Managing the brand Essay Example | Topics and Well Written Essays - 500 words

Managing the brand - Essay Example Once this phase is achieved the brand needs to ensure that the customer appreciates the brand. Finally the customer needs to become familiar with the brand such that it chooses the brand again and again (Chernatony, McDonald & Wallace, 2010, p.452). Perception: Human beings perceive based on their interpretation. According to the concepts of perception, the sense organs of human beings allow them to create interpretations of various situations, other human beings, and objects. Although theoretically it might be true that two individuals observing a same thing have same perception, but in practicality the perceptions might be different. Such perceptions might occur consciously or at times unconsciously (Ott, 2003). Competitive Positioning: Michael Porter’s five forces model explains how the positioning of a brand depends on the five forces. These five forces include the new entrants in the market, the bargaining power of the buyers, bargaining power of the suppliers, the substitutes and the competitors in the industry. These five factors together decide how a brand is positioned in the market as well as in the minds of the consumers with respect to its competitors (Hax, 2009, pp.208-210). Brand: The meaning of a brand can be understood from the perceptions and impressions that get reflected by a company and its products or services. It is the pledge that a company undertakes in order to serve its customers and provide them with their needs and demands. Thus a brand represents a company and a company is known to its customers by the name of the brand that it carries (Brand Definition, 2011). In the current business world of huge competition accompanied by the varying changes in the needs and demands of the customers, it can be understood that the perceptions of the customers are also changing, particularly with newer brands entering the market in greater levels. The competitive positioning also