Essay On Corporate Brand Building
12 Pages4348 Words345 Views
Added on 2020-02-14
Essay On Corporate Brand Building
Added on 2020-02-14
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CORPORATEBRANDS
As per the detailed study, corporate branding is considered as practice that helps inpromoting business and lead business to various developments. In other aspect, corporatebranding is also referred as combination of activities that promotes brand name of a corporateentity. With an assistance of this, companies can easily increases sales of its products andservices. It has been identified that the management performs various activities that are differedfrom promotion of product and services (Hatch, 2008). Key motive behind corporate brandingactivities is to enhance the presence of brand in the market and lead business to impressive levelof success. In addition to this, it is attempt that is made by management to enhance credibility ofnew product by using established company name. Current essay is focused towards evaluation ofvarious factors that plays key role in building corporate brand. It will also provide a discussion inregard to the impact of collective working and engagement aspects on building corporatebranding (Roll, 2009). It has been noticed that the corporate branding is significant for every organizationbecause it helps business in presenting themselves a unique brand in the marketplace. It alsohelps in meeting sales target and improves profit margin ratio. Key purpose of corporatebranding activities is to establish brand identity in the competitive market. It creates better brandimage in the market that attracts more customers towards products and services which isbeneficial for sustainable development (Kavaratzis, 2009). In addition to this, corporate brandinghelps in attracting customers that is also advantageous for effective customer base. One of keybenefit of the corporate branding decreases the need of large marketing initiatives for every newproduct. It also helps customers to understand the services and quality of product that companyoffers in the market (Foster, 2010). For example, the Mercedes-Benz is more focused towards corporate branding inappropriate manner that allows business to cut down its cost of marketing activities. Companyinvest less on promotion of new launched product by using corporate brand. It is one of mostsignificant technique that provides business various monetary as well as non-monetary benefits.It has been witnessed that the company personality can be enhanced in the market by accessingcorporate branding (Balmer, 2009). With an effective designing of corporate branding thecompany can easily define business personality. It reflects the competency of the firm,dedication of employees and feel of products. For example, the BMW is having optimistic2
corporate brand and it can be reflected in its advertising. In promotion activities company rarelyfocuses on the product name and they mostly focus on the comfort and classification they offerin the market. However, company present itself as expert of the industry who have efforts tomeet customer needs and requirements (Muzellec, 2009). These kinds of features allowscustomer to identify products and services that are recognized under brand name. Managementof organizations focuses on activities that build strong relationship with customers. It is alsobeneficial to have advancement in loyalty aspects and lead business to impressive level ofsuccess. It has been identified that the corporate brand influences both the core of the companyas much as the customers (Gotsi, 2008).With an improved focus on corporate branding the business firm can easily focus oneffective identification of its products and services. It allows management to have effectivedesigning of logo so that customers can easily identify brand by features present in the logo.Different colour combination, unique design helps customers to have immediate recognition ofthe brand. It also builds effective brand image in the market and provide various opportunities.For example, Bentley also consider corporate branding as significant aspect for success oforganization (Hatch, 2010). Company logo is well known in the market and it helps inidentification of brand name. Bentley has designed its logo by considering colour, features anddesign which helps in effective branding. With a use of corporate branding company can alsotarget customers in appropriate manner. It allows business to have efforts in desired form so thatbusiness can have better opportunities in the market. For example, Levis present its products byreflecting that they provide high class denim's (Booth, 2011). Company is using its luxuriousfeatures in creating better brand image in the market. Furthermore, corporate branding reduces the marketing initiatives which saves the costfor the company. For this aspect, it is essential for the organization to build its corporate brandamong the consumers so that they would remain loyal towards the brand (Rindell and Strandvik,2010). Furthermore, there are several approaches which can be used by the companies to buildtheir corporate brand. Moreover, the main approach which can be used for building the brandsfor their corporate is through promotion. Further, the organization must do the building of brandnot by direct promotion but through indirect promotion. The main approach which can be usedby the organization is through the conference with the other leading organization which have3
been initiated by the government. For instance, General Motors (GM) have been working on aproject with the World Trade Organization (WTO). The project is for identifying the key areaswhere traders may face issues in reaching to their customers effectively. If the company isassociated with the WTO then publicity of the company will be done automatically (Micelottaand Raynard, 2011). This way brand of the company can easily be identified by the customers.This is how the corporate brand can be build. Furthermore, by doing this, organization can getthe opportunity to get identified in the whole world because the\y get the name of WTO linkedwith them. However, while doing this kind of indirect promotion, organization has to face manyissues such as approaching the WTO is a very difficult and costly process. GM have to incurgood amount of money to approach and get linked with the WTO. Along with that, entire focusis required to be shift on this project which may affect the working of the company (Tu, Wangand Chang, 2012).Moreover, the alternative approach for building corporate brand is by doing corporatesocial responsibility (CSR). It is the key approach which can build the corporate image in themarket and this will attract lot of customer for the company. For this aspect, company must fulfilall the responsibility towards all the stakeholders (Peterson and Jeng, 2010). Organization isrequired firstly fulfil the responsibility towards the most important assets of the company that isemployees. Organization should provide fair remuneration and healthy and safe environment forworking. Along with that, employee welfare must be done so that so that they remain loyaltowards the organization and this way they can promote the companies brand by their own(Servaes and Tamayo, 2013). Along with that, organization must remain adhere towards thelegislation being introduced by the government. This way, legal responsibility can be dulyfulfilled by the organization which will eventually reduce the government interference so thatorganization can achieve their goal on time. If there will be less legal actions then company canmaintain its reputation in the market for longer period of time. Along with that, company shouldbe highly responsible towards the society and the customers. For this aspect, company canprovide education to the weaker section of the society and also it can provide employmentopportunities to the weaker section of the society in order to build the economy of the nation.This way, company's brand image can be built (Joyce Stuart, 2011). For example, TESCOcarries out the CSR activities in a effective manner and this has helped the organization to build4
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