The scenario of this report is based on developing a successful brand image for which firm wants to approached by a well-known celebrity. In this regard it is required for employees of the firm to consider numerous activities:
- Evaluate how a brand could be built as well as can managed over the time.
- State how brands can be organized in portfolios as well as how brand hierarchies are managed and built within apple.
- Analyze how brand can be leveraged over the specific time in context of domestically and internationally.
- Determine different techniques that can be used for measuring and managing brand values of apple over the time.
The word BRAND can be used as a synonym of trust. Brand is created by consistently delivering the quality over a period of time. Brand can be considered as the image of product in customer mind. This product positioning is done by various marketing efforts and strategies. In this project the utility of brand, process of brand creation and strategies of branding are elaborated. To give a better clarity of the topic, Apple Inc. the world leading touch screen phone manufacturer is taken as an example (Ashworth and Kavaratzis, 2010). There are various strategies of branding which are practiced by Apple. In this era where competition is so tough branding has emerged as an important tool of marketing. In order to become a brand the company needs to do innovation in its product from time to time. In this time customer are becoming brand conscious and spending a large amount on branded product has become an investment not expenditure.
P1 Branding role as a marketing tool and impact on business activities:-
Brand: Brand means a symbol, name, logo, design or any other identity through which customer can recognize a company’s offering easily and distinguish from other similar products or services available in the market. A brand creates both positive or negative image on consumer through its qualities, service delivery and benefits for company’s customer base. A customer takes decision to buy a product or service by the use of product, its brand image and many other marketing stimuli.
Branding as an important marketing tool:- In today’s competitive era branding is an important marketing tool to defeat from its rivals through differentiation among the offering of company and rivalry firms. Giant company like APPLE branding is most valuable assets and worlds top 10 most trusted brands and preferred brands by the customers. Apple company’s all offering like mobile I-phone, laptop, tablet, watch, ipod have different market segment and recognition and company build this brand image through continuous innovation and creativity and providing best features to its customer and satisfy them (Brodie and et. al., 2013).
Brand equity:- It’s refers the commercial or market value of company brand. Its value analyze by the different methods by the different companies. It’s a realistic sale value of brand in market at present and this associate with customer perception towards firm’s offering. According to the (Annual Brand Finance Global 500 Ranking) Apple’s brand value estimate to be $160 billion and it’s maintain the 2nd position continuously higher 37 percent then year 2017 due to increase in sale of company and net profit also.
Differentiation between brand and product:-
It means a name, symbol, design, quality which differs it from its rivals.
It’s a set or collection of various attributes
Its offer quality, trust or faith in company’s offering.
Its offer to satisfy customers unfulfilled needs and wants.
A company can not be sell to its customer.
It offered to customer for selling purpose.
Its can’t be copy by others legal rights are reserved by the company.
Its can be copy by competitors.
Key elements of a Strong Brand:-
Offering quality:- Brand recognize by a customer through its quality. Today’s customer is the king of marketing. A marketer can’t make fool customer in the name of brand.