Brands Are Machines for Delivering Quality Earnings at High Margins
Although brands do not solely refer to businesses and their products or services (e.g. charities, countries, celebrities), this essay will discuss their relevance to profits with regards to business operations unless specified. Where most companies must at some point make a decision (consciously or unconsciously) whether to brand their company or not, that question is often rhetorical. Brands are established whether the marketing manager says they should or not. The decision really is whether to implement conscious brand management within the business or not. That is the difference between a strong brands and weak brands. Where …show more content…
An example of a firm who have been successful in doing this is Mercedes-Benz. While this takes a lot of time, it can be hugely profitable to the companies who manage to do it effectively.
For a brand to work effectively it in necessary for it to resonate with customers. The company and the values they stand for must be carefully formulated by the company in order to ensure that they are customer focused. Highlighting to the customer a set of values that they will identify with and not ones that the company think the customer wants to hear. In order for branding to be effective it is essential for the company to not only be consistent over time with their values but they must also show how these values affect their way of doing business. These values must appeal to the customers emotions; associating happiness with a brand as coca cola did. By standing for something that the customer believes in the customer will be more likely to purchase the product because they believe that the brand is saying something important about them.
So why should companies brand themselves? A major reason, as mentioned previously is that branding happens whether the company want it to or not. The company should be in control of the conversation that they are a part of. Strong brands have stronger voices than unbranded goods or weak brands. If brands do not have a voice and values they will not be able to stand for