Brand Management Homework Help
A brand can be associated with any product or service which has established itself in the market and the unique symbol, sign, term or name is used to differentiate them from all other available products and services in the market. Brand word is called for any product or service when it has already been recognized in the marketingamong the competitors and been benchmarked. The various examples of the brand are as follow: Coca Cola, Nestle, Cadbury etc.
Brand really matter for a customer as well as a company as now-a-days, the consumer or the customer has become very much brand conscious and they buy only those products or the services for which they are brand loyal due to their satisfaction levels and the comfort zone. The various advantages that brand offer in comparison to various other products and the services are as follow:
a. Brand reduces the risk of any harm that product is going to do to the customer.
b. Brand has its name associated with a certain commitment, promise and pact.
c. Every brand has its own satisfaction and quality levels.
d. Brands create a benchmarking and competitive edge over others in the market for a company.
There are various surveys been carried out by the top surveying companies on the topmost brands in every industry or the sector? In order to make any product as a successful brand the following steps should be followed by a company: -
1. The product should be targeting the right customers, right market and the right time.
2. The quality and commitment of delivery should never be compromised for costing.
3. Proper and timely feedback should be taken and improvements to be introduced in the product features accordingly.
4. Product Performance should be checked as a comparative analysis with other products so that the other useful factors and the features associated in them could be taken.
In order to establish any product as a successful brand in the market, it is imperative to develop a successful and proven strategy of establishing its image in the market. The customers will once go by quality then every time they will go for the similar product and they would become the brand loyal.
Brand is something that every customer strives for whatever may be his/her age group as once they use that product, they will not get satisfaction levels in any other product or the service and hence it is imperative to first deliver quality and establish the product as a brand in the market and continue delivering the quality and excellence in the product so that even after other products and the services are introduced, customer remain loyal to the original product and whatever extensions are being produced for that particular brand will automatically be promoted and branded in terms of its new image in the industry.
For example in case a lady starts using the cosmetics products of Lakme, will take all the products of Lakme and will not prefer any other brand if she will get a complete satisfaction even in its eye liner, it will choose all its products like lipstic, nail paint etc.