Marketing in Photography Essay Example | Topics and Well Written Essays - 750 words

Marketing in Photography - Essay Example Brand is linked with the product by relaying the attributes and character of the product (Roeck, Maon and Lejeune). However, the understanding of brand and product is necessary which include the understanding of the corporate strategy. Developing of strong brand is vital in the evaluation of the market. Branding in corporate and product sectors is similar because it involves creation of a positive image about the brand. In spite of excellent branding strategies, the company must distinguish a brand from a product, which is the key goal of branding. Brand involves the marketing of the diverse range of products developed in the market. In fact, it involves the creation of a strong resonance with brand. The online business dictionary defines a product as a good idea, method of doing something, information or data, or service resulting in meeting the need or want of the customer or population. It further describes it in legal term as commercially distributed item that may be physical, in tangible such as a result or output derived from an act of fabrication, manufacturing. This should pass through a distribution channel ending at the consumption of the good or service. It finally describes a product in marketing perspective, as an item or service that meets the needs or requirement of a specific market or market segment leading to the realization of profits as the eventual outcome. â€Å"The other aspect of brand names equally as significant is in its extendibility and factors that influence it† (Finskud 81). Achieving profit leads to justification of the continual existence of the product while loss leads to removal or phasing off of the product or service. A brand can be categorized as a â€Å"strong brand† if it has several qualities or characters associated with strong brands. Strong brand is characterized by the ability to drive the shareholder value; therefore, it is managed by brand marketers who ensure an active buy in from all stakeholders (Ro eck, Maon and Lejeune). The brand is valued in financial terms and is classified as an asset to the company during the calculation of profits and loss. Because of being part of the organization, it is an integral part of the organization covering a variety of business dimension (Roeck, Maon and Lejeune). The brand, owing to the ability to quantify the value of the brand, can used in the obtaining loans or be bought as an asset. There are four factors associated with the Brands; these four factors influence the strength of the brand. The four factors are; affinity, challenge, fame and price. Branding is vital in marketing because it enables the sales of all the company’s range of products. The success of many companies such as; Coca Cola, Adidas and Nike among other brands are based on use of brand image creation (Kapferer 69). Therefore, companies must be ready to venture in branding to be able to achieve success. Additionally, customers are ready to pay consistently a higher price for the brand while ignoring the competing product or service. As a result of the strong affiliation to the brand, customers want to associate with the brand, it qualities, values and personality. Association with the brand gives rise to loyalty to the brand. Due to the above characteristics the brand becomes a trademark protected by the firm and its legal advisors. There are four f