Significance of Branding Essay

Published: 2021-07-14 21:50:06
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Category: Business and Finance

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The brand value is a symbolic value, it is the resonance that a product has acquired over time, which comes from the perception that consumers have of the same brand. On the other hand, the value of the company is the sum of the intangible asset or brands value and the tangible asset their products. The value of a brand seeks to quantify the economic benefits that a part of the assets of a company, the intangible asset, can generate over time. It is estimated that the average value of a brand represents thirty percent of the company value of the shares listed on the stock exchange (Mudambi, 2002). In this regard, it will not be difficult to understand why branding has been in focus by many consumer good based companies since the past few decades. It is the competition among the corporations that are fighting for the market share. Branding is the tool that converts the consumer from one brand to the other. Branding is designed by specialists that target their target customers by appealing to their needs, their psychological interests and many of the times they attract the customers promising great utility. The company that has the most successful branding strategy ends up having the larger share in the consumer market (de Chernatony, 1991).Coca-Cola as the BrandCoca-Cola went from being a pharmaceutical elixir to combat gastric problems in 1886 to become a ubiquitous sweetened drink by the late 1920s. Today millions of bottles are consumed all over the world. The brand of Coca-Cola has been recognized as the most influential and recognized brand in the world. The logo of Coca-Cola was used as the tool to embed the brand of the company in the minds of the consumers. This logo was considered as the landmark innovation in branding that had more than a simple call to action behind the image or the message of the brand. Coca-Cola was among the first brands that were able to control the market by bringing in consumers to further raise brand awareness and consumer contact (Albanese, 2001). With rising competition, the brand decided to launch a national contest for designing a new bottle that would give the message to the consumers that this brand was unique and more consumer oriented then other brands. It was then that a brown color liquid was registered as in an alike transparent glass based bottle. The new packaging was prepared in mass by the existing tools but remain different at the same time. Further, the involvement of the consumers left the participants in a constant memory associating with the brand. The rest became a word of mouth and the consumers become loyal and started to market it in their social connections increasing the brand value and equity of the company (Albanese, 2001). Influence of Branding on an Organization’s IMCWe must understand the concept of integrated marketing communication, when we use this term we try to refer to the way in which a company coordinates the numerous communication networks it has to send its customers the same message, focused on the retention and attention seeking of the consumer; which need be consistent with the features of the goods presented and the standards of the product, at the same period it must be substantial enough and providing enough utility to persuade the market to which the promotional strategy is directed. All these aspects come together to which branding remains the core and the integrated communication of the company is designed to advocate that in various media platforms (Martin, 2015).ReferencesAlbanese, F. (2001). Merchandising and Licensing to Improve Brand Equity. The Coca-Cola Case. Symphonya. Emerging Issues In Management, (1). http://dx.doi.org/10.4468/2001.1.06albanese de Chernatony, L. (1991). Facilitating Consumer Choice Decisions: The Importance of Branding Cues. British Food Journal, 93(9), 50-56. http://dx.doi.org/10.1108/eum0000000002361 Martin, G. (2015). The Importance Of Customer Equity And Branding: A Research Note. Journal Of Business & Economics Research (JBER), 13(3), 153. http://dx.doi.org/10.19030/jber.v13i3.9287 Mudambi, S. (2002). Branding importance in business-to-business markets. Industrial Marketing Management, 31(6), 525-533. http://dx.doi.org/10.1016/s0019-8501(02)00184-0

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