Question

A well-defined brand strategy is significant for firms with expansion goals. Also, a strong brand could be a powerful tool for a competitive edge to large or small companies.

• With this in mind, list four benefits of a strong brand to business organizations.
• We live in an ever-increasing globalized society. Reflect on the challenge of global branding.
• What are the benefits of globalizing a brand?
• What are the unique challenges to this type of branding and in your opinion, which areas of the world pose bigger challenges and why?

The Portfolio Assignment entry should be a minimum of 500 words and not more than 750 words. Use APA citations and references if you use ideas from the readings or other sources. This assignment will be graded by your instructor.

Answer 1

A well-defined brand strategy is significant -

1. Customer recognition -for instance when we see the logo of apple or even Nike we automatically identify the product for its quality and efficiency hence one does not think twice before purchasing such goods, therefore this increases the sale and revenue of the business

2. Introduction of new products - Companies like Apple and Samsung do not ha e trouble in introducing new products in the market as they already have a consumer base and with the new product they hope to gain and increase their consumer base. The brand and its strategy also expand to economies across the globe.

3. Expansion -Competitive brand strategy results in a high share in the market and makes expansion through merger and acquisition or FDI a easy and smooth process. This not only increases sale but also it takes advantage of the cost of production being low in a few countries. For instance, Firms expanding in India are predominantly due to the low cost of labor.

4-Confidence - a good branding strategy provides confidence to the firm and this confidence is reflected in the service and products of the firm

Some challenges of global branding are - generally, it revolves around the regulation like tariffs or even protectionism which can hamper the growth of the firm. The environmental change as its a new culture, language and even the products have to be modified based on the culture. For instance, MC Donald In India to capture its consumer base started producing veg burgers made of potato and even cottage cheese. Some other challenges are customer behavior to the products as may already be having loyalty towards another or even market share. The benefits of globalizing a brand are as above along with a wider consumer base, cost of production reduces, has access to greater talent, creativity, and innovation. It helps in improving the firm's market share along with increased exposure to foreign investment opportunities.

Brand strategy has to do a lot with the country too, for instance, Germany is known for its engineering hence BMW sees its production in Germany as a crucial selling point. We use the word Swiss watches or even French wine. This is the association made by us to the country which is best in the production of the particular good. If we can take an instance of China, when the product states made in China we doubt the reliability and quality as consider it low-cost product, and their expansion have scarred the global perception around the world which has hampered the growth of many companies in China. Huawei is considered an exception as the company has overcome all the negative perception as it invested highly on R and D along with innovation and improved customer experience. This shows that country branding has an immense correlation with firm branding.