Posted on : 2022-07-09 07:04:01
Article : Good evening, Friday Management TASK 198- Creating and maintaining strong brand equity is critical to a company's success, does it lead to high market share?
Creating and maintaining strong brand equity is critical to a company's success. When a brand is associated with high quality, trust, reliability, and other positive attributes, consumers tend to flock to these brands almost automatically. For a company, this ensures strong sales, growth, and a positive future outlook. While many companies and products have established brand equity, they also enforce quality control to ensure that the best possible service or product is delivered to the client or consumer. some of the most recognized are Tylenol, Kirkland Signature by Costco, Coca-Cola, Starbucks and Porsche.
Brand equity refers to a value premium that a company generates from a product with a recognizable name when compared to a generic equivalent. Creating and maintaining strong brand equity is critical to a company's success. In fact, a global presence is possible for any business with a creative strategy and an understanding of world markets. Let’s go over what a good global marketing strategy looks like and the best examples worldwide. Global marketing is no longer reserved for brands with deep pockets, nor is it a huge hassle for marketing managers who handle all marketing efforts.
If you want to succeed to such an extent that your company is not just another name in the business but a brand that is associated with high-quality service and positive experience you need to do more. There is no better way to learn than to take in the knowledge from more experienced brands. Knowing who needs your product, what form they need it in, and how to market it in a way that strengthens the brand are core ingredients of awesome global marketing. Identify countries and market areas where the business's product might be successful, and then localize the brand to reflect the needs of those communities.
No matter where you visit those brands, the experience and imagery are virtually the same. In contrast to localization, where there's a more differentiated marketing approach to each market, global standardization provides significant cost benefits as a result of less messaging and fewer campaigns. For company’s who have successfully expanded internationally, the rewards are plentiful. For example, Lego which is a Danish company came to the United States in the 70s. Since their expansion, they have become one of the United States’ most beloved toys, reaching nearly 10% of the toy market share in 2018 (good enough for third overall, behind Hasbro and Mattel).
Not all international expansions go smoothly. If a business is not careful and doesn’t do their due diligence, their marketing messages may be lost in translation. Or, if they don’t take the time to incorporate some in-depth market research into their expansion strategies, they may end up losing money instead of making money.
In this contest of how brand marketers work out for the brand quality and strength to attain the brand equity and at the same time more global presence and market visibility, we look forward to your insights on brand equity with examples based on your career experience. This would help many entrepreneurs to strategize their business success path. Our perceptive inputs with brand examples will be posted on our Good morning, Monday management solution on 11th July 22.
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