Introduction
From the module, the topic that I find interesting is building brands and enchanting consumers. I find this topic to be interesting because it is centered on promoting the marketing of a brand and attracting consumers. This topic combines both the aspect of building brands and the aspect of enchanting consumers which is effective strategies in boosting business and attracting more customers. The main aim is to achieve an effective marketing strategy that attracts more consumers and promote the business’ brand. This topic is essential because market growth is achievable by attracting new customers, retaining the customers that exist, establishing new products, as well as developing new consumer trends (Chapleo, 2015, p.206). These aspects can be achieved through building brand and enchanting consumers. Markets are in a state of constant change, and therefore, it needs regular brand building and consumer enchanting. This paper undertakes a literature review of articles and studies carried out concerning building brands and enchanting consumers. The paper will further critically analyze and evaluate what other researchers have expressed regarding this topic.
Literature review
Brand building models
According to Lavuri and Sreeramulu (2019, p.92), it was stated that earlier in 1980, there used to be an altered method towards brands. Enterprises desired to acquire a manufacturer of pasta or chocolate. After that period, they wished to purchase Buitoni or Kitkat. This difference is much essential, in a first circumstance company want to purchase making volume, and second, they require to purchase a place in consumers mind (Agostini et al., 2015, p.164) From other terms, a change in emphasis towards brands originated when it was concluded that they existed something much than ordinary identifiers. Brand performs eight purposes. The main two concern the principle of the brand and aeromechanical are to perform as a known symbol to help in making a choice and to add time. The other three are for the reduction of the alleged risk and last three unease the pleasure on the side of a brand. Brands from the consumers’ mind carry out an economic task, brands worth comes from its knowledge to gain exclusive, prominent and positive meaning from the accounts of many users. For that reason, brand building and branding should be an emphasis on coming up with brand value.
Brand leadership
According to Pritchard et al. (2019, p.7), it is important to leave the old-style labelling model and convey together the brand management style that emphasizes on tactics and strategy. From this design, controlling of the brand process receives unique features: visionary perspective and strategic. Manager of the brand is the head of the institution and does a job at a longer time and is a team leader in communication as well as a strategist. The goal is to build equities of a brand and coming up with brand equity, and brand structures are complex due to their focus on many brands, many products and many markets. In conclusion brand creation and identity of a brand turn out to be the drivers of strategy.
Brand Equity
According to Mindrut et al. (2015, p.398) brand equity is the value supplementary in which a particular brand endows a product. It is also being defined as the improvement in the observed utility and attractiveness a brand name converses on a product. High brand equity is well thought-out to be competitively advantageous since: suggests that companies can duty a premium; trade leverage is better; greatness of margins can be there; less vulnerability of the company y to competition; customer demand increases and brand extension is easier (Mindrut et al., 2015).This larger brand equity creates an effect that is differential and knowledge of a brand and significant response of consumer, which may lead to the best performance of a brand both from the buyers perspective and financial.
Financial perspective
Techniques of financial value base remove the brand equity value from firms other assets value. According to Balmer (2017, p.181)brand equity is the incremental flow of cash that ensue to branded products and beyond the flow of cash that is resulting from sales of products that are not branded. Brand equity of s firm can be estimated by developing financial market estimations from the profits of the brand. Undertaking firm’s financial market worth as a base, firms brand equity is extracted from the firm’s value from intangible and tangible assets, which leads to the rising of an estimate based on the future flow of cash in a firm (Pritchard et al., 2019, p.9). Brand equity is reflected by the knowledge of products to come up with value by enhancing prices and growth acceleration. The function of brands is essential for driving cash flow.
Customer perspective
According to Carron et al. (2014, p.10), product responsiveness consists of brand recognition and capacity to approve the exposure of the product when receives a product as an affirmation, and the brand reminds the knowledge of the buyers to remove the form of the product when given category of product, requirement satisfied by the category or usage or purchase situations as a reminder. Brand image is developed by marketing agendas link, favourable, unique and robust associations for the brand from memory. These relations are controlled by a program in marketing, brand information, logo, country, place, word of mouth, and person, the channel of distribution or direct experience.
Combined perspective
There are links for both the customer based view and financial of brand equity. A model was created being called Global Brand and Equity that shows the source of value and estimation of brand equity. An interdisciplinary style that put a figure on value constituents and put into use financial techniques. According to Gabriel et al. (2015, p.632), to check the performance of the firm, short term and cash flow are used as indicators without consideration of the brand bases Improvements. Usage of brand loyalty, brand associations and perceived quality establishes that enterprises with more levels from these processes have larger performance levels. This shows the essence of brand equity as a pointer of performance. Awareness of the financial value devoted to brands helps in coming up of systems that are consumer-driven for equity measurement. Value of economic is developed in dealings that are a source of equity (Gabriel et al., 2015, p.12). Therefore they create a model being called the Consumer Value Model for predicting transactions to assist bridging the gap among substantial revenues and intangible perceptions caused by a brand.
Brand Identity
According to Cockayne (2014, p.6) Brand Appearance helps understand the derived form of consumers and a total number of brand-related actions performed by the firm. Transitory from brand regulation to individuality management by putting into usage better essentials on the essential features of building a brand. More weight requires to be found on brand identity; this identities are about aims, values, and ethos that present a common sense of individuality setting apart the brand. Brands identity are conceptualized in terms of culture and vision that drive personality, positioning and other relationships that are subsequent (Agostini et al., 2015, p.166). From this logic, staff members, culture and visions affect the process of building a brand. Therefore much attention is placed under essential features of branding like the role played by staff in changing values of a brand.
Building Services Brands
Fudge (2017, p.7) revealed that from the distinctive features of service intangibility, perishability, the inseparability of production, heterogeneity of quality and consumption is about the capability of the client at the crossing point with provision provider. Therefore it not good to use brands that are of classical models in place of service sector because staff members play an essential part in brand values, brand quality and branding of service over connections they have with users. There is the conceptual basis of gaining knowledge on the role of social uniqueness from the service in the brand-building process. There are four features of sports nature and states that products can be supported by nurturing group familiarities, planning of physical skill and creating unique traditions, initiating rituals and history where experience and brand identity may be shared.
Brands as a Relationship
Iglesias et al. (2017, p.156) reveals that a brand can be regarded as an association partner and the only way to attain this is through understanding some of the ways brands are personalized, humanized or personalized. There are three processes of brand animation; over the spirit of the past or represent others by anthropomorphization of a brand and use of brand person relations. Relationship of brand happens during consumers lived experience level. These relationships suggest significances to the users and some are utilitarian and functional while the others are passionate and psychosomatic.
Brand Positioning
According to So et al. (2016, p.69), brand positioning is a marketing tool for coordinating communication in an organization. Brand positioning offers an organization a competitive advantage in a highly competitive industry and is essential in establishing a strong brand. Essentially, the brand position creates a positive image for an organization giving it a competitive advantage over its competitors. Additionally, brand positioning helps in communicating set views, feeling as well as impressions that a consumer has for the organization.
Essentially, the brand position, as well as the brand image, is concerned with the mental picture of which a consumer has towards a brand. Organizations there have to focus on creating positive images in the consumer’s mind, also known as psychological positioning. When it comes to brand positioning, it is critical to consider the consumer (So et al., 2016, p.71). Positioning entails creating something new as well as reinforcing the connections that exist. It is, therefore, essential for an organization to understand the place that their competitors are in their consumers’ mind to effectively position their brand. Moreover, brand identity, as well as brand positioning, is capable of generating value position, the basis and also the credibility of a relationship. It also forms a basis of a competitive edge via a complex network of meanings.
Brand Building Blocks
Corporate brand building definition arises from the reference of establishing powerful brands, acquisitions of competitive advantage in the form of people in organizations, to viewing internal branding as activities adopted by an organization to make sure emotional as well as an intellectual commitment to the brand is achieved (Gabriel et al., 2015, p.632). Otherwise, other researchers have perceived internal corporate branding to be various activities allowing organizations to join forces and collectively speak in one voice.
Conducting the corporate branding process through two way communication process is essential for organizational branding success. Punjaisri and Wilson, (2017, p.102) in their research showed that corporate building process is an interactive process instead of a communicative process which involves communicating a series of events. In this study, the authors went ahead to make an argument that corporate brand building process is essential in fulfilling the promise of the brand. Punjaisri and Wilson, (2017, p.103) in their research determined that institutionalization of the corporate branding process feedback aid the process of identifying challenges and also obstructions to the process. This form of institutionalization also offers a structure for removing or preventing such obstacles.
According to Wallström et al.(2008, p.44), there are factors that vital for the corporate brand building process success. As per the researchers, employee commitment to reflect as well as deliver the anticipated brand values to the consumers is very critical for the brand-building process success. Furthermore, other aspects identified by Wallström et al. (2008, p.47) that are vital to the successfulness of the process of corporate brand building entails effective communication as well as brand values internalization. Other aspects found by other scholars which are essential for the brand-building success include; brand commitment, correspondence of both corporate and personal brand values, brand vision, and core values.
Committed Staff
According to Williams Jr and Omar (2014, p.8), internal brand commitment is vital in making sure that the successfulness of the brand-building process is achieved. They consider the commitment of staff from all levels to be very important in making sure that employees transform the seeming brand messages to brand reality. According to Williams Jr and Omar (2014, p.8), the significance associated with the brand and organizational commitment in employees emerges from the significant dependence attributed to internal branding activities for the successfulness of the brand mostly for service-oriented companies. Actually, according to Pritchard et al., (2019, p.8), the brand-building process is viewed to be the same as the process of establishing and fostering commitment among employees. Essentially, staff commitment to delivering brand reality is vital for the success of brand building which is reflected in the customers’ brand values.
Why do brands enchant?
As per the consumer theory, it provides multiple answers to the question as to why consumers cherish certain brands. Mindrut et al. (2015, p.397) for example, pinpoints the salient emotional values of brands utilized like relationship partners simulating that of humans as well as extended-expression to itself. From an individual view, in a social context, brands tend to enchant via their symbolic value. As Mindrut et al. (2015, p.397) disclose, brands emerge to be meaningful by transferring cultural resources, social exchanges as well as individual experiences pertaining to the brand’s name. It is, therefore, appropriate for consumers to utilized brands to act as resources for individual identity projects so that they would enthuse more.
In a sociological viewpoint, Balmer, (2017, p.194) assert that the brand enables consumers to reclaim the sense of affectionate community in an overwhelming impartial society. The authors exhibit the way shared traditions, consciousness, moral responsibility and traditions attract consumers together towards an existing brand or even a common consumption interest. Consequentially, similar brands motivate antagonists as well as a social activist to lobby against corporations through establishing doppelganger brands or through individual resistance.
Two more themes clout brand enthusiasm concerning the consumer cultural level, which includes; creativity and authenticity. In these theories, the most required character of the identity of a brand is authenticity. Holt asserts that companies attempt to exploit authentic subculture innovations for establishing enchanting brands in a continual variation and co-optation circles. Consumers try to create emancipated spaces whereby they are capable of evading the branding mill or the overall market logic. The consumer creativity in terms of purchasing, utilizing, modification, improving or estranging commercial offerings are essential in this endeavour in evading the commercial mainstream. , Balmer, (2017, p.196) recently exposed that in the business perspective in the agricultural context, regardless of the corporate efforts of co-cooptation, consumers are capable of creating a steady, sustainable market. Such a consumer-driven market response emerges from creatively using market mechanisms for alternate ideological agendas. Essentially, the theory existing show that authenticity, creativity, identity as well as the community are main traits of the majority of the enchanting brands.
How do brands develop?
According to (Carron et al., (2014, p.6), the marketing theory in place answer the question of brand development by providing the open systems brand concept. The researchers determined four main dimensions constituting a brand meaning, textual, physical as well as experience. Such aspects can be influenced and established by businesses and consumers in a social setting. The physical dimension entails tangible products that are improvised, individualized and also invented by the consumers. There is text dimension involving, brand-related videos, pictures as well as stories which are produced by consumers and exhibited on platforms like YouTube, MySpace and also Wikipedia. The experiences of the consumers also make a significant, influential impact on the brand, including its meaning. Moreover, spectacles like brand fests, concerts, or even amusement parks depend on the audience’s contribution as well as their active participation. The meanings that are attributed to some brands can improve brand experience and also bestow the most needed objects having cult status. Wallström et al. (2008, p.42) main theoretical argument is that brands are prone to influences from consumers than as it was previously known. This dimension is resourceful in scrutinizing the scopes of the emerging brands lacking empirical insights in the way consumers are contributing to brand development over time.
The enchantment cultivation
So et al., (2016, p.74) asserts that moments of surprise are essential to enchantment experiences such that no elements of modernity vindicating courses are more adverse to enchantment as compared to predictability and standardization. The scholars also imply that in the era of postmodernity, magic might re-occur from modernity to ritualize consumers in an enchanted cultural way. So et al., (2016, p.76) suggests that enchantment arises form unpredictable and spontaneous moments though such qualities are antithetical to technological consistency as well as control characterizing branded services. The supposed consumer environments are capable of offering rationalized enchantment simulations and continues to give the wow feeling, which is intrinsic to captivate the consumption experiences entirely. Essentially, enchanting simulation is not quite authentic and do not fill the experiential void of the consumers. Such conditions establish the cultural stage for a consistent cycle of consumer disappointments as well as expectations.
Conclusion
To sum up, from the literature review it can be learned that, brand performs eight purposes. The main two concern the principle of the brand and aeromechanical are to perform as a known symbol to help in making a choice and to add time. The other three are for the reduction of the alleged risk and last three unease the pleasure on the side of a brand. Brands from the consumers’ mind carry out an economic task, brands worth comes from its knowledge to gain exclusive, prominent and positive meaning from the accounts of many users. For that reason, brand building and branding should be an emphasis on coming up with brand value. Brand image is developed by marketing agendas link, favourable, unique and robust associations for the brand from memory. These relations are controlled by a program in marketing, brand information, logo, country, place, word of mouth, and person, the channel of distribution or direct experience. Usage of brand loyalty, brand associations and perceived quality establishes that enterprises with more levels from these processes have larger performance levels. This shows the essence of brand equity as a pointer of performance. Awareness of the financial value devoted to brands helps in coming up of systems that are consumer-driven for equity measurement. Brands identity are conceptualized in terms of culture and vision that drive personality, positioning and other relationships that are subsequent. It can also be deduced that enchantment arises form unpredictable and spontaneous moments though such qualities are antithetical to technological consistency as well as control characterizing branded services. However, there is a research gap on the cost implication of building brand and enchanting customers. Therefore, future research needs to be conducted examining the cost implication of building brand and enchanting customers.