Saturday, October 19, 2019
Discuss the value of having a strong corporate brand for an Essay
Discuss the value of having a strong corporate brand for an organisation - McDonalds - Essay Example (McDonalds Corporation, 2008; Brand Republic, 2002) For this study, the student will first define the true meaning of brand followed by the basic information related to the establishment of a brand. After discussing how McDonaldââ¬â¢s have been managing its corporate brand over the years, the student will examine the importance of branding within the hospitality industry. Prior to the conclusion, the student will enumerate the benefits attached with having a strong brand on the part of McDonaldââ¬â¢s and its consumers. Brand is defined as the ââ¬Å"name, term, sign, symbol, design, or a combination of theseâ⬠(Kotler, 2000: 404) such as the yellow coloured ââ¬ËMââ¬â¢ sign of McDonaldââ¬â¢s. Basically, the main purpose of a brand name is to enable the consumers to identify the products or services of one company from a similar product that is being offered by other companies. Aside from using a simple brand name, it is also possible for McDonaldââ¬â¢s to have a brand extension such as in the case of ââ¬ËMcDonaldââ¬â¢s Happy Mealââ¬â¢ or ââ¬ËMcDonaldââ¬â¢s land or playplaceââ¬â¢ used in targeting children (Gidman, 2008; Roberto & Roberto, 2004) offered by the company; (2) the physical and emotional benefits the consumers get out of patronizing the companyââ¬â¢s product and services; (3) the values of the company in terms of its capability to render a high quality product to its target consumers; (4) the corporate culture such as being organized in terms of delivering its services to the public; and (5) the kind of consumers that patronizes the products and services offered by the company. (Aaker, 1997; Kapferer, 1992: 38) There are many ways on how to establish a brand. Marketing managers or a company owner(s) has the option to use the founderââ¬â¢s name(s), location, the quality of a product, the lifestyle of a companyââ¬â¢s target market, an artificial name, a culture or a heritage. (Urde et al., 2007;
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