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Branding Strategies Essay

1293 words - 6 pages

Generally, most companies may have survived in business because of their brand names. Branding is a strategic asset to organizations and it is important to hold it 'tight'. "A brand is any name, term, colors, or symbol that distinguishes on seller's product from another"(Berkowitz, 2011. p.276, para. 2). Sometimes an organization would opt for strategic brand alliance with another organization on the basis of mutual benefits. According to Kotler and Amstrong (2009), co-branding is a technique of combining two or more well-known brands in one product. It is undeniable fact that globalization and the advance in technology is changing the world or business environment, particularly the health ...view middle of the document...

In most cases, this may consequently contribute to the development of favorable attitudes of customers toward the new brand and partners brands.
The potential risks of this brand collaboration may be reflected in their common purpose in co-branding. By any means these two institutions can have incompatible corporate personalities that might in fact inhibit strategic brand collaboration. For example, the attitudes and values of a proposed co-branding partner may differ significantly from those of Stanford Medical Center and the potential for such discrepancy can cause friction. Another disadvantage of this enterprise is loss of control over the brand’s identity, core values and associations. It is possible that one party's brand or brand equity can lose control to another party, and eventually leads to confused positioning and lost focus on target groups. Also, too much collaboration can decrease the impact in the image transfer process to the host brand. Even though more involvement in co-branding can make both the involved brands more recognized and stronger in terms of higher absolute levels of brand awareness and uniqueness, the differentiation of the association might actually get lost. The host brands can strive to work with exclusive ingredient brands in order to avoid overexposed partner brands in brand strategy implementation. Besides, brand partnership can involve the risk of one brand becoming generic and lose its point of difference in the marketplace. From a strategic point of view, the critical implication is that the brand’s unique point of differentiation becomes incorporated at the category level and becomes one with the category.
From the financial perspective, successful brand collaboration can accelerate and enhance cash flow and increase shareholder value. Strategic co-branding and cross-promotions can accelerate cash flows through penetration of multiple consumer bases and increased responses to marketing activities (Uggla & Asberg, 2010). One very obvious advantage of brand alliances is the emergence of a more efficient and effective retail-brand environment for the consumer. For instance, the one stop shop concepts of providing full service in co-branding between hospitals and other service providers such as radiological services, and laboratory services benefit the consumer of the possibility of purchasing all needed services under one health care facility, a setup which most customers prefer.
More so, co-branding can let both partners gain access to each other’s customer base. Undoubtedly, collaboration that involves sharing a brand association base can enables firms to lower costs by leveraging established brand equity, increase revenues by reaching new markets and avoid the fixed costs or investments of creating a new brand. Sometimes, a stronger quality profile can be created together with a partner brand that would otherwise be impossible if the host brand had extended into this new business environment by...

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