MBA BRAND DEVELOPMENT (MKT001) EXAM HELP
Subject Name – Brand Development
Subject Code – MKT001
University Name – Universal Business School, Sydney, Australia
Brand Development (MKT001) is a subject in the MBA. The subject aims to provide students with a broad understanding of brand development, which includes various other topics like the Process of developing a brand different from competitors, Brand positioning, Brand marketing, Designing marketing programmes, etc.
In simple terms, brand development means maintaining the consistency in terms of quality, value, and trust that consumers find in the company. A brand leaves an unerasable mark on the consumer’s mind. Now, it depends on the brand whether the mark is remarkable or forgettable.
What is the estimated population today? Do you need a moment to think?
Exactly, so much population- hence, so much competition. All brands are trying to over-deliver to form a loyal consumer-buyer relationship.
Creating a logo and a catchy tagline! That was what branding required in the early 21st century. Gone are the days when you just needed an advertisement to get customers.
Branding now encompasses a holistic approach to shaping the overall image of a company, product, or service. Branding is now correlated with telling a compelling story- one that customers are able to connect with to become loyal buyers.
Creating a logo and a catchy tagline! That was what branding required in the early 21st century. Gone are the days when you just needed an advertisement to get customers.
Branding now encompasses a holistic approach to shaping the overall image of a company, product, or service. Branding is now correlated with telling a compelling story- one that customers are able to connect with to become loyal buyers.
Brand Strategy
What story will connect with the customers? How should you introduce your brand to the market? For making brand communications more effective, these questions are unavoidable. Personally customised merchandise is a way of introducing your brand to the market.
Graphic Design
Colour schemes, logos, and graphic designs- these are the three pillars on which a brand’s identity is built and is still standing. How to differentiate from your competitor is a major task.
Strategic Thinking
Have you ever considered doing an MBA? But, in brand management (MKT001)? Is that even a thing? Apparently, the present economy is a thriving digital market. Here, brands are not identified by their names but by the stories that they correlate themselves with. Brands are divided into classes of more and less affluent consumers. Brands for skinny people, plus size people, and even clothes for every sexuality
Students who pursue an MBA in brand management (MKT001) equip themselves with a deep understanding of business strategy. They become proficient in aligning branding efforts with overall business goals. All these thoughts and prerequisites ensure that brand development remains an integral part of the company’s overarching strategy.
Insights on how the consumer is behaving
Have you noticed how the demand for a lot of pastel colours has skyrocketed in the past few years? Does it have something to do with how society is dealing with patriarchal dominance? That is called branding.
The association of light colours with being more on the feminine side and the use of bold colours for dominant personalities A brand that is capable of executing this idea into marketing strategies rules the market.
Quantitative Analysis
The importance of data-driven decision making cannot be overstated. A robust MBA programme emphasises the use of data analytics to make informed decisions. According to a report by Deloitte, Companies that use data analytics in their branding strategies witness more than a 15% increase in brand strength.
Difference Between Brand Development and Branding?
What is brand identity?What is brand strategy? And what is branding?
Did you lose interest in the word “branding”, just because it’s being used too many times?
Well, we often mix up these terms and use them interchangeably. But each one of them holds different significance for the brand.
Branding: This means promotion. Advertising your brand, company, or products with advertisements, visuals, collaborating with YouTubers, associating the brand with celebrities, and what not. It means making websites, brochures, ads, colours, logos, and the tone of voice- pro brand.
Brand Development: Building reputation In simple words, it is personality development for businesses, not focused on promotion but instead on connection. It is a long-term strategy. This is the reason why a customer will not buy your brand’s clothes, while there is another brand offering the same clothes at a cheaper rate.
Here are some statistical data to support the arguments of the importance of brand development:-
Brand awareness is considered the top priority for 83% of the market. According to a report published by Content Marketing Institute)
Brand name is the first factor in consumer decision making (KPMG)
Consistent brand presentation can skyrocket revenue by up to 23% (Forbes)
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Brand development will make it easier for you to develop content for your target customers. Not only does it give you a competitive edge, but it also makes you look more authentic. Posting consistently across all branding platforms is by far the most effective way to grow your brand’s revenue and realise your scaling potential.
Always remember that- When the going gets tough, the tough get going.
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