Company that has Strong Market Brand Recognition
The Coca-Cola soft drink has a strong market brand that is recognizable all across the world. The recognition of this brand of soft drink is clearly evident from its packaging, and slogan on the product itself. The promotion of this soft drink started as early as 1907, and continues today as being one of the soft-drink giants that is “full of vim, vigor and go.” Today the company currently distributes approximately 300 brands of drinks across the world, and the brand name recognition is still going strong. With that being said, the soft drink wars will never end, but the public’s consciousness over Coca-Cola is far too well-established for the company to ever reconcile to being less than number two within the market share clash of soft drink wars (Cook, 2002).
What are the Challenges of Building Brand Recognition?
There are many challenges of building product brand recognition for a company. Perhaps the greatest challenge faced by a company when trying to build brand recognition is developing and constructing an accurate name and/or slogan for the product itself. This will take numerous thoughts when trying to get customers to recognize the product we are presenting for sale for the first time, and getting though this obstacle will require a thorough investigation into the product and feedback from others. However, once this obstacle is overcome effective advertising must be presented to customers to make the product brand more recognizable and unforgettable. Also, holding promotional events before the sale of the new products will be essential to obtaining customers to make that fist purchase, as well as following up with adequate advertisements of the product brand will aid in promoting satisfaction among customers and repeat purchases are more likely to be made by theses customers (Iowa State University, 2010).
What are the Benefits and Challenges of Building Leveraging Brands?
The benefits of Coca-Cola in building their leverage in the soft drink industry is that they are so well established in the minds of consumers that they were able to expand other brands of soft drinks into the market place by the name and/or logo they present. The reminder of the name and/or logo that is presented to consumers with the Coca-Cola brand includes everything from the design of their products to the pricing and packaging of their products. With that being said, the Coca-Cola Company has benefited by leveraging their brand of soft drink into this segment by maintaining their image of the products they present, and this in itself keeps their consumers satisfied with what they are getting (McKee, 2007). The challenges for Coca-Cola in building a leveraging brand into the soft drink industry is that they have to present to customers what they want and need in a soft drink and build brands from this. For instance, for the Coca-Cola Company there are sometimes over 20 brand attributes tested each month to over 4000 customers to determine what preference their consumers have in choosing a soft drink. In this sense, this has become a challenge for the soft drink company in testing such a high amount of attributes and customers in just a month so that it can be determined what keeps their consumers satisfied when it comes to choosing one soft drink over another (Mapsofworld, 2009).
What Branding Strategies could be used for GGI?
The development of the new product line is very significant for GGI, but we must ensure in developing the product line we continue to appeal to our customers’ needs and want. GGI can do this by developing a positive strategy for effectively positioning the products into the marketplace. The intention of our branding strategy should be persuasive, striking and distinctive to not only our customers, but our competitors. The branding strategy we present with our new product line should come from the image and values the company now gives to our customers so that we are unique to them by the products we offer for sale. Doing this will permit knowledge to new and existing customers of the image and values we present with the products we offer for sale, and we will be unique to them so that they will want to purchase our products over our competitors. However, not living up to the image and values that is promised from our products will permit customers to be lost and customers that were once loyal to us will leave and perhaps become loyal to our competitors. Also, creating a positive attachment in the market place regarding our products is the key to successfully creating stability with our customers. When customers hear the name of our products we want them to be emotionally attached to it by knowing that we are loyal to them in obtaining what they want and need when they want and need it. This can make us stand out among our competitors and make our new product line a hit with customers (Brand Strategy, n.d.).
Brand Strategy. (n.d). Retrieved from http://www.brandidentityguru.com/brand_strategy.htm
Cook, B. (2002). Coca-Cola: A classic. Retrieved from http://www.brandchannel.com/features_profile.asp?pr_id=101
Iowa State University. (2010). Building your brand. Retrieved from http://www.extension.iastate.edu/agdm/wholefarm/html/c5-50.html
Mapsofworld. (2009). Development strategy of Coca-Cola. Retrieved from http://finance.mapsofworld.com/brand/value/development-strategy-coca-cola.html
McKee, S. (2007). Building a better brand. Retrieved from http://www.businessweek.com/smallbiz/content/oct2007/sb20071012_740637.htm