How might a marketing manager develop a powerful brand identity and why would it be seen as important to do so? According to Philip Kotler, A Brand is defined as the name, term, signal and symbol or the combination of the three for any products. It is also defined as the Marketing tool which allows customers to recognize the maker and quality of the production. The brand name also helps the customer to differentiate the products. A brand name helps an organisation differentiate itself from its competitors. In today's competitive world customers expect products to have branding. Customers often build up a relationship with a brand that they trust and will regularly purchase products from that brand. Some people will only purchase a particular brand even though there are acceptable alternatives on the market. For example Apple Inc or UK retail chain John Lewis Partnership has a loyal customer base, which provides them with repeat business. Brand is every association and experience, Functional and emotional, intrinsic and original, contextual and positional and active and intentional. In Short “A successful brand is a name, symbol, design or some combination, which identifies the “product” of some particular organisation as having sustainable competitive advantage.” (Doyle 1996) Before going more into the details of developing a brand, let us understand what the key advantages of the branding are Creates Future Income Stream:
Branding basically develops, in still confidence in the customer. If the customer is a psychological connection with the brand, future prospects or income will be easily developed. The best example is Tata Consultancy services is the only of the prime vendor for maintaining the IT System for Singapore Airlines. Any innovation or changes comes to TATA from Singapore Airlines. Create Higher ROI
The Return of Investments is also very high for Higher brands, Eg, Coca cola started selling 25 bottles every month but now they are selling...
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