Marketing and Brand Management
Brands create value for customers in many ways. Often, that value is created by simplifying the decision-making process. The values also lie in providing emotional or relationship benefits to customers. Brands can reduce customers’ uncertainty and perceived risk by allowing them to rely on well-known products.
To maintain brand awareness and loyalty, companies spend enormous amount of money for advertising, promotion, and other marketing programs. Promotion and advertising budget has become a significant portion in every company. However, how can companies be sure that their massive expenditure is well spent?
How should an FMCG company serve modern market (supermarket and hypermarket) while their majority of business is still with Mom and Pop stores? How would companies anticipate emergence of discount store chains that has 80-90% in house brand and only 10-20% regular brand in their outlets? How would a customer be loyal to a telecom provider when every single provider in the country is promoting cheap prepaid card? How should a company divide budget for advertising and for sales? What incentive and measurement is the best for their sales force?
Companies that address their marketing strategic issues early and spend their marketing and sales budget wisely will reap both the short-term sales benefit, long-term brand premium, and market leadership that every company desire.