Business administration has been referred to as a practice, a science, and an art. In developing a competent strategy it takes knowledge of a multitude of disciplines including how and what makes those disciplines work together in development phases. It is imperative to be knowledgeable about the hows, whens, whys, wheres, and whats in order to replicate success. A competent strategy providing a variety of multifaceted options and investments should guide each department in achieving increased net profits, resourcefulness, organizational developments, and community relations.
“The ROI of a single campaign may not meet financial expectations yet the combination of multiple campaigns may show significant profit potential. Assessing the ROI of all campaigns within the division, both independently and in combination, will bring entirely new insights.” (James Lenskold 2003, 123)
Brand value is achieved by being consistent in the brand’s imagery, attributes, elements, quality, and salience factor. Points of parity and points of difference that are consistent prepare the brand for unlimited success. Brand awareness, brand value, and positive brand attitude are engineered with consistency and repetition. Other imperative branding tactics are product placement, co-branding, licensing, endorsements, sub-branding, and brand extensions. Product, price, promotions, place, and packaging attributes must also be consistent in order to sustain and exceed brand loyalty, market share, and supremacy numbers (i.e., market share, net profits, etc.) in the competitive market. Attaining competitive advantage over other brands must be achieved through research and development and continuous implementation of public relations and advertising tactics and campaigns. It is imperative to monitor brand equity and brand aversion by surveying consumers’ attitudes; by conducting undercover marketing; and implementing opposition research.
“Brand value is created when customers have deep and broad brand awareness; appropriately strong, favorable, and unique points of parity and points of difference; positive brand judgments and feelings; intense brand attachment and loyalty; and a high degree of brand activity.” (Kevin Keller 2008, 319)
Reference:
Keller, Levin L. 2008. Strategic Brand Management: Building, Measuring, and Managing Brand Equity. Prentice Hall.
Lenskold, James, D. 2003. Marketing ROI: The Path To Campaign, Customer, and Corporate Profitability. McGraw-Hill Books.
© 2011 Paul Prince, Paul Prince Art
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