BRAND MANAGEMENT 2

BRAND MANAGEMENT 2

Introduction

Brand management has given a rise to brand collaboration. The concept of brand collaboration came into being from the fact that the market conditions for any market at the domestic and the global level. In the said process, it has been suggested that the companies come together and design strategies having mutual benefit. The below mentioned point will highlight the points of managing brands collaboratively at the global and the domestic level.

Discussion

Evaluate how brands are managed collaboratively and in partnership both at a domestic and global level.

Brand management in collaboration is a concept of an alliance between two or more brands for curating a product with unique characteristics. The product has been curate with a view to attain a competitive advantage in the market. In the said process, it has been seen that the companies merge their strategies with a view to achieve a mutual benefit.

In the view of managing the brands collaboratively, the following points can be studied:

Market conditions unstable

Keeping in mind the present conditions, it is said that the business have been working in dynamic conditions (Wang et al., 2020). It implies to the fact that the markets have been introduced to different policies of the government. On the other hand, there have been seen a difference in the customer preferences as well and a growth in the competition. These factors have seen a tremendous rise at the domestic and the global level. The reason for the growth has been seen as a result of new players in the market. On the other hand, there have been situations where the customer preferences change with the trends. In these scenarios, it has been seen that the companies have to keep a track of the market conditions by way of feedbacks from the customers. Considering LIDL, it has collaborated with Fairtrade with a view to expand the markets for the agriculture products and provide a fair value.

Updated customers

The fact cannot be ignored that the customers have been well versed with the market conditions. As most of the customers have been seen updating themselves with the help of various sources. The companies have to keep in mind the fact that the power of the social media can change the perspective of the market. In the online scenario, the customers have been presented with options to choose from. Keeping this in mind, the companies have to collaborate at various levels to make sure that they sustain in the market. There are varied demographics on a global platform and the global customers have updated themselves in every way. Keeping this in mind the companies have to work on feedbacks from the customers and implement the said changes (Dijkstra et al.2020). The changes implemented in the process help the companies in keeping themselves updated in every way. These channels help in sustaining in market for a long time.

Business Dynamics

In the business world, there had been a perception that the start-ups only opted for brand collaborations. The basic requirement for the said scenario was a strong brand name which could lead the start-up in the market making them understand the highs and lows of the business. As it was seen that, the business dynamics were changing on a large scale there rose a requirement for collaboration. These scenarios were a common sight at the global and the domestic levels (Anosike, 2020). Keeping this in mind the companies have to consider the market conditions and plan the strategies accordingly. There have been situations, where the business dynamics have changed due to the government policies with respect to some products. In these scenarios, the companies have to restructure some policies to match to the market conditions.

Critically evaluate the use of different techniques used to leverage and extend brands.

In a view to evaluate the techniques for leveraging and extending brands, it can be said that the companies may lose quality in the process of expansion. On the other hand, there may be situations wherein the companies may not agree to the terms of marketing. These situations may cause breaching the terms of agreement and ride in competition. On the other hand, it may also cause a loss in the customer base of the said company which lead to severe losses.

Conclusion

Keeping in mind the above mentioned scenario, it can be said that there is a need for the companies to collaborate on a global scale. In today's business world, it can be said that the market conditions have been dynamic. The strategies designed in the process have to be in the mutual benefit of the either parties. On the other hand, the companies also need to update the social media platforms for the updates about their existing and new products.

References

Anosike, C., 2020. On Dynamics of Marketing and Consumer Behavior: A Mutually Influencing Feedback Loop. Available at SSRN 3673449.

Dijkstra, H., van Beukering, P. and Brouwer, R., 2020. Business models and sustainable plastic management: A systematic review of the literature. Journal of Cleaner Production, 258, p.120967.

Wang, M., Mühlbacher, H., Wittmann, X. and Perrett, P., 2020. Dynamic collaboration between small-and medium-sized enterprises from highly dissimilar markets. European Management Journal.