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  • Essay / Brand Strategy: Brand Strategies - 1402

    BRANDIG STRATEGIES: A NEW PERSPECTIVEM. SUBIN THOMASAssistant Professor, Department of Management StudiesGirideepam Institute of Advanced Learning (GIAL)Vadavathoor POKottayam, Kerala ABSTRACTBranding has now become an indispensable part of every organization. In a world of increasing competition, businesses must differentiate their products or services to succeed. Making a product or service and simply selling it will not guarantee the success of a business. He will become just one among thousands. Branding is an effective tool that helps businesses differentiate and position their products and establish personality and identity. Such a personality and such an image are essential to retain customers. The main factors that influence the branding strategies of a company are 1. Market size 2. Compatible situation3. Company resources4. Product InnovationBranding Strategies1. Individual NameThis is a multi-brand strategy in which each product in the product portfolio is given its own brand name. Here, each product has a distinct identity and image, which makes positioning easier. Another major advantage is that if a particular product or service does not perform well, it will not tarnish the image of the company's other products. The company can also focus better on its products. Example: P&G markets its different product lines individually. Figure 1 Data source: Secondary2. Coverage SurnameThis is a kind of marketing in which the company uses the same brand name to market multiple products. The main benefit is that it improves the marketing effectiveness of the company. If a company has a reputable brand, it can use it across the entire product line. This will also help strengthen the brand name in the minds of customers if they purchase multiple products from the same brand. Companies should be more vigilant and efficient if they follow this strategy because non-performance of a particular product can be affected.