Brand Building
Every business concern aspires to establish for itself a brand of esteem in its domain of product and service offerings. Brand Building is the set of activities that seeks to actualize this cherished aim of any company or business concern. The object is to ensure that a particular company in question gains a competitive advantage over others in the same arena.
A name in the market becomes a brand when consumers begin to associate a set of tangible and intangible benefits they derive from the product/service represented by the name. Brand Building involves adopting of the various steps that are regarded as necessary to nurture a brand, which works to generate a healthy cash flow stream for the company after its launch.
When any product or service acquires the status of a brand offering, it also secures equity or a value of its own that contributes to the overall worth of the concern offering it. Suitably undertaken marketing activity can enhance this worth of the offering to a large extent. Brand Building and management encompasses such tactical marketing and more, namely:
- Superior insight into customer needs
- Ability to devise superior and powerful products/services that rightly meet those needs
- Agility to redefine the offerings as the needs change
- Creativity to resort to exciting and compelling advertising procedures
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