation which does not concentrate much on the behaviors and characters of the essential elements in a market.
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