Brand Answers | Assignmenthippo Assessment Answer
Answer:
Brand in simple terms can be defined as the distinctiveness that an organization or product gets over a period of time. It comprises of two aspects one being visual, which takes into account logos, colors and sounds. The other being, communication which takes into account culture, personality, principles of the organization and people associated with the organization.According to a statistical data a total of 38% of people proposes and propagate a brand they like of Facebook or Instagram, or twitter. Around 21% of people actually buy a commodity as it was of a brand they like. Around 38% of females would preferably buy a product because the brand is liked by other women on social media. Somewhere 64% of people read an email if it comes from their preferred brand. Finally, brands that encourage good emotional strength obtain three times better word of mouth marketing.
As per the statistics above, it is very lucid that branding has become so paramount that it has a major impact on the buying decision of a customer. The brand creates a perception of a particular organization. Today, even a minor terrible event has the power to stain the perception of that organization. Therefore, activities have to be undertaken for both creating and then sustaining the brand.
According to American Marketing Association, a brand is a name, symbol, design or a mix of all with an intention to associate the goods or services of one organization and distinguish them from their other counterparts. It is essential to note that a brand can have several interpretations depending upon the task it has to play, its value and with whom it is associated. To the owners of the brand, a brand can be a differentiation tool, the future prospects of commodities. To the users of the brand the brand can be a device used to make an emotional connect which transforms a brand from just a brand to an icon. The concept of branding is the buzz word today. As per its developed role, and now in line the developing role too, brand symbolizes not just the products or the services of the organization but the organization itself. The brand is the organization and brands are the synonyms of the policy of the company (Team, 2014).
The role of professional marketer is to create, maintain and enhance the brand of their product. Branding doesn’t just include the qualities of a product rather it is a combination of a host of activities together for creating brand name, brand mark and copyright.
That is the reason that packaging is also getting its due importance now as never before. Earlier packaging was just a tool to store the products, but not every organization has a lively, bright multicolored pictures and a label that clearly mentions about the minute details of the product. Many consumers evaluate a product by its packaging before purchasing the product. Therefore, attractive packaging is essential to distinguish a particular brand from another. Packaging as discussed has the name of the company, its logo and individual colors; thereby it helps the customers to recognize a product from the other products of other brands (Karr, 2015).
Branding provides an edge to the organization to pull loyal and profitable customers towards them. Therefore, companies these days are spending heavily on branding with the objective of product differentiation and identification which would result in an alteration in the preferences of the customer and in return having a good sales turnover.
Therefore, both branding and packaging go hand in hand and is considered as an effective marketing strategy that offers value to the organization over and above physical assets. Research also reveals that advertising too along with packaging and branding are very essential for the performance as well as development of an organization. Several researches of marketing have identified the important role of advertising, packaging and branding in the purchasing pattern of the consumer. The three aspects are very essential in increasing and sustaining loyalty from the customers. As per another point of view advertising, packaging and branding are understood to be three divergent creations which are strongly interlinked associated (heaton, 2014).
Aim and objectives
This assignment focuses to explore the impact of branding on sales and organization development. The following objectives will help us to achieve our aim:
• To explore the impact of branding on sales and organization development.
• To explore how branding has become an essential factor in an area of sales turnover in all manufacturing and consumer products.
• To research for effectiveness and results that branding, advertising and packaging have brought in an organization and its development.
• To organize a structure and view the impacts of branding on a broader scale and provide strategic regulations which will help business and industries increase their sales volume, profitability and enhance consumer buying behavior through branding, advertising and packaging (Pollis, 2015).
• To conduct a thorough data analysis via qualitative and quantitative methods to justify our topic.
• To explore the impact of branding on sales and organization development.
• To explore how branding has become an essential factor in an area of sales turnover in all manufacturing and consumer products.
• To research for effectiveness and results that branding, advertising and packaging have brought in an organization and its development.
• To organize a structure and view the impacts of branding on a broader scale and provide strategic regulations which will help business and industries increase their sales volume, profitability and enhance consumer buying behavior through branding, advertising and packaging (Pollis, 2015).
• To conduct a thorough data analysis via qualitative and quantitative methods to justify our topic.
Methodology
Few Methodologies will be adopted to analyze the effectiveness of branding on sales, organization development and profitability. Following are the ways which will be undertaken to achieve our objectives efficiently.
• Literature Review
Detailed analysis will be done of scholarly and research papers to enhance knowledge about this topic and extract substantive findings, analysis are done with regard to theoretical and practical contributions regarding the topic. Our literature review will through secondary sources like Google, articles, newspapers, journals, research papers, science direct. A thorough analysis will be done to check how branding affects sales and leads to organization development as a whole.
• Data Series and Surveys
There are a series of data and surveys available on internet on Branding. A company can perform effective branding only when they conduct brand awareness surveys. This helps them to understand customers, realize their brand recognition, track and benchmark one’s own branding efforts. We will analyze that how these branding efforts and initiatives help to improve sales, profitability and customer preference needs. Together, they all lead to organization development for which in-depth study will be conducted for the same. Also, we will explore that how a good branding strategy and a clear vision and mission leads to overall development in an organization including people, processes, products and profit (Durham, 2016).
• Observing Key Indicators of branding
We will examine various key performance indicators of effective branding strategy. There are many key indicators, like, sales, leads, sales team response time, social media engagement, website traffic, MQL SQL ratio, blog post visits. All these indicators will be analyzed thoroughly to ensure and develop an effective branding strategy of a company. Various surveys and examples will be quoted from different streams to analyze their branding strategy. Two methods will be used for data analysis:
a. Qualitative Method – Qualitative research will be done through various journals, scholarly articles, forums, surveys and research papers. This analysis will help us to thoroughly justify the statement that how branding leads to sales and organization development
b. Quantitative Method – Quantitative methods will be used to analyze the data available on this topic. Figures, pie charts, bar diagrams, excel sheets and other mathematical tools will be used to analyze data available on the internet and in scholarly articles.
• Literature Review
Detailed analysis will be done of scholarly and research papers to enhance knowledge about this topic and extract substantive findings, analysis are done with regard to theoretical and practical contributions regarding the topic. Our literature review will through secondary sources like Google, articles, newspapers, journals, research papers, science direct. A thorough analysis will be done to check how branding affects sales and leads to organization development as a whole.
• Data Series and Surveys
There are a series of data and surveys available on internet on Branding. A company can perform effective branding only when they conduct brand awareness surveys. This helps them to understand customers, realize their brand recognition, track and benchmark one’s own branding efforts. We will analyze that how these branding efforts and initiatives help to improve sales, profitability and customer preference needs. Together, they all lead to organization development for which in-depth study will be conducted for the same. Also, we will explore that how a good branding strategy and a clear vision and mission leads to overall development in an organization including people, processes, products and profit (Durham, 2016).
• Observing Key Indicators of branding
We will examine various key performance indicators of effective branding strategy. There are many key indicators, like, sales, leads, sales team response time, social media engagement, website traffic, MQL SQL ratio, blog post visits. All these indicators will be analyzed thoroughly to ensure and develop an effective branding strategy of a company. Various surveys and examples will be quoted from different streams to analyze their branding strategy. Two methods will be used for data analysis:
a. Qualitative Method – Qualitative research will be done through various journals, scholarly articles, forums, surveys and research papers. This analysis will help us to thoroughly justify the statement that how branding leads to sales and organization development
b. Quantitative Method – Quantitative methods will be used to analyze the data available on this topic. Figures, pie charts, bar diagrams, excel sheets and other mathematical tools will be used to analyze data available on the internet and in scholarly articles.
Bibliography
Durham, S., 2016. When branding means bupkis. When branding means bupkis, Available at: https://www.bigducknyc.com/the-importance-of-strategic-planning-and-organizational-developmentheaton, J., 2014. Invisible Consequences: How Branding Impacts B2B Sales. Invisible Consequences: How Branding Impacts B2B Sales.
Karr, D., 2015. The Impact of Brand on a Consumer Purchase Decision. The Impact of Brand on a Consumer Purchase Decision, 27 September.
Pollis, A., 2015. How Does Your Company's Brand Essence Impact Sales?. How Does Your Company's Brand Essence Impact Sales?, 03 August.
Team, P., 2014. Impact of branding and packaging on sales turnover of Nestle food Nigeria PLC, Available at: https://www.projectsxtra.com/resources/037.html
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