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Marketing for Beginners: The 4ps of marketing explain

What is Marketing ? this is first question arises in Marketing Beginners mind. When you start learning the Marketing Basics, you are expected understand the meaning of Marketing. So, What are the Marketing Basics and What are the 4p’s of Marketing.

I am going to explain you everything about marketing for beginners by this blog.

Table of Content

  1. What is Marketing
  2. Importance of Marketing
  3. Marketing and Advertisement
  4. Marketing, Promotion, and Branding
  5. Types of Marketing
    1. Influencer Marketing
    2. Relationship Marketing:
    3. Viral marketing:
    4. Green Marketing
    5. Keyword Marketing
    6. Guerrilla Marketing
  6. 4 P’s of Marketing
    1. Product
    2. Price
    3. Place
    4. Promotion

What is Marketing?

Marketing is an action that businesses take to promote their product and services.
This is a process where businesses create a set of activities to attract their potentials customers or clients to their product and services.

Shelby Hunt defined it in 1976 as

“the study and management of exchange relationships” in the Journal of Marketing.

The American Marketing Association, in 2017, defined marketing as

“the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

As we can see, this a very broad definition that encompasses a lot of areas to focus on.

To understand marketing, we must break down the definition and look at it in parts. The first part of the definition – “the activity, set of institutions and processes” refers to activities such as advertising and institutions like corporations and their brands.

The American Marketing Association defines a brand as

“a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers.”

These brands utilize processes and activities for “creating, communicating, delivering and exchanging” goods and/or services that are designed specifically to be of great value to the consumer in question.

The last part of the definition refers to how marketing and its principles apply not only in business or economic contexts but to general societal situations as well.

In a more practical sense, marketing can be referred to as a means of acquiring and applying the knowledge of consumer patterns, preferences and needs to maximize the satisfaction of the consumer and increase the outreach and efficiency of advertisement strategies and promotional campaigns.

It is the process of identifying, anticipating and satisfying customers’ needs and wants.

Marketing techniques and processes are the way through which manufacturers obtain data about consumer behavior and patterns of spending, as well as other data such as age and race demographics.

The data is compiled and analyzed to anticipate consumer behavior and provide an insight into the mind of a consumer. Through this research, a company understands the needs and wants of a consumer, which allows them to predict the value a consumer derives from a good or service with greater accuracy.

This allows the company to establish a long-standing relationship with the consumer that is beneficial to both parties.

Importance of Marketing

Therefore, marketing plays a very important role in contributing to a company’s sales, revenue and profit margins.

From deciding what product to manufacture, to how it will be delivered to the consumer and through which channels, all the answers to these questions involve marketing heavily.

The data is then used as the basis for promotional strategies adopted by companies, as well as advertising campaigns launched by them.

Apart from making up a huge and crucial component of sales and advertisement, marketing plays an important role in other areas of a company.

Not only does it impact a company’s manufacturing and sales policies, but marketing is also responsible for how a company is perceived by its consumers and society at large.

The overall image of a company and the creation of its brand identity is something that is handled by the marketing department and can play a huge role in a company’s fortunes.

For example – The perception of Apple being an ‘elite’ brand allows them to retain a large market percentage despite facing stiff competition from rivals that sell at lower prices.

Marketing covers product development, market research, advertisement campaigns, product distribution, sales strategy, public relations, and customer support.

It remains necessary in all the stages of a sale, and it can be used in multiple ways such as various social media platforms, or teams of people identifying consumer behavior and acting on it to establish a long-standing relationship with the consumer and maximize brand loyalty.

Advertising comes under the process of marketing.

The Economic Times defines advertising as

“a means of communication with the users of a product or service.”

The UK Advertising association defines it as such

“Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them.”

Advertising is a means of grabbing a consumer’s attention and making them aware of a certain good or service and its benefits, usually through platforms where the seller is paying to make the consumer aware of the good or service.

The decision of what good or service to advertise, where to advertise it, and how are all decided by the processes of marketing to maximize the effectiveness of the advertisements.

Marketing and Advertisement

Marketing is the main reason that we see the advertisements we do, and where we see them.

This is so because marketing processes allow companies to gauge or predict what kind of products consumers prefer, and thus allows them to start building a relationship with the consumer.

Promotion strategies are decided on the data that the tools of marketing help us in collecting.

For example, a company wanting to market a good/service for older people would advertise on platforms such as LinkedIn or Facebook, whereas a company looking to market a good to a younger audience would advertise on platforms such as Twitter or Snapchat.

This is because we know that the demographic of users on Facebook and LinkedIn is that of older people whereas the user demographic of platforms such as Twitter and Snapchat leans toward younger people. This data is available to us due to market research done by fellow researchers.

Marketing, Promotion, and Branding

Marketing Basics for Beginners: Everything about Marketing 4 The Digital Chapters

Any feature of a company which it uses to distinguish itself from another company providing the same or similar goods/services is known as its brand.

For example, the four colored squares synonymous with Microsoft, or the three stripes we all have come to associate with Adidas.

Brands often align themselves with a certain demographic to maximize profits and the decision of which demographic to align with is one taken by marketing professionals.

The portrayal of Red Bull as being a brand for adventure thirsty people is crucial to the company, with it investing millions of dollars in ventures such as Formula1 and other obscure sports, which directly do not contribute to sales but help in increasing Red Bull’s reputation as THE drink for people seeking a thrill.

This has worked well for the company, as it has a dominant percentage of the energy drink market share. The functions of marketing allow for a company to maximize its profits on a good/service by targeting and aligning with a particular demographic through specifically designed promotion campaigns.

Types of Marketing

Business marketing is the practice of marketing goods or services to individuals or corporations, including the public and private sector, when they are not to be the final consumer.

This type of marketing is referred to as business-to-business or B2B for short.

According to the American Marketing Association, the various types of marketing that exist are :

Influencer Marketing:

It focuses on leveraging individuals who influence potential consumers. Rather than marketing directly to a large group of consumers, a brand hires influencers to get the word out on their behalf.

Relationship Marketing:

It refers to strategies and tactics for segmenting consumers to build loyalty. Rather than just listing the benefits of a good/service to potential consumers, brands phrase the content in such a way that it evokes an emotional response from the consumer.

Examples would include cement being advertised as being made from the country’s soil to evoke a nationalist sentiment

Viral marketing:

Marketing Basics for Beginners: Everything about Marketing 5 The Digital Chapters

It is a phenomenon that facilitates and encourages people to pass along a marketing message.

It is done through social media platforms and brands often adopt hashtags, challenges, and memes to get the word out about their good or service. This is a tactic often used in tandem with influencer marketing

Green Marketing:

It refers to the development and marketing of products that are designed to minimize negative effects on the physical environment or to improve its quality.

This tactic employs the looming threat of global warming to effectively draw the attention of potential consumers to the goods/service.

Keyword Marketing:

This involves placing a marketing message in front of users based on the specific keywords and phrases they are using to search.

A key advantage of this method is that it gives marketers the ability to reach the right people with the right message at the right time. It also can be referred to as targeted advertising, where brands show the consumer content which they have displayed an interest in earlier.

Guerrilla Marketing:

This describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources.

4 P’s of Marketing

In the 1960s, E Jerome McCarthy came up with the 4 Ps of marketing: product, price, place, promotion. Essentially, these 4 Ps explain how marketing interacts with each stage of the business :

Product

A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use; usually a mix of tangible and intangible forms.

Thus a product may be an idea, a physical entity (a good), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organisational goals.

The decision of outlining a target audience, looking a market fit for the good, deciding on the messages to be used to drive up revenue, modifications to be done to the good, etc are all taken by marketers on the basis of consumer data they’ve collected.

Price:

Price is the amount a customer must pay to acquire a product. The selling price of a product is decided by the company on 1 main factor – maximizing profits.

Should the company price the product too high, it will lose a big customer base and goodwill with consumers. Vice-versa, the company will suffer losses if the product is priced low.

Therefore marketers have to utilize consumer data to arrive at an acceptable price point

Place:

Place is also called distribution as refers to the act of marketing and carrying products to consumers. It is also used to describe the extent of market coverage for a given product.

Marketers have to understand what will be best for the company in terms of logistical and geographical terms.

Decisions such as having a physical store versus a website, or to market the product locally, nationally or internationally are all taken by marketers.

Promotion:

According to the Association of National Advertisers (ANA), promotion marketing includes tactics that encourage short-term purchase, influence trail and quantity of purchase, and are very measurable in volume, share, and profit. This includes tactics such as fire sales, raffles, coupons, etc.

What is Brand Strategy? How to develop an effective Brand Strategy?

Before we go ahead to understand the meaning of Brand strategy we should to learn about Branding.  To create effective Brand strategy, one should go with Marketing Goals or Organisations goals. Business Goals and Brand Building or creating a Brand strategy should match to each other.

Here is the Table of Content list that we are explain in this article-:

  • What is a Brand
  • What is the Brand Image ?
  • What Is strategy ?
  • What is Brand Strategy ?
  • the position of the brand
  • The architecture associated with a Brand
  • Brand and Product Line Extensions
  • Why is branding Important ?
  • Brand Image and CSR

What is a Brand?

A brand is a company or group’s image as perceived by the customers when buying products or services in the market. A brand is a non-taxable asset, and if adequately maintained, brand image a go a long way to support a company or group power to the top.

What is the brand image?

Brand image is the identity that one associates a company or group with when purchasing a product or service. Brand image is an intangible asset for a company or group.

 A right brand image can help a company or group to do well in business and gain customer’s faith and confidence. Brand image can go a long way to generate more significant sales and increase the overall revenue of a company or group.

The brand image does not develop in one moment. It takes years and even decades for a company or group to become a successful and famous brand.

Brand image demands a company or group to make specific promises in terms of the product or service quality and standards.

The company or group must adhere to those standards, no matter how long it has been in business. The company or group needs to stick firm to the rules as per the commitment made by it earlier to its customers.

Any non-adherence to the quality or the standards of the company or group’s commitments are bound to harm the image gained by it and certainly decrease its sales and creditability in the minds of the customers.

What is Strategy?

A strategy is the process of determination of long term business goals and objectives of a company that at the proper allocation of necessary resources and the appropriate adoption of appropriate courses of action.

What are Brand Strategy and its importance?

Brand Strategy is a pretty hard concept to define. It encompasses the promises one sets to be associated with his or her company. The messages one conveys through the company.

The behavioral approach and practices followed in the company. To sum up, Brand Strategy is the company personality that its owners or promoters try and project to its customers and the markets in general.

A successful brand image created by a company or firm involves the adoption of specific vital strategies by it.

These strategies, when applied with proper planning and orientation, can push the company’s brand to greater heights and catapult its image amongst customers.

These strategies are as follows:

1. The positioning of a Brand

Positioning a brand refers to the place where you want your brand to be in a prospective customer’s mind.

It is a psychological level where you want to be when a customer, in search of a particular product or service. Ideally,   you want to reach to such a level of confidence, in a customer’s mind, that he or she will correlate a particular brand with a specific product.

For example, we often demand a packet of Surf in the market, not even realizing that Surf is the brand name of Hindustan Unilever Limited.

We are so used to with the name Surf that we tend to forget the actual name of the product that is detergent powder.

Brand Image

Such is the level of a brand that should ideally be thinking of positioning itself in the customer’s mind. Other examples of brand association with products are Colgate for toothpaste, Maggie for instant noodles, Life India Corporation of India with life coverage insurance policies, etc..

All these examples remind us about the brand-specific correlation with the product or service. Brand positioning regarding a place in a target customer should be high. A brand should be easily co relatable, and the benefits associated with a    brand’s product or services should be top.

There must be enough proofs available for a customer to verify with the benefits claimed by a Brand.

2. The architecture associated with a Brand

A brand is well perceived if it follows a   proper architecture related to the products and services it offers.

A brand can create a   master brand and then club multiple sub-brands under the same umbrella. For example, the Tata Sons have many sub-brands like Tata Steel, Tata Consultancy    Services, Tata Teleservices, Tata Motors, and so on under the parent brand of Tata.  

This generates a sense of the Tata flavour in any sub-brand offerings made.    Customers tend to go with the parent brand reputation when it comes to brand architecture is concerned.

A competent business firm can generate a broad business base and a wide array of businesses under the ahead and parent brand umbrella.

Talking of brand architectures and their management, another brand stands out; it is the Reliance   Group.

This group, too, holds several sub-brands like Reliance Jio, Reliance    Petroleum, Reliance Industries, and etc. all under the same parent brand Reliance.

This easily attracts customers to buy any product under the name of Reliance and effectively generates more significant revenue for the company and the group at large.

Thus brands with a distributed architecture are more likely to grow its business and spread its market reach and expand its businesses at large as compared with brands with the improper or weaker architecture of brands.

  3. Brand and Product Line Extensions

A brand producing a particular product can extend its product line to create variants of its existing products or services.

For example, Coca Cola has options like Diet Coke, Coca Cola Cherry Zero, etc. These variants constitute a product line extension of existing products of Coca Cola. Kinley also a product of Coca Cola, but it is in the market with an entirely new brand identity.

Thus this can be termed as Brand Extension. Brand extension is the creation of an entirely new brand for a product and launching it in the market. This minimizes the risk associated with the failure of a particular product, and it reduces the risk of deteriorating the existing brand image. 

In brand extension, a new product with a   different brand name is less likely to produce a significant impact on its failure on the parent brand.

This strategy is applied by many established brands to safeguard against product failures and minimizing risk associated with failed products or services.

Product extensions and product line extensions are, however, risky. The risk factor associated is a huge one.

As new products are just only an extension or curtailment of an existing brand, risks of failure are enormous, evolving out of a    product line extension failure upon the entire product range.

It can lead to loss of faith in the brand series and, as a result, can force producers to stop production of the whole range of products or services.

Why is branding important?

Reading through, we find that designing a brand strategy should be very intricate to impact a brand’s image growth positively. A particular brand has to very cautiously develop a customized brand strategy that suits its business, style, and ethical policies.

It should mould a plan to adapt its culture and values ideally. A company or group can think of developing a strategy wherein sustainable brand development becomes a reality.

It should choose the appropriate steps in brand strategy formulation, followed by its implementation. It should focus on customization to suit itself because not one size fits all businesses.

Brand Image and CSR

A company or group, to gain popularity and generate brand-loyal customers, must engage in some Corporate Social Responsibilities as well.

Engaging in Corporate Social Responsibilities helps develop a positive outlook towards the company in his or her mind. 

Corporate Social Responsibilities tend to make an impression that, “The Company has a good moral and social policy.”  This helps gather a great attraction of the media and the public at large towards the brand. Many people associate such a brand as “the brand to look forward to,” which represents greater faith in the company or the group at large.

Brand Building Strategies

What is a Brand ? What are some Brand Building Strategies ? What are difference between Brand and Branding? There are a lot of question that arises. Here is the detailed guide for you about marketing, branding and brand building

We are going to discuss the following in this post-:

Table of Content

  1. What is a Brand
  2. What is Branding?
  3. What is not Branding ?
  4. Why Branding is so Important to everyone?
  5. Brand Identity Selection:
  6. What is Brand Sponsorship ?
  7. Brand Development

What is a Brand ?

A Brand is a term that is used for a Company, Product, Symbol, Design, Person or Any other service that is offered to customers that distinct from other similar things. There are multiple definitions by different marketing professionals and experts. Some of the are here-:

According to The American Marketing Association ,

“A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers”

Philip Kotler and Gary Amstrong defined the Brand as a-:

“name, term, sign symbol (or a combination of these) that identifies the maker or seller of the product”.

And P.Tailor of defines a Brand as a,

“Marketing tool that allows consumers to recognize the maker of a product”.

What is Branding?

 If you ask to me what Branding is ? I will define in simple words; branding is a set of activities to promote a brand In this, you will require an Advertisement, Promotion, and all other Marketing activities that required to make it different from others.

What is brand building? Do you know about Brand Building Strategies for 2020? 8 The Digital Chapters

Branding is a set of marketing activities aimed at the creation of a differentiated identity for company, product, service or an Individual. Branding puts one’s company in a distinct position from its competitors.

Branding is the focused marketing activities set, which aims at setting one’s business different from the others around. Brand of a company or group is the intangible value as perceived by its customers.

The brand-building process aims at creating a perception of additional value, apart from the usage value, which a customer should get when using a company or group’s product or services.  

Branding is a set of marketing activities and this is a process of building a brand. Branding starts from creating a logo and completed to turning customers into sales.
If you want to attract a customer to your product or service you do many things and that all is Branding. In this entire activity process to attract a customer you have to do many things like Finding a unique name, catchy taglines, attractive logo, Image and creatives of the product and service

What is not Branding ?

Many people get confused while understanding the real meaning of Branding. They think creating a logo, creative or an advertisement is a Branding and actually this is not.

Branding is more than what you think. This is a process to attract people to your brand.

What is brand building? Do you know about Brand Building Strategies for 2020? 9 The Digital Chapters

Branding is creating a brand and Brand is Branding.
Branding is -:
1. Who you are ?
2. What you stand for/ What is your purpose ?
3. Why it exists ?
4. How you are different?
5. How someone feel about it?
6. Who associates with your brand ?

Brand building is a set of unwritten commitments to one’s customers about the affectivity, consistency, quality, and the truthiness of purpose delivered as an additional package or bundle with the actual set of qualities borne by the product or service.

Branding and marketing are often confused with being all and the same. But essentially, brand strategy is one channelized marketing effort of building an emotional connection between customers and a company’s products, or services whilst marketing is the overall process of revenue generation from them.

Why Branding is so Important to everyone?

Brand building process is an extremely essential process to make long-lasting impressions in the minds of the common customers.

What is brand building? Do you know about Brand Building Strategies for 2020? 10 The Digital Chapters
  • Stand out a clear communication to people.
  • Identify and recognize your Brand.
  • It makes a credibility in the marketplace.
  • Connect with people emotionally.
  • Attract buyers to add the brand.
  • Branding helps recognizing a Brand.
  • Branding helps in referrals.

Brand identity instantly influences a prospective customer, which impacts buying decisions and propels him or her to choose a particular brand over others.

Thus, Brand Identity can catapult a prospective buyer to a revenue source of the company.

Brand Strategy creates an explicit recognition for a particular company or group’s business, commanding a higher degree of attraction amongst the masses.

The brand identity, if positively circulated, has the potential to generate heightened sales and add up to create a more extensive customer base. Branding, in itself, is an excellent source of advertising for a company or group.

The greatest asset of an established brand identity is the positive word of mouth advertisement which passes on from brand-loyal customers to the probable ones and increases their overall strength.

Brand Identity Selection:

The Brand building process starts with the selection of a particular brand name, the choice of a suitable tagline, a symbol, and a registered trademark for a specific company or group for unique identification amongst a wide variety of offers. A brand identity should clearly be in line with the vision and mission of the company or group. It should highlight

What is brand building? Do you know about Brand Building Strategies for 2020? 11 The Digital Chapters

the firm’s or group’s beliefs and values, which gives it uniqueness. Selection of Brand Identity should be in perfect sync with the ethics and moral value

Brand Positioning

Brand positioning refers to the place a brand wants to behold in the minds of the customers. It encompasses the brand’s promise revolving round the core benefits delivered by the product(s) or service(s) offered by the brand; over the nearest rivals of the brand. Brand positioning is a clear indicator to judge where a particular brand exists in the market, which is no short of rivals and competitors.  

What is Brand Sponsorship ?

Brand building process involves a strategic mix of decisions involving how a brand is primarily sponsored.

A brand can mostly be sponsored in the following ways-:

i. Manufacturer’s Brand

When the manufacturer of a particular item markets the goods produced by itself under its own name, it is called Manufacturer Branding.

The manufacturer, in this case, is called the Original Brand Manufacturer thus an original brand manufacturer retails the goods produced by it.

ii. Private Brand

When a brand is owned by a wholesaler or retailer of a particular product that is not produced or manufactured by them, then such a brand identity is known as Private Brand or commonly referred to as Private Label.

iii. Co-branding

It refers to the conscious coming together on collaborative terms by two or more parties to market a particular product or service. It happens when mergers and acquisitions take place amongst companies and also when a lesser-known company launches its product and uses the brand identity of a well-known company to aid the overall business.

iv. Licensing:

Brand licensing is when the owner of a particular brand allows some other firm to use its brand identity for marketing its products. The owner of the brand gets a tremendous amount of royalty for licensing its brand identity to the licensee.

v. Franchising:

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Franchising is a process wherein a brand owner issues permission to use its brand identity to another firm strictly on its terms and conditions. The franchisee has to adhere to these terms and conditions to the very core. Also, the franchisee has to guarantee the maintenance of quality norms and standards as demanded by the brand owner. The franchisee has to obtain permission from a brand owner to market any other brand in its facility. Also, it has to commit the promote and rescue the interest of the brand owner.

Brand Development:

A brand development process includes product line extensions under the roof of a brand. It also involves a brand extension, which essentially refers to horizontal expansion of the brand products or increasing the product mix.

A company or group has the choice of becoming a “House of Brands” or “A Branded House.” A house of brands essentially refers to when the owner prefers to hold multiple brands under the original or parent roof and markets each product, in its mix, as an individual brand in itself.

A branded house, on the other hand, incorporated the brand tag on all of its products, highlighting and showcasing the powerfulness and diversity in the range of products of one particular brand.

Brand Types

            Branding can typically be subdivided into three major types as described below:

The Corporate Brand:

A typical brand identity associated with a big Corporate House owning the brand under which many different products and product lines are housed is called The Corporate Brand.

For example, The Tata Group, The Coca-Cola Global brand, General Motors, and the like. Being a well-known identity, the Corporate Brand is easily associated with the customers, and a Corporate Brand’s products or services are instantly accepted and marketed fast as compared to other products or services which stand in direct competition with them.

The Product Brand:

Some firms believe that promoting a product’s or product lines’ name as a brand image in itself is suitable for marketing. Thus they promote the individual products’ name as the brand image; for example, Maggie, Kitkat, etc. are all products of Nestle Company, but they themselves are individual brands in themselves.

Fast Moving Consumer Goods market is also full of products where the individual products like Lifebuoy, Clinic, Fair and Lovely, Vaseline, Axe, Rexona, etc. are all brand names in themselves. Seldom are they correlated with the parent company brand that is Hindustan Unilever Limited. Similarly, ITC’s products, like Aashirwad atta, Sunfeast, Yippee, Candyman, Classmate, etc. are individual Product Brands. 

The Personal Brand:

Personal Branding is a type of branding and marketing that involves practices and activities aimed at developing a brand image and reputation of an individual or a group of individuals.

Individual names are associated with brands like The Trump Towers, which is a big name in the international real estate market.

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Celebrities such as actors, actresses, sportsperson are very much sought after for their personal brand. Some big shots of personal brands in today’s context are Amitabh Bachchan, Shahrukh Khan, Aishwariya Rai, Kareena Kapoor Khan, Sachin Tendulkar, Virat Kohli, M. S. Dhoni, Sania Mirza, Saina Nehwal, Tiger Woods, Kim Kardashian and so on.

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These individuals have excellent profiles in their respective careers. They are thus romped-in by business firms to endorse their products, which have an immediate impact on the customer base and are a sure-shot formula for increasing the sales of one’s products or services.

Thus we see that branding surely helps in creating a connection in the customers’ minds about the quality, value, and dependability of a company’s products or services.

Customers are very expectant when they come across new products or services of established brand identity and get easily moulded in choosing them and neglecting others around.

But, the brand-building process is a tenacious and long-term one. We cannot expect our company’s brand image to shoot up overnight. It takes an enormous amount of brand strategy and planning to go with personal efforts put in by individuals of the company to create a brand identity.

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Brand Building Process

Moreover, managing an established brand is far more complicated than building a new brand. Expectations from an established brand are far superior as compared to a new band. Thus, maintaining the quality and keeping up with the promises of the company as represented by the brand image is a tedious job.

Customers can quickly move away from a particular brand if their expectations are not fulfilled. Regaining brand identity is a very, very difficult proposition, for example, Maggie, which lost its brand image, had to face a very tough situation to regain its position back.

So, we need to be very cautious with our strategies and should try and develop an effective branding and marketing strategy to create a sustainable Brand Identity for ourselves.

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