About Us|Contact Us|Register|Login

[google-translator]

Branding Strategies

Branding Strategies
Branding strategies What is Branding? What is a branding strategy? The process involved in creating a unique name and image for a product in the consumers’ mind, mainly through advertising campaigns. Brand = Trust What is the meaning of Brand Identity? A brand name adds a unique value proposition to a company offering differentiated products across a wide spectrum. It is an important component of a firm’s corporate identity. The logo that represents a brand is just not a symbol but is a source of commitment to the customers. It implies the benefits or added values that the company offers to satisfy its customers. Logos are a way to reach your customers in the initial stages when your company is in the offing. After a certain period of time, it becomes an icon that represents your company’s efficacy and achievement in terms of quality, price, customer service etc. Nowadays there is a pressing need for corporate firms to target both domestic and international markets. They have to create and establish local as well as global brand identity. A brand name tells the customer what to expect and it personifies your organization. Why in the first place a company needs a brand identity? See, it proves to be the most vital part of your marketing plan. How do you expect to reach your customers and convince them that you are there in the market to offer a superior product range than that of your rivals? You have to keep in constant touch with your customers and this is where a brand name comes in as a source of strength, as a promotional tool to speak for your product’s credibility and quality. You have to ask yourself the following questions while planning to develop a branding strategy: Does your brand create a feeling of trust in the minds of the customers? Does your brand deliver the benefits that it has promised to? Does your brand connect with the customers well at an emotional level? Is everybody including your competitors are aware of your brand? How to Build Your Brand Name Through Social Media: A Primer Your brand’s reputation online is more important than ever. The 2014 Edelman Trust Barometer revealed that 65 percent of online users rely on web search to find information on people and companies. One of the tools that helps businesses with this purpose is social media. Scratch that; it’s currently THE tool for businesses. Strategic equations for Success You need to revitalize your think tank by including strategies that will hit the target on the right note. One way is to re-launch your existing products under new brand name to give a fresh lease of life to the products as well as attract new customers Another way is to introduce new product range, where the existing brand may not be suitable for the new product line Making the products more attractive and appealing by making small modifications in packing Also your brand can include a new range of similar products to be offered from your end. The brand strategy gives momentum to your business and aligns the activities of your organization towards successfully accomplishing the corporate objectives. It should be always remembered that branding is the only way to develop loyal...
read more

Theory of Demand and Supply

Theory of Demand and Supply
Demand and Supply in Different Markets Demand Criteria Since the analysis of a business firm is central to managerial economics, we are primarily interested in the demand for a #commodity faced by a firm. The demand for a commodity faced by a firm depends on the size of the market, industry demand for the commodity, the form in which the market is organized and the number of firms in the industry vying for the same set of resources and customers. Demand Curve The #market demand curve for a commodity shows the various quantities of the commodity demanded in the market per time period at various alternative prices of the commodity, while holding everything else constant. The curve is negatively sloped, indicating that #price and #quantity are inversely related. The things held constant in drawing a market demand curve for a #product are the number of customers in the market, consumer’s income, the prices of related commodities and tastes. Types of Markets #Monopoly and #Perfect Competition Coming back to the form of a business firm, at one end there exist the monopolist (the sole producer of a commodity for which there are no good substitutes), and at the other end, perfect competition, where there are a large number of firms producing a homogenous product and each firm is too small to affect the price of the commodity by its own actions. In such a case, each firm is a price taker unlike the monopolist who is a price maker thanks to the product exclusivity factor. #Oligopoly In oligopoly there are only a few firms in the industry producing either a homogenous or differentiated product. Since there are only a few firms, the pricing, advertising and other promotional behavior of each firm greatly affect the other firms in the industry and evoke imitation or duplication. We witness many industrial giants fighting for their market share in the respective industrial domains. #Monopolistic In monopolistic competition, there are many firms selling a differentiated product. As the name implies, monopolistic competition has elements of both competition and monopoly. The monopoly element arises because each firm’s product is somewhat different from other firm’s products that facilitate the firms to have some degree of control over the price. Although we try to establish an inverse relationship between price and demand, the other side of the coin shows a different picture in that, as the income levels of a consumer is on an increasing trend, his or her purchasing power increases. Consumers tend to purchase more of most commodities like automobiles, housing, travel and so on, when the income rises. There are some goods, however of which the consumer purchases decline as income rises- for example, maize and similar cheap foods as the consumer has the power to buy goods with better quality and there is no need for a compromise. Demand is one of the most important aspects of managerial economics, since a firm would not be established or survive if a sufficient demand for its product did not exist or could not be created. A firm could have the most efficient production techniques and the most effective #management, but still without a demand for its product that is sufficient to cover all production and selling costs over the long run, it simply could not survive. Demand is thus essential for the creation, survival and profitability of a...
read more

Next Entries »