SWOT
Brand Building is generating awareness, establishing and promoting company
using strategies and tactics. In other words brand building is enhancing brand equity using advertising campaigns and promotional strategies. Branding is crucial aspect of company because it is the visual voice of the company.
The purpose of brand building is to differentiate and to create a unique image
about the company.
Before brand building each company has to look at the existing business position
and predicting how external factors may affect the business and get a clear picture
of its purpose and place. The SWOT analysis can help to analyse the company’s current and forward-looking situation:
SWOT Analysis
Strenghts
· Enhances Product Recognition
· Help Product Positioning
· Aids in Introduction of New Products
· Builds Brand Equity
· Strong reputation of the brand
Opportunities
STRENGTHS: Characteristics of the business or project that give it an advantage
over others.
WEAKNESSES: Characteristics that place the team at a disadvantage relative to
others.
OPPORTUNITIES: Elements in the environment that the project could exploit to its
advantage.
THREATS: Elements in the environment that could cause trouble for the business
or project.
· Positioning of the product in local and
foreign markets
· Increase the contribution margin
· Control over pricing/ Brand price premium
behavior
· Control over distribution
· Using advanced technology to develop
new products
· Growing demand from international
markets
· Using Facebook, Twitter and other social
media sites to reach new customers
Weaknesses
· Complexity
· Expensive to Design
· Difficult to Maintain
· Difficult and Expensive to Change
· Not having a clear product differentiation
compared with competitor’s offer
· Weak distribution
· Not enough online presence
Threats
· Free access to information though Internet/
Mass use of internet
· Competitors might introduce better products and services at lower prices
· Changes in the economic environment
might reduce customer loyalty to established brands
· Changes in customer tastes and fashions
· Competitors might introduce better products and services at lower prices
· Changes in the economic environment
might reduce customer loyalty to established brands
It’s worth thinking about...
A SWOT analysis provides strategic insight on recommendations and opportunities
for businesses to map out a strategic plan. As an actionable management tool, the
SWOT helps owners hone in on the right course of action to leverage the business’s
unique characteristics. By turning threats into strengths, and matching strengths
with opportunities, it is possible to maximize the chances of success and increase
sales.
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What can you improve?
What obstacles do you face?
How can you get customers involved in creating your branding and marketing?
How can you use new media and traditional media platforms to build your business
and personal brands?
What products, procedures, and systems can you develop to scale your business?
With whom it is worth building strategic partnership or cross marketing to build
your brand and image?
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