Brand Development - Definition, Importance & Example
Published in Marketing and Strategy Terms by MBA Skool Team
What is Brand Development?
Brand development is maintaining the consistency in terms of quality, value and trust that consumer finds in the company. Brand is a perception on consumers’ mind. Today market is flooded with competition and none of them is lagging behind in delivering the promises that they make to their respective consumers.
Brand development is overall an ongoing process of improving a brand's overall image in increments to keep the connect with customers and make sure that it aligns with the overall strategy and vision of the company or brand.
Importance of Brand Development
Brand development is a continuous process which helps a brand grow in the market. There has be a constant plan to develop a brand further, be contemporary and yet be useful to a customer.
Brand development has following 4 phases:
How to take your brand into the market? Making brand communications more effective.
Brand development can be undertaken by enhancing communication strategies for a brand.
Brand identity communicates the company’s vision and mission via Brand. From beginning to end, making brand more memorable.
Graphical designs, color schemes, logos etc. differentiates a brand from the competitor and shape consumers’ perception positively, and helps in brand development.
Just like a stock portfolio, managing the investment done by the company in the brand. Hence, brand management is an effective way of managing the entire life of a brand.
Effectiveness of brand development is also measured by a tool which is known as brand development index (BDI).
Let us say that we have do brand development of a fast food restaurant. We will have to start with brand strategy on how do we want to position our brand and what is going to be the communication. Is it a generic fast food place or is it a place with high quality food but in less time. Then we think of the brand identity which will convert into a positive brand image. Brand identity will help form customer perception. It can be something like a place where 5 great items are offered at affordable prices or it can be a place where people connect.
Then comes one of the most important part of graphical design and identity which covers various brand elements. The logo should clearly say that it is a food restaurant where we can get some good items. It may be a shape of burger or a pizza with some additional elements which showcases the primary item of the place.
Once the first 3 have been defined brand management keeps evolving. It should be updated based on items added or removed from the menu or the delivery methods like online ordering or offline seating.
Hence, this concludes the definition of Brand Development along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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