Managing Brands in Competitive Marketplaces
Brands are critical to markets, while customers are critical to brands. Hence, companies should design customer-centric brands and offer value-based brand services to customers to gain high brand equity and brand value. Companies continuously innovate brands to offer competitive differentiation against rival brands in the marketplace, in order to provide value enhancement on brands to the customers. Success of a brand strategy is based on innovation and competitive differentiation that stays for the long term. Most emerging companies need to brand an innovation and position it competitively in the marketplace. Brands can make all the difference in the market if they are managed properly against competing brands. Brands should reveal value, exhibit image, build personality, and enhance brand equity in the market. A brand is an integral part of a coherent strategy, supported by actively managed and adequately governed brand-building programs.