With the intensification of market competition, enterprises which only rely on product quality and service competition can no longer have complete advantages in the market. Brand image is the most valuable intangible assets and management resources of enterprises, and also a magic weapon for enterprises to win and gain profits in the fierce competition. Therefore, branding Malaysia becomes very important in the planning of enterprise development.
What is the importance of branding?
First of all, a good brand can make enterprises stand out from the competition and gain resource advantages. When there is a lot of choice among similar products, a good brand can reduce consumers’ purchasing decisions and provide identity. For example, when consumers need to buy products that match their status level, the brand level can provide support for the target audience in making decisions. At the same time, it can also occupy a good market resource advantage, because after the brand effect formed by the brand image becomes more influential, all aspects of production can be well supported, including the supply of raw materials, sales support and financial convenience, and can provide a good brand protection effect.
Secondly, the purpose of enterprise branding is to shape the unique characteristics or distinctive brand appeal of its own enterprise brand and solve some special interest value points of consumer groups. Since then, the enterprise has been separated from the market price competition. Through repeated brand marketing and the dissemination of core ideas and values, the product gradually has brand influence and brand value, and the enterprise has the strength of product premium. Products integrated with corporate philosophy and brand effect have higher prices in the market, because products of enterprises with good brand image are more likely to win the trust of consumers and stimulate their potential purchase desire. Thus, it occupies a larger market share.
In addition, a good brand can enhance the overall image of the enterprise. Corporate image refers to people’s overall impression of the enterprise established through various signs of the enterprise, which is the core of the construction of corporate culture. Corporate image is an external manifestation of corporate spirit culture. It is the general impression felt by the public in the process of contact with enterprises. It will not only improve the personal status of business owners, but also bring substantial benefits. It can also increase the opportunities for cooperation between enterprises in the same or different industries, such as cross-selling, joint promotion and so on.
If an enterprise wants to be in a dominant position in the long-term market competition, branding is the only way for long-term development. Enterprise branding needs to start from the enterprise brand creation, and through many years and as always adhere to their own enterprise brand unique brand core ideology and values. Enterprise branding needs to adhere to the continuous research and development and production of high-quality products, and constantly improve the brand products before sale, sale, after-sales service management system. In this way, it can establish a brand that is satisfied in the deep heart of consumers.
