Brand Strategy for Growth of the Company - Assignment Example

Brand Strategy for Growth Insert Insert Part Strategy formulation refers to a process whereby an organization chooses the most appropriate course of action in order to realize its organizational goals and objectives. Strategy formulation comprises of six main stages. They include setting the organizations objectives they help to stress the state of being there while strategy stresses in the process of reaching there and evaluating the organizational environment. It involves the review of the organizations competitive position and identification of its strengths and weaknesses as well as that of the competitor. Moreover, setting up targets in an organization practically fixes the quantitative target values and aiming in context with the divisional plans identifying the contributions made by each department within the organization. Carrying out performance analysis which includes analyzing and discovering the gap between the planned desired performances enhances performance. The actual reality and final choice of strategy, which is the ultimate step in the formulation, become imperative. Consider organizational goals, organizational strengths, potentials, limitations, as well as the external opportunities (Banerjee, 2007). The brand manager should seek to understand the market by defining it category. An incoming brand manager should have in order to carry out strategy formulation is a better understanding of his/her organization. This is done by carrying out both internal and external analysis of the organization. It helps them get a better glimpse of the organizations strengths, weaknesses and opportunities as well as a better understanding of its competitors. Carry out a SWOT analysis. The endeavor helps the manager be in and advantage position since they are able to know the competitor approaches pricing and models of communication. In addition, the evaluation will unearth the consumer patterns; make a consideration of brand size metrics and loyalty measures (van Gelder, 2004). The management has to check the brand availability with regard to the mantel and physical disposition. The next important aspect an incoming manager needs to be aware of is the status of the brand in question, what is the mental availability of the brand? (Are the customers aware of the brand in question), what is its general buying patterns? (When is its buying seasons? who are the buyers? And the status of its monopoly effect in the market). All these will enable the brand manager to be in a position to better understand his or her brand better and hence help them in coming up with well-targeted strategies. Part 2 Advertising and sampling in the Cathay pacific first class at Hong Kong airport. Advertising is for persuading an audience to buy or continue buying a certain brand. Sampling refers to a marketing strategy whereby samples of the brand being advertised are provided to the potential customers to have an experience with the brand being advertised (Petty, 2007). Therefore, advertising and sampling refers to a combination of both instances all at the same time. Advantages A good advert will get enough details to the consumer, the price, points of sale, its description and fundamentally why it is the correct choice. Advert sampling allows for the creation of the mental availability of the brands It lets consumers know all the different choices they have; it creates product awareness. It helps in boosting sales for the brand being advertised. Sampling allows the consumers to have a test of the products and generally increase brand recognition. A well-strategized ad will deviate customer attention from the competition to you. Disadvantages Advert and Sampling are responsible for creating more competition among organizations because they will always try to out-do each other. They may incur the organization considerable losses if done improperly. Some can be deceiving or create confusion in customers (Marck, 2010). Sponsoring a dance party with a big name DJ Sponsorship is a form of advertising whereby an organization pays to be associated with a particular event, a DJ party in this case. The event being sponsored must have some degree of relevance to the products and services offered by the sponsors. In our case, for instance, a whiskey company is sponsoring a party that is relevant to the organization Advantages It is passive since you are not pushing yourself to the customer. Fans of sporting events, party events or events supporters often respond positively to charitable companies, so that shows that its effective. It enhances a positive organizational image. It effectively generates product or service awareness. It creates exclusivity (Borg, 2013). It forms a positive publicity about the organization. Disadvantages It may develop controversies leading to a negative attitude. It takes long and is costly (Dinnie, 2004). Advertising in the Sunday morning post It involves buying space on a newspaper page and placing your advert in it. Advantages It tends to reach a larger audience. It offers a predictable frequency of publication Newspapers have immediacy People expect to find advertising in newspapers. Disadvantages Any advert must compete for the reader’s attention You have no assurance that everyone reading a newspaper will read your ad. It has a relatively short lifespan (Banerjee, 2007). A team dedicated to branding and advertising, healthy communication and defining the strategy that helps to grow the brand. It considers their approach and objectivity of the current system and policies set forth via the newspaper space. To take the image globally, the analysis and aspects of the product must be taken to the global scale. A research-based analysis with concerns on the deviations will help to understand better variations, which play within international market share and the local market index (Banerjee, 2007). The use of the newspaper will be an important aspect is that will be utilized to help in understanding the market and its competitors. It is risky to carry out strategy formulation without an understanding of the market, without understanding what you are up against. A way of doing this is by carrying out ads delivery and watch out for their repsonses. Using the Sunday morning post is a sure way of reaching customers far and wide. The advantage of understanding your new market before carrying out strategy formulation helps save time and money. Conclusion Brand marketing is the heart of a company’s endeavor for success. The outfit demands commitment and desire to find the best strategy, mix and allocation of resources. It is crucial to understand the market and consider the competitors. From understanding, brand managers are able to draw a plan for local branding and international branding when aiming the larger market. Advertising comes in different techniques that are worth considering to understand the versatile nature of the market hence render one at a position ready ad fit to meet and win the competition. List of References Banerjee, S. (2007). Strategic Brand-Culture Fit: A conceptual framework for brand management. J Brand Manag, 15(5), pp.312-321. Borg, E. (2013). Collective Brand Strategy, Entrepreneurship, and Regional Growth: The Role of a Protected Designation of Origin (PDO). Journal of World Economic Research, 2(3), p.26. Dinnie, K. (2004). Global Brand Strategy: Unlocking Brand Potential Across Countries, Cultures and Markets. J Brand Manag, 12(1), pp.69-71. Kuczmarski, T. (2008). Hidden in Plain Sight: How to Find and Execute your Companys Next Big Growth Strategy20082Erich Joachimsthaler. Hidden in Plain Sight: How to Find and Execute your Companys Next Big Growth Strategy . Boston, MA: Harvard Business School Press288 pp. $29.95. Jnl of Product & Brand Mgt, 17(5), pp.367-368. Marck, M. (2010). The luxury strategya. J Brand Manag, 17(6), pp.459-460. Petty, R. (2007). Naming names: Trademark strategy and beyond: Part one ”Selecting a brand name. J Brand Manag, 15(3), pp.190-197. Silver, L. and Berggren, B. (2009). The Close Relationship Strategy – Corporate brand development in banking. J Brand Manag, 17(4), pp.289-300. van Gelder, S. (2004). Global brand strategy. J Brand Manag, 12(1), pp.39-48. Wise, R. and Pierce, A. (2005). Finding new paths to growth by managing brand portfolios well. Journal of Business Strategy, 26(4), pp.10-11. Read More