Branding and Marketing Strategies for Business Success

Posted on Feb 2, 2025 in Business Management and Marketing

Branding

Branding is the process of developing a firm’s identity and strengthening its image and loyalty.

Brand Recognition

Brand recognition is the extent to which a consumer can correctly identify a particular product or service just by viewing the product or service’s logo, tagline, packaging, or advertising campaign. Brand recognition can also be triggered via an audio cue, such as a jingle or theme song associated with a brand.

Techniques Used

  • Social media advertising
  • Producing a short and memorable song

Brand Awareness

Brand awareness is the degree of consumer recognition of a product by its name. Creating brand awareness is a key step in promoting a new product or reviving an older brand. Ideally, awareness of the brand may include the qualities that distinguish the product from its competition.

Brand Preference

Brand preference is when you choose a specific company’s product or service when you have other, equally priced and available options. It reflects customer loyalty, successful marketing tactics, and brand strengths. Once you prefer something, you buy it more than once, and you become brand loyal.

Techniques used: Could be similar to brand loyalty techniques.

Brand Loyalty

Brand loyalty is the habit of always buying a product with the same name, made by the same company.

Techniques Used

  • Quality
  • Brand values
  • Experience
  • Culture, habit, and familiarity
  • Loyalty programs
  • Discounts

Approaches to Marketing

Product-OrientedMarket-Oriented
Definition (Characteristics of)Also known as an “inward-looking” approach where the firm develops a good/service and convinces the market to buy it.Also known as “outward-looking,” where the firm engages in market research to identify the products that have a demand before producing and selling the product.
Differences
  • Focuses on the product itself
  • High costs on innovation/research and development of the product
  • May charge higher prices
  • Can achieve high quality
  • Focuses on market research
Strengths
  • Associated with high quality
  • Builds a good reputation and success in slow-changing industries
  • Control over its activities
  • Higher rate of success because market research allows the firm to develop what is demanded
  • Can respond to the changes to the preferences of the market
  • Strong position to meet the challenge of new competitors
Limitations
  • Higher risk of the market not accepting the product
  • Higher spending on R&D without considering consumer needs
  • Higher costs in innovation do not guarantee that the market will buy the product
  • Market research is costly
  • Having knowledge of the market does not guarantee success because behavior is dynamic and unpredictable
  • Uncertainty about the future and external economic conditions

Marketing Approaches Based on Objectives

Commercial Marketing

Commercial Marketing is a marketing strategy that aims to develop goods and services and later generate profits. It is mainly used by for-profit organizations.

  • Convince customers to buy and eventually generate profit
  • To strengthen brand loyalty
  • To develop brand image
  • To create brand awareness and recognition

Social Marketing

Social Marketing is a marketing approach that aims to influence behavior to generate positive benefits for society as a whole. It is mainly used by non-profit organizations and the government.

  • To develop brand image
  • To create brand awareness and recognition
  • To encourage society to contribute to the mission and cause of the organization
  • To strengthen the credibility and reputation of the organization and its cause

Social Media Marketing

Social Media Marketing refers to the use of social networking applications and platforms to sell products and/or to promote a cause. Social media is used to complement other marketing techniques.

  • To expand the organization’s reach to a global level
  • To strengthen brand recognition
  • To interact directly with current and potential customers
  • To collect market data to investigate customer behavior and trends