The discipline of marketing known as overall brand management employs strategies to gradually raise consumers’ estimations of the worth of any product line or brand throughout its existence. Successful brand management allows for higher prices to be charged for items and cultivates brand loyalty in customers by developing favorable brand connections and visuals or creating a heightened awareness about the entire brand. A thorough understanding of a brand, the target market or audience, and the broad vision and mission of an organization is required to establish a strategic-based plan that will either retain brand recognition or increase marketability. The level of engagement that customers have with a firm is the degree of competition throughout the marketplaces. Brands profoundly impact the management of any company. This paper will address brand management in conjunction with organizational mission, vision, and brand.
A mighty marketing power for a firm’s brand serves two purposes: it distinguishes a company’s specific products from those of its rivals. It fosters customer loyalty to the entire organization or company’s goods or services. Once a brand’s reputation has been created, it needs to engage in ongoing brand management to preserve it (Mogaji, 2021). Increasing brand recognition, measuring and managing brand equity, and driving efforts that promote a coherent brand message are essential. Additionally, identifying and accommodating new brand items and effectively positioning the brand within the markets are all aspects addressed by a successful brand management plan. It might take time to complete a name for a product or service, but once that has been accomplished, the brand must be kept fresh by continued inventiveness and originality. McDonald’s, Coca-Cola, Microsoft, Procter & Gamble, IBM, Disney, CNN, Ford, Nike, Starbucks, and Lego are just a few well-known brands that have solidified their positions as leading companies for many years.
One is likely to think of GEICO overall Insurance whenever they see the gecko because the insurance company employs the reptile throughout the majority of its marketing initiatives. Similarly, the entire Coca-Cola tagline “It is the Genuine Thing” was initially broadcast as a television commercial around 1971 and included individuals of all ethnic and cultural backgrounds. This idea still seems to be famous and well-known among generations of all Coca-Cola customers (Mogaji, 2021). A single item is often not synonymous with a brand, as many organizations portray. It becomes possible that a single brand could span multiple items or services. Take Ford as a primary example; they offer several different car types under their Ford brand. A brand’s image may encompass numerous brand names under one roof. For instance, the company Procter & Gamble manufactures and sells various products through its own branded version. Thus, these products include Ariel liquid soap, Charmin tissues, Bounty hand towels, and overall Crest toothpaste.
The management of both intangible and tangible aspects of a trademark is the responsibility of all brand managers. The cost of the item, the container it comes in, the corporate logo, colors and font format associated with it, and any linked logos are all physical parts of a firm’s brand. The analysis showing how a brand is viewed throughout the marketplace is one of the responsibilities of all brand managers. This analysis must consider the intangible factors of any brand. Intangible aspects of a service or product would include customers’ prior experiences with a brand and emotional connections they have formed with the goods or services in question. The intangible aspects of any brand contribute to its overall brand equity and loyalty.
The cost that customers are ready to pay beyond the value of the existing product to obtain a particular brand is referred to as the brand’s overall equity. The worth of a company’s brand image is determined primarily by how customers feel about the company’s products or services. Corporate or brand reputation seems to be a valuable property developed internally. Therefore, the value of a brand’s ownership will increase if customers are prepared to spend more on a brand than they would for a comparable brand or commodity that offers the same features and benefits (Mogaji, 2021). On either side, the worth of an overall brand equity decreases when customers are more interested in purchasing a comparable product sold at a lower price than the brand.
Managing an organization’s brand includes more than just building a brand; figuring out what products will fit within that model. When dealing with researchers to pick which firms to integrate with or buy, a branding manager must continuously consider its targeted markets when developing new goods to adopt the organization’s name (Bilan et al., 2019). Ongoing innovations make the overall difference between successful and unsuccessful brand-based management. An overall brand manager who is constantly looking for innovative pathways to preserve the value of any brand will keep their devoted customers and increase brand loyalty. However, one who is satisfied with the existing sterling reputation of the corporate name or brand will lose them.
Organizational Vision, Mission, and Brand
Both the company’s mission and vision statement are critical to successfully executing the firm’s operations strategy. In addition, strategic-based planning assists a variety of businesses in establishing priorities, allocating resources, and ensuring that all staff members perform toward the same aims and goals (Akter, 2021). The mission and vision statements work together to offer the necessary direction that enables firms to develop aims and goals or objectives. In addition, the vision statement needs to educate the overall organization’s shareholders regarding the path that the company will pursue in the future regarding their brand. In a similar vein, a strong vision statement outlines the business’s objectives and course of action. Aside from connecting shareholders with the corporate purpose, the vision and mission statements also drive everybody to work toward achieving the goal. The present state of an organization and its goals and priorities are reflected in the organization’s mission statement, which is described further. In addition to this, the activities of an institution are detailed throughout the organization’s mission-based statement. This report presents a complete examination of the mission and vision-based statements.
In an ideal world, an organization’s mission statement would serve as its statement of overall purpose. This step indicates that the mission-based statement serves as a reference for determining how to proceed with all choices. Workers, stakeholders, and corporate executives are the primary audiences for a mission-based statement. Therefore, it has been expected that the entire statement will assist staff in making choices and getting involved in overall activities and functions that are in line with the organization’s entire mission (Akter, 2021). A unique mission statement defines insights on whatever the executives, such as brand management and board of directors, should perceive to be the primary goal for the firm being in the trade. This step is essential information for the representatives to have in possession.
As a consequence of this, some businesses have developed distinctive visions and mission-based statements. Certain statements are driven by the desire to maximize shareholder value. In contrast, some are focused on satisfying customers, yet others have been motivated by the desire to advance the company’s mission of doing good while doing well.
In conclusion, all of the assertions in the paragraphs aim to achieve client satisfaction through various company-related actions. The firm’s purpose and vision objectives serve as guidance for the firm’s various functions. Companies must use a variety of tactics to fulfill the objectives outlined throughout the statements mentioned above. The mission-based statement mentions a few tactics that enable a firm to perform better with its brands. A competitive edge in any organization can be achieved by using these tactics. Every brand’s cultural touchstone must have the same sound and vibe. It is the job of brand executives and managers to guarantee that the overall brand’s visual and non-visual aspects are in harmony.
One needs to think about everything from the strength of the brands or services to the emotional effect it has on clients when they engage with it as a collective unit. The tone of any well-managed brand represents the corporation’s culture and traditions outwardly. Its media footprint and its websites, blogging channels, social networking sites, and concerts all mirror its tone. Brand management frequently establishes brand-based style requirements to maintain consistent messaging, logos, and design qualities. Guidelines for properly using a brand’s set logo, typography, and colors are generally included in brand requirements or guidelines. Thus, guidelines for using catchphrases or particular words and numbers in communication might include editorial-based guidance.
Akter, S. (2020). Companies’ vision, mission, and core values focus on human resource management. International Journal of Financial, Accounting, and Management, 2(4), 343–355. Web.
Bilan, Y., Lyeonov, S., Lyulyov, O., & Pimonenko, T. (2019). Brand Management and Macroeconomic Stability of the Country. Polish Journal of Management Studies, 19(2), 61–74. Web.
Mogaji, E. (2021). Brand management. Springer International Publishing.