BRAND MANAGEMENT & RESEARCH Essay Example | Topics and Well Written Essays - 2250 words

BRAND MANAGEMENT & RESEARCH - Essay Example We recommend Walmart to continue building its brand image not with just customer perspective but from employee and ethical perspectives as well. With its unique positioning it should continue to expand with market penetration and market expansion. Development and projection of its own brand Great Value will also help in increasing its brand value and trust of the customers and will help in maintain its positioning as low price provider by eliminating the margin of the manufacturers. Walmart is a strong brand and can even become stronger by following these strategies. 11 References 12 Introduction In this highly competitive globalized world, markets are flooded with plethora of products and services of various brands. Consumers are literally spoilt with choice. In such an environment the importance of brands has increased manifold both for the consumers and the organizations. Brand management is vital from many aspects for any organization but the most important role is providing the differentiation to the brand from competitors and other products. Brands are part of the company’s intellectual property. ... The company through its brand, make it clear what they promise and deliver to the customer based upon their vision and strategy for the future of the business and the product. It is very important for the company to have a clear understanding of the expectations of the customers and living up to those expectations. The aim of brand management is to build a healthy relationship between the customer and the company through their brand. Brand management is extremely important for the companies. Brand image can be the determining factor between success and failure of a company (Riezebos et al 2003) Today corporations spend millions on brand establishment and maintenance due to the increased importance of branding. Researchers have tried to identify the scope, domain and potential of branding. It has resulted in many different frame works, theories and concepts. Although there are mainly seven different approaches of branding but the brand strategy should be customized to meet the specifi c challenges and opportunities specific to a brand at a specific point of time. One approach of branding is economic approach where brand is part of the traditional marketing mix. The identity approach links brand with corporate identity. Consumer based approach gives prime importance to customer satisfaction and customer associations. Personality approach treats brand as a human like character. The relational approach treats brand as a viable relationship partner. The community approach treats brand as a vital point of social interaction, whereas brand is treated as part of the broader cultural picture in the cultural approach (Heding et al. 2009) Whatever approach the companies utilize for the establishment and maintenance of the