Branding Essay

313 WordsNov 5, 20132 Pages
The factors for branding: 1. They give a brand a sense of authenticity and exclusiveness that translate to far higher margins in the commercial market space. 2. Protect its reputation 3. Building up a brand and influencing its price tag; convince the consumer that these values are inherent in the (generally higher) price they pay. The different ways companies seek to brand their products: 1. Concept of quality, a reputation 2. Use of cultural and geographical references 3. Revamp into a tourist destination 4. Consumers become vigilant about the authenticity 5. Educating themselves and are increasingly making choices based on a product’s provenance, sustainability or history. 6. Advertise with great creditability 7. Turning their plants into tourist destinations 8. Cultural value is also providing opportunities for ailing regions, as they transform their heritage into a sellable product. 9. By leveraging off these roots the area has reinvented itself, promoting industrial heritage, by turning old mines, blast furnaces and factories into galleries, monuments and landmarks. 10. Use media events and celebrities 11. Investing in glossy magazines 12. Encourage journalists and experts to discuss not just the crucial competence of a product but the symbolic knowledge 13. Sharing experiences and exchanging ideas across sectors and countries. The effects of their strategies: 1. Show these intangible part of the Swiss brand generates up to 20 per cent more profit on luxury products and in the case of watches made in Switzerland. 2. By indicating a special cultural or geographical reference, luxury producers make replication harder and increase customers’ willingness to pay. 3. Transforming cultural values and ways of life into sellable products and services 4. It’s precisely because it’s embodying what we call authenticity 5. Public

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