Branding in Business market

Jul 19 • General • 1003 Views • No Comments on Branding in Business market

In consumer market as well as in business market there is development of a new product to serve the customers. Every product has a life cycle no matter it is a industrial product or a consumer product. Different stages of product life cycle are discussed below :

Introduction stage

  • There is a new market development to make the buyer aware
  • Product have basic specifications
  • There is a lot of promotion
  • Efforts in establishing distribution channels      Branding in Business market
  • Price is related to the positioning of the product

 Growth Stage

  • Uniqueness is created for the product to differentiate from the competitor’s
  • Promotional techniques require reinforcement
  • Distribution is increased in different areas
  • Price is reduced

Maturity Stage

  • Product differentiation is introduced
  • Promotion on the product’s superior value
  • Intensive distribution
  • Costs are reduced

Decline Stage

  • Product is removed, new product developement
  • Promotions and distribution is reduced
  • More focus on retaining the customers
  • Price gains importance

Branding in Business Markets

Important brand functions in the business market

  • Reduction in the risk of the firm
  • Information collection becomes easy
  • Positive image of the firm is created

Brand Planning and Analysis

  • The marketers should focus on creating a plan for their brand
  • Some important factors in planning are:
    • Complete involvement of everyone
    • Continuity in the brand
  • The basis of creating a brand starts with brand analysis
  • Analysis of the brand is done with the help of market research
  • Through research the marketer gets the knowledge about
    • Who are the target customers
    • Who are the competitors
    • External environment

Brand Strategy

  • After the analysis of the brand another important thing is building a strategy for the brand

Selecting brand name:

  • It can be a name of a person
  • Nature of the industry
  • Any type of acronyms
  • Any artificial name

Brand Positioning :It is establishing a meaning for the brand in the minds of the customers to make the brand recognized.

Brand Auditing

This is similar to the method of brand analysis in which the main motive is to find out the strength and weaknesses of the brand. Brand audit should be carried out by every firm one in two, six  or twelve months for increasing the efficiency of the firm’s working.

Brand audit process

  • Deciding the objective of the audit
  • Performing the internal analysis of the firm
  • Performing external analysis through market research
  • Interpretation of the data
  • Report formation

 

 

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