Question

describe the four Factors Responsible for Branding Challenges

1-Savvy customers

2-Increased Competition

3-Increased costs

4-Media transformation

Answer 1

1. Savvy Customers:

• Savvy customers are those customers who are aware and know exact what is their need, what they are buying, from where and which manufacturer.
• So this becomes a major branding challenge to convince these set of customers.
• Quality information, quality and timely product and reasonable cost etc are expected out of these customers from any brand.

2. Increased Competition:

• There has been increased competition or rivalry between organizations offering same line of products targeting same set of customers, with similar prices etc has been a huge challenge for branding.
• Hence brand positioning has to be a major factor looked into the competitive market.

3. Increased Cost:

• Promotional and other marketing activities in branding is one of the major causes for increased cost.
• Hence proper budgeting would help in controlling cost and reducing the waste.
• Most cost like retention cost, capital finance cost etc are reduced through increase in distributors loyalty and there by leads to saving.

4. Media Transformation:

• In this social media era there is a huge transformation of media in branding.
• Medias like newspapers, televisions, radio etc has become out-dated and social media like Facebook, Twitter etc is trending. This is a major transformation and huge challenge for marketers.
• This digital transformation has to be looked into in order to have a successful branding.