Branding Challenges in Dynamic Market

Branding is a process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. Today, brands and other tangible assets represent a significant proportion of a company’s enterprise value. The traditional Approach to brand management is changing and there has been shift towards a new paradigm in the marketing organization .This emerging trend represents a more away from a system focuses on the individual brand manager, who is responsible for all the business activities that relate to ensuring the success of a specific brand. The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers. Therefore, Branding, in dynamic market, is not about getting the consumer to choose you over the competition, but it is about getting your prospects to see you as the only one that provides a solution to their problem. To understand branding in a better way, it is important to know what brands are? A brand is the idea or image of a specific product or service that consumers connect with, by identifying the name, logo, slogan, or design of the company who owns the idea or image. Branding is when that idea or image is marketed so that it is recognizable by more and more people, and identified with a certain service or product when there are many other companies offering the same service or product.

Advertising professionals work on branding not only to build brand recognition, but also to build good reputations and a set of standards to which the company should strive to maintain or surpass. Like, Fastrack, it’s a brand launched by Titan, the mother company of both these brands is TATA. However, in present scenario, constant fluctuations in the market create challenges for branding. Brand management has proven quite adaptable to differing firm and marketing environments over its existence. As the modern corporation increasingly incorporates horizontal coordination structures, the brand manager may even become part of cross-functional teams. The original logic for the brand manager system in the multiband firm rested on the belief that competition internally for resources would improve efforts on behalf of each brand. But managers for multiple brands in the same product category (such as Pantene shampoo, Ariel detergent, Olay Face cream, and Tide detergent for P & G) often competed as ruthlessly with one another as they did with counterparts from competing firms.

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