IntroductionToday, brands are becoming prominent. Companies are working towards getting a trade mark. This is helping to build customers. Customers are able to pick that brand easily. This is also building goodwill. It is helping companies earn greater revenue. Customer retention also has become easier. This has ensured that companies develop a market. Today, companies are concentrating on it. Branding is thus “distinguishing the company’s product or services from the competitor and creating a long lasting impression on the minds of the consumer”. (Kotelnikov, 2007) Branding helps is different ways. It improves employees’ satisfaction.
As the product is recognised loyalty builds. It is basically creating perception. It is the image a customer has. This helps the company to sell its product easily. In recent times it is seen that every sector be it banking, tourism, manufacturing or services are looking towards it. Literature ReviewA research shows that “branding luxury items increases challenges and opportunities for the management and to ensure a trade off it is necessary that brand equity measurement and brand architecture are measured correctly and regularly”. (Keller, 2009) This will help to build strategy.
It will help company sell more products. A study shows that “brands are valued in different ways and the efficiency is ensured when the right way is selected by using the correct technique so that the equity calculated is not misguiding”. (Salinas & Ambler, 2009) Thus relevance becomes importance. Companies need to ensure it. Even a research show that luxury brands like hotels need to “ensure that luxury brands come before the luxury customers and this can be done through discoveries of providing services in a newer and better ways thus assuring the long term success of the brand”.
(Atwal & Williams, 2009) This will build loyalty. A study demonstrates that “to build a brand in a competitive environment it is important that organisations follow a conceptual model which falls in line with the objective of the company and is applicable to their model of business”. (Ghodeswar, 2008) This will ensure the same model continues. It will emphasise that companies need to do it in a similar way. Even a research shows that “luxury brands in recent times have started using customer relationship management techniques to retain customers for the future”.
(Cailleux, Mignot & Kapferer, 2009) This will build loyal customers. It will help the company. They can work on other areas. This will improve management. Thus, studies also highlight the importance of it. It also suggests that companies need to improve it. This will generate future earnings. Brand ValueCompanies work to find brand value. It is done by finding the brand equity. Brand value is “the extra amount which the company gets due to perceived image of the product which might have not been possible in case the product was not branded”.
(VanAuken, 2007) The difference is because of quality. Consumers rate the product high. It has resulted in getting extra benefit. This is what companies prefer. They work towards it. The analysis of SWOT helps to analyse fators contributing to the brand value.