2. The necessity of developing the brand
A strong brand will complement the company of enormous value:
The company can attract more new customers through marketing programs. For example, when there is a promotion program to encourage use of flavors or new uses of the product, the number of consumers will outnumber response for a familiar brand. consumers have confidence in the quality and reputation of the product.
The brand loyalty help pharmaceutical companies maintain existing customers for a long time. Loyalty is created by four factors: the brand awareness; perceived quality; brand attributes and other proprietary elements. Product quality and brand attributes, plus the popularity of the brand to create customer confidence and satisfaction purchased product. Increase brand loyalty plays a very important role at the time of purchase, where the competitors are always creative and have excellent product. Brand loyalty is a component of brand equity for the one value that brand equity offers.
brand assets to help companies establish policies and low prices more dependent to the promotion. In various cases, the elements of brand equity support policy setting high prices while the brand is not good to promotion to sales. Thanks to the high price policy that companies have more profits.
brand assets to create the foundation for growth through brand extension. Sony has relied on the brand to expand into the field of laptops Sony Vaio brand, or into areas such as Sony Play Station game. A strong brand reduces communication costs so much to expand the brand.
Brand equity also help extend and maximize distribution channels. Customer Similarly, the point of sale distribution afraid unpopular products. A strong brand support having large display area on the shelf. Besides, major brands will easily get the cooperation of the marketer.
Brand equity also bring competitive advantages and barriers created specifically to restrict penetration of the market for invitation. When viewed in terms of brand attributes, Tide detergent is used for cleaning coined many families and this is the default attributes are important for the market segment. Therefore, other brands can hardly compete with the Tide in the segment "more cleaning". With an even firmly on perceived quality, brand Acura has been very pig competitive advantage that competitors can hardly pass. Convincing customers that there is a better brand Acura very difficult.
In addition a strong brand will enable the company to easily recruit and retain talent; if there is a crisis, it is a base for the company to easily overcome the crisis; it also slow down or stop the erosion of market share; help minimize the battle for survival of the company, so everyone is working on common goals; it also helps businesses attract investors market and finance and help shape the complex decision of the regulator.
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