BUILDING SUCCESSFUL BRANDS Name: Institution: Course: Date: Branding of goods and services in a company is one of the essential elements for a business to succeed. This is essential in the selling aspect of the products and services that a company produces…
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Primarily, the products of a company should not be poor and have great branding since the branding of poor products will realize losses for the company (Schatte, 2009, p.25). However, companies that do the best of branding also face obstacles in the global market. The main challenge is competition from other companies, since every company tries to be the best in the market. This scenario makes companies to be always on the rush to innovate better and greater branding skills to overcome competition from rivals in the market (Okonkwo, 2007, p10). There are always cultures that people associate with relating to global brands. Consumers have a tendency to stick to commodities that have particular qualities and models. There are dimensions that research show, which consumers use in the buying of products from different transnational companies (Wimmers, 2009, p.45). The first dimension is quality signal, where consumers buy the products of the transnational company that emerges a victor in the competition of branding. The companies that manufacture the best quality of goods and services get the highest number of customers. It implies that the companies that manage to produce commodities of the best quality and have the most captivating branding aspect fetch the largest number of consumers in the global market. ...
It means that the products with quality branding have a wider market than the poorly branded products that only sell in the local markets. The second dimension is global myth, where consumers use a particular product to create an image culturally (Mooij, 2010, p.14). The consumers always seek for identity in the society and thus using the product earns them that identity. This is the reason some consumers use products that have a global brand to feel that they belong to the entire of the world. Such goods consist of clothes labels like Gucci, Prada and Louis Vuitton (Glynn & Woodside, 2009, p.22). The third dimension that people use to buy products with global brand is social responsibility. Consumers believe that products and services can serve to create a morals impression in the society. This makes consumers to buy certain brands of commodities since they believe that the society will realize the benefit that comes with that specific product (Haig, 2011, p.27). In this case, Waitrose used these dimensions in the improvement of their brand that fetched many consumers in the global market. Since it is also involves an online grocery, it was essential for the company to brand itself well to ensure that it attracts many customers. Waitrose is a market chain of British supermarkets that forms the largest portion of retailers in the country. The company rebranded itself in 2003, which consequently led to increased sales for the company (Hatch & Schultz, 2008, p.32). The website was given a new facelift that give a great view of the supermarket’s structure and proper arrangement of the interior decor. Importantly, the supermarket changed the packaging of the products by wrapping some of the products
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