Evaluate the importance of Branding to an organisation

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Evaluate the importance of Branding to an organisation

"Branding", is like setting names for products. Nobody would set up in business or launch a new product without giving it a name. Branding is a very important part of promotion. It can help a business to establish an identity to the product. Furthermore, 'Branding' contributes to the value and financial viability of businesses, just like their products, fixed assets and input.

Businesses therefore would spend large amounts of money on TV and newspaper advertising campaigns, in order to end up with name that foremost in everyone's mind. Just think of 'Coca-cola' and 'Pepsi' competition, they both spend an obscene amount of money in promoting their brand each year, in order to become the dominant brand. We can also notice that many of their ads don't even contribute to its product, but rather, selling their brand and try to create "brand awareness" as well as "brand loyalty." Why? The answer is simply because they want to create a "well-established" brand, which would eventually formulate an inseparable link between its product and the provider.
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This becomes apparent as we just see how powerful 'branding' can be as a selling tool in our multi-media marketing environment, when looking at areas such as: Computers, we would automatically think of IBM; or Software we would automatically think of Microsoft. These companies have established themselves as "the" dominant player in their fields.

Such good job at impressing its brand into consumer's mind may also gain advantages in competing with other brands/products. Even for businesses that have superior products at superior prices, but without a 'well-established brand', they might still have disadvantages when comparing to one's ...

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