MBA5412 - Brand Strategy: Importance & Impact on Ernst & Young Staff

This report elucidates the significance of brand strategy, particularly its impact on professionals at Ernst & Young. It addresses key aspects such as defining a powerful brand, analyzing the interaction of brand components in delivering value, and examining the effectiveness of brand communication techniques. Furthermore, the report explores how brand vision and positioning influence staff personality, delving into the brand sphere and defining brand essence. It also investigates the dynamics of brand change in the marketplace, referencing the "brand management continuum" to determine when to preserve, revive, or retire a brand. The analysis is grounded in theoretical frameworks, relevant literature, and practical applications, drawing upon provided readings to address these critical areas. The report concludes by highlighting the positive impacts of a robust brand strategy on both employees and prospective consumers, emphasizing its role in enhancing customer attraction, retention, and satisfaction, ultimately influencing profitability and employee behavior.

BRAND STRATEGY AND ITS IMPORTANCE
BRAND STRATEGY AND ITS IMPORTANCE
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BRAND STRATEGY AND ITS IMPORTANCE
Introduction
A brand is a distinct product’s name and image created in the consumer’s mind via consistent
advertising using the same theme. A long-term plan to build a successful brand and achieve
specific goals is referred to as a brand strategy. It defines the personality of the business, its
promises and what it stands for. This paper discusses the importance of brand strategy in the
various aspects:
What makes a powerful brand?
A powerful brand is not only about how the logo appears or the website but also about the ability
of the brand to entice and engage the right customers. It helps create a distinction from
competitors, make the business more profitable and enhance business growth. A powerful brand
is focused. It concentrates on its areas of strengths, the most profitable and loyal customers and
what the customers value about the business (Beverland 2018). Secondly, a powerful brand is
distinct; it stands out from competition, adds value to the client and makes the business
competitive without necessarily using price.
Moreover, a powerful brand communicates effectively. It focuses on its image and how it is
perceived by the consumer. It communicates the values of the business to prospective clients and
entices them into buying. A brand also has to deliver its promises for it to be powerful. It
enhances consumer satisfaction and once the consumers are delighted, they refer more
prospective clients like them (Lindstrom 2009). Lastly, memorability makes a brand powerful. A
brand should make a visual impact for it to be memorable. For instance, Apple's logo is so
memorable such that there is no need for them to include the name in their products.

BRAND STRATEGY AND ITS IMPORTANCE
Brand components and brand communication techniques
A brand is made up of various components including packaging, brand voice, brand equity, and
logos. A solid brand strategy is essential in making sure that all these components work
collectively to give the customer a positive perception and increase his/her confidence when
making a purchase. A solid and detailed strategy is essential to building a powerful brand. There
are several elements to be considered in building a brand: The target audience; these are the
prospective buyers such as companies which require the professional services provided by Ernest
and Yung. Secondly, the brand promise; the message that informs prospective customers what to
expect from buying the product. Lastly, brand perception; if the prospective customers are aware
of the brand and what they think of the business or the individual. The information is significant
especially during the change of business strategy, entry of new markets and increasing market
share.
Brand communication techniques are vital as they determine whether the target audience will
recognize the message or they will choose to ignore it. Some techniques of communicating a
brand to the target audience include experiential marketing, which includes reinforcing the brand
internally and consistently using the same logos and colors. They also help establish consumer
preferences and when they engage which is vital in determining the most appropriate time for
brand communication (Westpac.com.au. 2018). Showcasing of the brand to the outside world is
also a powerful communication tool. For instance, Ernst and Young can offer the best of services
in auditing and management consultancy to various firms around the world (Ey.com 2018).

BRAND STRATEGY AND ITS IMPORTANCE
Brand sphere and brand essence
The brand vision is a statement or message that paints an image of the future of the brand. It is
essential in customer attraction and enhancing the selling process as it sends signals to
prospective customers, increasing their loyalty and helping them connect with the company.
Brand positioning, on the other hand, is the conceptual place owned by the company or
individual in the customer's mind (Newman & Dhar 2014). It aims at attaining differentiation,
relevance, and credibility in order to stand out from competitors. Employees should be aware of
brand vision and positioning as it aids them in understanding and appreciating their roles better
and also prepares them for unexpected incidents so that they can take the most appropriate
actions.
Brand essence is the main feature that distinguishes a brand from the competitor's brands. It also
encompasses the special feeling evoked by the brand's name in the target audience. It is
intangible, unique and reliable, therefore, it should be short preferably two or three words .Some
perfect examples include Disney-magical and Visa-everywhere.
Change of brands in the marketplace
Just as living things brands age and at some point in time they may die. To manage this it is
necessary to change brands which may take various forms including change of name, packaging,
logos among others. There are various reasons why companies or individuals may change their
brand. A significant change in business circumstances such as a takeover or a merger is one of

BRAND STRATEGY AND ITS IMPORTANCE
the reasons. Secondly, when the core market of an organization changes, it becomes necessary to
change the brand so as to fit the new market.
Managers should understand the lifecycle of their brand and take necessary actions to keep it
alive throughout the operations of the organization. However, it is not worthy focusing much of
the resources towards preventing the demise of a brand as this is bound to happen anyway
(Jevons, Ewing and Khalil 2007). A senior audit manager at Ernest and Young would focus on
making sure his junior auditors are always up-to-date in relation to skills, qualifications and
knowledge of the laws pertaining to audit.
Conclusion
Ultimately, a brand strategy has various positive impacts on employees and prospective
consumers. It enhances customer attraction, retention and satisfaction thus have a significant
influence on profitability. It also plays a vital role in influencing employee behavior; employees
clearly understand an organization's objectives and their role in achieving the objectives
(Morhart, Herzog & Tomczak 2009). For instance, the staff at Ernst and Young will understand
that they have a responsibility of giving the best of audit and advisory services in order to attract
more companies to the firm.

BRAND STRATEGY AND ITS IMPORTANCE
References
Beverland, M. (2018). Brand Management: Co-creating Meaningful Brands. SAGE.
Employees into Brand Champions. Journal of Marketing, 73(5), pp.122–142.
Ey.com. (2018). Advisory, Assurance, Tax, Transaction Services. [online] Available at:
https://www.ey.com/ [Accessed 10 Aug. 2018].
Jevons, C., Ewing, M.T. and Khalil, E.L.(2007). Managing brand demise. Journal of General
Management, 32(4), pp.73-81.
Lindstrom, M. (2009). Brand Sense: How to Build Powerful Brands Through Touch, Taste,
Smell, Sight and Sound. Strategic Direction, 22(2).
Morhart, F.M., Herzog, W. & Tomczak, T. (2009). Brand-Specific Leadership: Turning
Newman, G.E. & Dhar, R. (2014). Authenticity Is Contagious: Brand Essence and the Original
Source of Production. Journal of Marketing Research, 51(3), pp.371–386.
Westpac.com.au. (2018). ‘We need more trustworthiness, not trust’. [online] Available at:
https://www.westpac.com.au/news/in-depth/2018/01/we-need-more-trustworthiness-not-trust/
[Accessed 10 Aug. 2018].