Creating a brand means two things: creating a product or service and creating a name, image, icon and reputation for it. All tasks associated with these latter processes fall under the purview of brand strategy, which is the formulation of the goals and steps required to ensure a successful product or service launch, revenue growth and expansion and retention of a customer/client base, with specific focus on the engagement of the latter through product or service identifiers.
Working in concert with the efforts of designers, manufacturers, financial managers, distributors, researchers and with clientele, a brand strategy team may have to suggest changes in various marketing components, as well as react to them. For example, if the design of the failed Ford Edsel in the late 1950s (which featured a grill that looked like a gaping goldfish or toilet seat) had been reconsidered by a brand strategy team before marketing, on the basis of customer focus group negative responses, that marketing disaster might have been averted.
Brand strategy involves a brand's marketing support over the long term, and is based on the characteristics of targeted customers and their interface with the brand. As strategy, it is defined as the goals of branding and brand management, as distinguished from the tactics, e.g., particular steps taken to achieve brand attractiveness.A brand strategy formulates the objectives and the means (the tactics) that will implement the social, moral and creative steps that a company necessarily needs to take to develop its individual market and attract and retain clientele.
A well structured brand strategy must have specific features:
* Utility, as well as appeal
* Innovative ideas that serve to differentiate and protect the brand
* Well-structured and clearly defined platforms for its execution and implementation
* Collaboration with, engagement of and feedback from customers
* Resources adequate for its implementation
* Coordination of time, place and media selected for strategic implementation
* Market research-based guidance and confirmation
An effective brand strategy follows the brand mission that specifies the vision encapsulated by brand. Accomplishing this means carefully integrating ends and means, and making sure that the goals set are realistic in terms of the available resources, are clear and consistent, and flexible and adaptable in response to changing market conditions, including shifts in consumer or client preferences.
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