Developing the Brand Strategy

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Institutional Affiliation

There are many similar products in the markets, and especially the mobile phone market which MM Company is involved in. The brand name helps the company to make an impact in the new market. A strong and reputable brand can propel the company to success by capturing the customer’s loyalty and making them more willing to try new products from the same brand. The brand of a company must be handled carefully since it has a lot of implications on the success of the company in the sale of its products and subsequent products. A good brand has the capability of drawing customers and retaining them and their interest so that even the product is sold based due to its brand despite its name. An example of a company with a powerful brand is the Apple Company which has managed to retain its customers over a long period of time.

When choosing the product name, the company has to consider whether in is acceptable especially in the region where it is selling the products. MM Company should consider the different cultures in the market locations and choose an appropriate name that is acceptable by all the new markets (Finskud, 2009). The product name helps in distinguishing different products from the same company. An example of different products names from one brand is the Apple Company which has different products under the brand name. This includes IPhones, IPods and Ipads. The brand name can be used as a competitive advantage where it has been used before and has been considered to represent reliable and help in penetrating the new product. Research ought to be conducted in regard to the product name before it is chosen to ensure it will make the expected impact in the market. In addition, the product name is part of the brand of the company and hence all relevant management employees should be involved in the process. The company should also acquire a trademark for the product name chosen so as to ensure no other company uses it for their products. The product name helps the company stand out among other similar items.

The advertising slogan or tagline represents a phrase or sentence used to advertise the product (Kapferer, 2008). It is used during the advertising of a product and is usually catchy and memorable to enable the viewer or potential customer to remember it. The marketing team should come up with a tagline that will enable the company draw customers and make them aware of the existence of the product. It contributes to the perception consumers have of the product. The advertising slogan is an integral component of the brand of a company as people tend to associate the product with the company. A slogan should be well thought out and researched. The target market determines the kind of slogan that will be used as the company seeks to meet their needs. It distinguishes products from others from competitors. It uses the underlying concept of the new product and is a punch line to the advertisement.

Product attributes are the selling point of the new product as they make people aware of the features they have and other benefits. The new product will have features for those who crave the latest and greatest technology in their mobile phone. It will enable the user to access internet at all times, take photographs with a high pixel, downloading files and listening to music among others. These will be suitable as research of the target market shows a high preference for such features. The product’s attributes will be crucial in building the brand of the company as they determine whether they have produced a product that is suitable for the target market. They enable the customer to rate whether the product has met their need. This can be enhanced through allowing feedback in order to learn any issues and improve their product. This will enable them to provide reliable products and deal with arising issues and perfecting the product. The product’s attributes are seen as the key to branding since in if they were nonexistent then the company would not own any brand.

The benefits that will be highlighted in the brand include its suitability for working class people due to the ability to access their important stuff on it and especially the email application. It is also suitable for school going children as they can play games on it, listen to music and download applications from it. The benefits will be divided according to the market segment they intend to reach as part of the target market. They are also part of the brand of the company. However, in order to gain a positive reputation, the company should ensure it fulfills the promises it has made on the benefits of the product. Where the company does not keep its word and provide products as advertised, the customers lose faith in the company and the company will be unable to retain any customers in the area. Retaining customers is important, especially for new products, as it enables the company to gain market share. It is important to protect the brand as it may cause it to be either successful or unsuccessful.

Branding of a company helps in establishing itself within the market as a key player. The company should, therefore, work hard towards ensuring that the brand created is positive. This is done through constant monitoring of feedbacks to improve where possible. The product attributes should also be in accordance to the requirements of the targeted market as it is one of the important factors considered. Aggressive advertising is needed to ensure the product reaches the target market and hence a creative slogan or tag line should be made. It should be memorable and exciting enough to capture the interest of the viewer or listener and encourage them to try out the new product. In addition, the product name should distinguish from those of competitors and make the product stand out.

References

Kapferer, J. (2008). The New Strategic Brand Management: Creating and Sustaining Brand Equity Long Term. Center City, P.A: Kogan Page Publishers.

Finskud, L. (2009). Developing Winning Brand Strategies. New York: Business Expert Press.