Creating a reliable brand name requires time and capital to
build the value of the company and its product towards the consumers. Marketing in the 21st century
demands a reliable brand name to survive the modern competitive world of
business marketing. Maximizing the value
of the product considers four strategic brand management processes in order to express
the value of the product to the different consumer segments.
1. Identifying
brand positioning- knowing your strategic formation to start your marketing
operation is an important factor to any start-up marketing operation. Looking back the history of Amazon.com,
selling books online is not a lucrative marketing idea in the past. But as Amazon Company realize the important
role of internet in the 21st century marketing, Thus, Amazon is still
enjoying the profitable strategic marketing style until today by distributing their
products throughout the globe using the aid of internet in a global supply
chain management.
2. Planning
and implementing the brand- must be considered in a long range marketing
analysis. As such, Coca-cola company are
always considering the long range effect of their brand positioning not to
create conflict with the variety of cultures in a global setting.
3. Constant
measurement of performance allows the R&D department to calculate the
alternative marketing moves if any marketing discrepancy will arise. Measuring the performance in a regular manner
will show the effectiveness of the marketing strategy being imposed by the
company. To give an analogy, RIM of
BlackBerry Company is always active with their technology research to compete
the fast movement of the Internet mobile industry of today.
4. Brand
value and Brand Positioning must go in a parallel manner were in the value of
the company’s product depends upon the market positioning of the Company
applied to their product’s actual marketing strategy. The product Mountain Dew
for example, needs a comfortable market position towards its target market to
maintain a constant market relationship and value towards the market
segment. Creating events for young
X-games players sponsored by Mountain Dew will constantly hold the value of
Mountain Dew to the priority target market.
Above all, creating and maintaining brand equity depends
upon the quickness of any given company in attending any new marketing
challenges that will arise in the 21st century marketing. Moreover, research and innovation must be
considered to competitively out-date the existing technologies in the actual
market.
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