Developing and Sustaining the Brand - Essay Example

The micro factors include all internal forces like customer satisfaction, the company's financial stability, and the way a product is positioned in the market by the organization. Beyond these, there are external forces at work including the political environment, general economic conditions, legal or regulatory changes, as well as the impact that increasing consumer environmental awareness is making on fuel sources and eco-friendly corporate practice. The author then moves into a section on the development and survival of brands, noting that the standard product life cycle, i.e., introduction, growth, maturity, and decline, are all applicable to a brand as well.

The key to survival is adaptation, rejuvenation, innovation, or re-positioning. Adaptation, the author notes, is a long-term process and the article cites McDonald's as a prime example of a brand engaging in adaptation; recognizing cultural demands or health concerns, and tailoring product offerings by adapting to the new market trends. Rejuvenation is a dual-prong process, whereby innovation and repositioning are combined to give a brand a new start. Innovation, the article notes, need not be radical; it can be incremental with minor improvements accumulating over time to result in major differences in the products or services offered.