The Concept of Branding - Assignment Example

We have learned in class that it is very important to assess and evaluate the brands to make sure that the company has been effective and successful in promoting its products and services and highlighting the strengths of these products and services. A methodology is used by Interbrand to evaluate brands on the basis of how much they are likely to earn in the future considering the anticipated income. This method uses forecasting of the company’s future in market leadership, stability and the ability of the company and the brand to reach other countries.

There are four steps in ranking a brand. The first step is to figure out what percentage of a company’s revenues can be acclaimed to the brand. The next step is to project a certain number of years of earnings and sales for the brand. The third step is to subtract the expenses or costs such as taxes and cost for operation in the projected earnings to get the net earnings. The last step is to get other earnings to make sure that the earnings credited to the brand will be determined.

There are different ways that companies apply in evaluating and ranking a brand. What is important is that they are able to evaluate properly and rank their brand to make sure that they are branding their product successfully. It is very important to practice successful branding to establish a good image of the brand initially or to ensure the company’s increase in profit.  

  Branding does not only apply to companies and products. It can also be applied in promoting places. A friend of mine who is from Southeast Asia can be said to have practised branding and is successful in doing so. She always promotes Southeast Asia as a very wonderful place to visit that could give you the greatest adventures and best moments of your life. Although a lot of us heard and saw a lot of issues and problems in Southeast Asia, she branded the place as one of the bests in the world. She mentioned that the Philippines’ Underground River in Palawan is being considered to be part of the 7 wonders of the world, Singapore’s wonderful tourist's attractions were very popular, Malaysia and Indonesia’s ancient temples are famous and Macau’s nightlife is considered to be Asia’s Las Vegas. She even brought her friends who were able to visit Southeast Asia to testify regarding their experience.

Branding does not end in this process but also looks at the experiences of the customers after using or buying the product. Therefore, you must also make sure that your product is of good quality, offers and contains everything that you have promoted when branding the product. In this way, you can assure more buyers or consumers in the future. To establish a good image or brand, a company needs to provide not only a good description of the brand but also a genuine and trustworthy product or service. The comments or feedbacks of the customers after purchase strengthen the brand and help encourage other potential buyers. Good feedbacks build good relation to customers and clients.