Creating Board Strategy

Answer

Creating Board Strategy

#1. Importance of Creating Brand Strategy

              A major benefit of creating brand strategies is that it assists one to differentiate his or her business from other close competitors. Because of the globalization, there has been intense competition among firms across the world. In particular, the technological advancements have heightened competition and made it possible for customers to compare all the available options. For this reason, brands must be unique and different from others to attract customers. Creating a brand strategy makes this achievable in the intense competitive market environments across the world.

            Creating brand strategy transforms products from being a mere commodity to something that has a valuable life. In their study, Baines, Fill, Rosengren and Antonetti (2017) suggested that it is prudent for firms to tailor their products to a brand that people to love purchase and use as opposed to just being a commodity. Therefore, formulating brand strategy enables organizations to incorporate customers’ feedback in their products thereby designing a product that fulfills the needs, tastes, and preferences of most consumers.

            Creating brand strategy assists optimize the significance of the brand in the heart and mind of consumers. In the contemporary markets, attracting and retaining customers is a challenging task (Fill & Turnbull, 2019). As such, to realize this, the brand must be lovable. Intuitively, the customers do not just love the brand name but the entire brand experience. Therefore, creating a brand strategy assists to make the brand more adorable to attract customers and retain the existing ones.  Moreover, it assist build trust and loyalty in customers and possibly expand the market shares of organizations.

            Tesla is one of the multinational corporations that have developed a strong brand strategy. The company is one of the leading luxurious and expensive brands. Building brand strategy has assisted the organization to expand their share values and yield stronger financial results. Reportedly, Tesla cars are long range, friendly, electric and have superior luxurious features. Building a brand strategy assisted Tesla to gain competitive advantage over its rivals because it enabled the company to differentiate its brand from close competitors. Similarly, the company’s CEO; Mr. Elon has branded himself as the leading manager and promote the brand for its exclusiveness, uniqueness, and quirkiness. For instance, the ludicrous mode in Tesla cars.

#2. Roles Played By Brand Elements in Developing Brand Strategy

             Brand elements refer to the components used to express the brand with distinct intangible and tangible effects from other brands (Keller, 2018). These elements include tangible components such as color, slogans, logo, packaging and taglines, as well as intangible components such as sensibility, design, quality and personality among others (Keller, 2018). Different companies across the world choose various brand elements to develop different brand approaches. Some of the brand strategies may include new branding, line extension and existing brand extension. Each of the brand model strategies require unique brand elements to attain maximum customer awareness from normal consumers.

             A critical role of brand elements is to create a distinct identity to the brand. Essentially, brand elements assist customers to point out the specific brand from a collection or assortments of products. As such, the organization need to take into account the distinct brand elements, particularly in fight brand strategy. Another important function of brand elements is that they facilitate customer identification process. Brand elements especially, color, taglines, logo, and slogans all assist customers to identify the brand. Similarly, brand elements act as a silent seller (Rajagopal, 2019). Tangible elements such as coloring and packing act as silent seller of unique products. This according to the study assists companies to gain more competitive advantages in the brand or line extension strategy.

            Some companies follow mix and match brand elements in their branding. A major reason for this practice is the consideration of brand identities and brand equity. Each of the brands considering various mixtures of elements for designing their brand strategy. These organization base their selection process on the strategic behaviors of branding process. Essentially, the slogan that Nike company uses, “just do it” white font with the black background with its trade mark is considered a mix and match brand element when taking into account the memorable procedure of brand strategy. In this case, the firm attempts to convey the distinct identity of the brand easily and with most appealing slogan linked to the company’s operational area.

#3. Brand Breadth and Depth of Awareness

             Depth of brand awareness entails how easily buyers can recognize or recall the brand while breath of brand awareness encompasses the range of consumption and purchase situations where the brand comes to mind (Rajagopal, 2019). Principally, the depth of brand awareness determines how possible it is for a brand element to be recognized and the ease with which it achieves that. Reportedly, any brand that customers easily recall has a deeper level of brand awareness as compared to one that they can only recognize when they see it. Contrarily, the breath of brand awareness determines the range of usage and purchase situations in which the brand element is recognized and largely depends on the brand organization and product awareness in memory (Rajagopal, 2019).

            The depth of brand awareness and breath of brand awareness can be explained further by considering Tropicana orange juice. Essentially, most consumers should be in a position to recognize the Tropicana brand when it is delivered to them. Besides that, the consumers need to think of Tropicana every time they think of orange juice, especially when they want to purchase any orange juice. Preferably, customers would consider Tropicana every time they want to decide on the specific type of beverage to drink, particularly when looking for a tasty but healthy beverage. For this reasons, buyers must view Tropicana as satisfying a given set of needs every time the mentioned needs emerge. A critical challenge for the manufactures of orange juice is to connect the commodity to usage situations beyond the initially known one (breakfast). Therefore, the industry seeks to conduct widespread and intense campaign to improve the consumption of Florida orange juice that uses a relatively similar slogan as the one described above.

#4. Experimental Marketing

`           Nike can employ experimental marketing in the football championship. The organization can use VR technology to assist individuals try the shoes, as well as, how it feels like in various athletic activities such as a kick within the football fraternity among others. All these can be realized using VR technology that would assist people grasp insight into the product quality and how athletes feel every time they put on the same product.

            The described process is an effective technique of marketing because it enables people to engage and try products thereby leading to higher sales. Essentially, this type of experimental marketing can be adopted around arenas where competitions or tournaments are organized or in Nike stores during championships.

            Because of its attractiveness and more engagement, individuals would be attracted to the concept of experimental marketing and may equally increase the presence of companies in social media channels thereby improving their performance. Similarly, it would resonate well with the target audience since Nike Inc. states that it takes care of the athletes and that an athlete is any person who has a body. Usually, it targets youths who are passionate about sport understanding the quality of Nike products (Rajagopal, 2019). Therefore, that would be the most appropriate approach for experimental marketing for Nike.

#5. Elements of a Brand Resonance

             The brand resonance refers to the relationship that a buyer has with a product and how effective such a buyer can identify with the product (Keller, 2018). Brand identification is a key component of brand resonance. This is one of the critical steps of brand resonance and it encompasses assuring the brand identification with the customers, for instance, minding about the product and building a relationship in the minds of customers concerning the product’s use. Brand establishment is another element of brand resonance (Keller, 2018). It intends to make full benefit of the product in the minds of customers so that the customers can recall the product. Eliciting response and relationship are other critical elements of brand resonance.

            Yardly red rose de perfumes is one of the examples I want to use regarding brand resonance. This product has an effective brand resonance. In particular, it positions its brand in the customers’ minds providing a natural feeling of the rose garden. This not only provide customers with a fresh feel for its targeted customers but also attract buyers who are related to stylish groups.