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Brand Marketing Essay

710 words - 3 pages

Brand marketing is important to nearly every business because it represents a company’s markets identity. It displays to the buyer who they are, what they do, what kind of quality of products they provide, and their reputation for trustworthiness. It is rather significant in the world of marketing because the brand influences many decisions of the customer. It is the most effective for the development of the customer to repeat business. This is due to the fact that any customer’s perception of a brand is going to be largely created due to previous experiences with that brand. The company’s brand represents instant standards of that company for the customer, and once they are familiar, they ...view middle of the document...

Although brand names are significant for the marketing and selling for a particular product, I believe that even valuable brand names can lose their value. This is most likely due to their failure to preserve their image, and preserve “the illusion” as Damodaran describes. As with the Coca-Cola story, if they do not preserve that image, consumers will not accept the new product. Coca-Cola was able to fix the damage that had been done, but not all companies are as fortunate to say the same.

There are several things that a company can do, however, to try to make sure that their valuable brand name does NOT lose value. The first is to understand your customer’s perception of your particular product. Determine if your product has a specific known element amongst the public, such as exceptional taste, better quality, or for being unique. For example, Starbucks is able to demand a consumer to pay a large amount of money for a simple cup of coffee. This is because people associate Starbucks coffee with high quality coffee, and are willing...

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