A sustainable and recognizable corporate brand is crucial for any company to thrive and expand its business. Brand improving approaches related to its quality and equity need to be created and considered on the strategic stage to help a firm grow its revenues and increase awareness (Aaker, 2001). The paper aims to analyze the role of marketing strategies in building corporate brands and discuss the importance of a company’s financial and economic vital signs.
To become successful, a company requires its managers and executives to craft an outstanding strategy that would include actions to grow in different aspects of a business, forecasting, and risk elimination. As a significant part of any firm’s operations, marketing can determine crucial strategic planning steps. It consists of a market’s scope, entry tactics, promotion, distribution, and pricing setting – factors that can help build a profound product’s presence in the chosen niche and attract customers (Antariksa, 2007). Consequently, well-thought strategic marketing allows a company to discover the right field to sell their goods and increase a brand’s competitiveness. Moreover, the market analysis and appliance of a strategy can forecast financial statements and performance growth rates. Aaker (2001) states that “market trends will affect both the profitability of strategies and key success factors” (p. 94). A product’s success depends on the chosen sector, demand, and branding awareness among potential customers.
A company’s corporate brand shows how its products can be recognized on the market among competitors and attract customers with similar values. Branding affects a firm’s perception, declares about the quality of produced goods, and defines the competitive advantage. Moreover, branding influences the pricing and promotion marketing strategies. For example, clothes of a brand that values the excellent quality of the raw material can set prices higher than a market’s average because such philosophy affects a brand’s perception (Aaker, 2001). In promotion planning, the target audience is a crucial factor, and branding determines who would like to buy a product (Aaker, 2001). A strong brand enforces the corporation that stands behind and helps to build a long-lasting business strategy.
A chosen market influences brand’s establishment in the early stages of creation: a company assesses the competitor’s branding and finds what made them sustainable. At the market’s scope and entry tactics stage of strategy creation, branding has to reflect the key values of the potential customer of that niche and comply with its essential product requirements (Antariksa, 2007). A chosen brand then plays a primary role in promotion and distribution planning as these segments require to apply corporative values. Moreover, branding can influence a company’s expanse and be appropriately included in the properly created growth plan. For example, a brand can be revitalized and changed depending on the existing customers’ new demands (Aaker, 2001). A company can also integrate new products that declare the brand’s values and attract new clients to grow. The synergy of a company’s strategies, branding, and good quality of goods is the key to build a thriving and sustainable business in any market.
Vital signs can and statements determine if the company’s strategic marketing is successful or if there are specific weak points and risks to eliminate. Although business operation tactics might include the numbers and performance rates, life happenings can change the expectations. A company’s revenues and costs depend on the chosen market, its trends, demand, and competitiveness (Antariksa, 2007). Business operations need to be based on the research of demands, branding has to meet the average customer’s expectations, and these parts of strategic marketing must consider a firm’s foundational signs.
A company’s financial vital signs’ dynamics can reveal if any changes appeared on the market during a quarter or a fiscal year. Return on investment of a particular product can be higher or lower than expected if the demand increases or a significant market share holder’s business fails (Aaker, 2001). Besides, brand perception depends on the financial situation as it can be harmed if the product’s quality decreased due to the lack of money. A company’s economic statements must be considered in building brand and strategic marketing because they define a company’s ability to reach at least the average requirements of a chosen segment (Antariksa, 2007). If the executives could not evaluate their basic business capabilities complying with the market, the brand will not stand out among the competitors.
Marketing signs help a company identify the most productive approaches for promotion, distribution, and price management. Attention to market rates helps managers create a more sustainable branding as specific sequences and reactions to changes might be noticed (Antariksa, 2007). Furthermore, vital marketing signs are required to build substantial brand equity and increase a firm’s competitiveness (Aaker, 2001). Awareness, loyalty, and profound associations with a company are valuable, thus the tactics to improve them are necessary to be included in strategic marketing.
Corporate branding declares a company’s mission, its values, and the quality of products they offer. The crucial part of a brand’s creation and implementation is its conformity to a market’s demand that can not be identified and evaluated without deep scope and research. It is also necessary to regard a firm’s economic and financial vital signs to optimize all business operations on each stage from product placement to pricing set. Marketing strategies based on the factors described above play an essential role in building sustainable corporate branding to achieve competitive advantage.
References
Aaker, D. (2001). Developing business strategies (6th ed.). John Wiley & Sons.
Antariksa, Y. (2007). Marketing strategy [PowerPoint slides]. Web.