All the banks may be important as ever to customers or consumers, brand
management may be more difficult than ever. Although there has been growing
recognition of the values of brands a number of development have occurred in
the recent years that have significantly complicated marketing practices and
post challenges for brand managers with the new opportunities which are as
follows:
1. Shift from Advertising to Promotions
As a consequence of the increasing pressure on brand manager to achieve short
term goals, there is a Temptation to cut back on advertising support, the same
it is viewed as long-term brand building investment, in favour of promotions
which generate much Quikr short term results.
2. Increased Costs
At the same time that competition is increasing the cost of introducing the
new product or supporting an existing
product has increased rapidly,
Making it difficult to match the investment and level of support that brands
were able to receive in previous years.
3. Competition
Competitive pressures and Wars have led to a few difficult situations that
companies have to face challenges. The following are the typical once:
- Media host and fragmentation
4. Online Shopping
The internet is facilitating online shopping.
ksoftTechnologies.com
is different from traditional mail order because.
- Brands are available all the time and from all over the world.
- Information and interaction are in real time.
-
Consumers can choose between brands which meet their criteria, as a result
of selecting information which is in a much more convenient format for them,
rather than the standard catalogue format.
The poses Threads to brands, some components of added value, agent for the
retail outlet which originally added value by matching consumers with
suppliers, maybe eliminated.
5. Opportunities from Technology
Brand marketers are now able to take advantage of technology to gain
competitive advantage through time. Technology is already reducing the Tech
Lead time needed to respond rapidly to changing customers need and minimising
any delay in supply chain.
6. More Sophisticated Buyers
In business to business marketing, there are already an emphasis on bringing
together individuals from different departments to evaluate suppliers’ new
brands. As inter-departmental barriers break down even more, sellers are going
to face increasingly sophisticated buyers who are served by better information
system enabling them to pay off brand suppliers against each other.
7. Growth of Corporate Branding
Throw corporate identity program functional aspects of individual brands in
the firm’s portfolio can be augmented, enabling the consumer to select brands
for assessment of the values of competing firms. Firms developed powerful
corporate identity programs by recognizing the need first to identify their
internal corporate values, from which floor employees attitude and specific
types of staff behavior secondly, to devise integrated communication programs
for different external audiences.
Blog by:
For more details:
Pooja
Business Analyst
+91 9745275487
pooja@ksofttechnologies.com