Creating a Brand Image for the Product

There are certain considerations that the firm must take in order to reach their target market. The company should consider various factors while choosing a target market. These factors are demographic factors which include industry, company size, customer location etc. The operating variables like company technology, product and brand use status and customer’s capabilities should also be kept in mind. The customer profile should be kept in mind. On the basis of these factors, segmentations of customers should be made which would help the company to reach its target audience.

Creating a Brand Image for the Product

To sell the product in the international market, it is very important to develop a brand image for the product. The building of a brand requires the development of a brand name, symbol, tagline and logo. All these things comprise of the competitive advantage for the company. If these features associated with the brand are properly highlighted in the international market, the product can gain popularity and profit.

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These features are a part of the tool and tactics of marketing in the international, as well as, the domestic market.

But since New Ireland Wools, has gained profit in the domestic market without any kind of advertising; so now, it needs to focus on these features in the international market. Developing a specific category and brand management process for the product is very important. The company should first analyze the available brands in the international market and then, should develop its own brand identity.

The comparison with other brands in the market will help the company in developing a brand image that can compete with its competitors in the market. It helps in clearly differentiating the product from other products in the market. A mission and vision should be developed for the brand. The brand image that will be created should portray the real image of the product to the customers.

• Brand Name: To create a brand identity, the product should have a specific brand name that comprises of a letter or word and differentiates it from the product of the competitors. The product should also have a brand mark in the form of a symbol. The brand should also have the trademark right to use that particular brand name and symbol. The brand name can also be decided according to the language and culture of the country in which the product is being sold. The brand name can be related to one’s individual name, family name or corporate name combined with individual name (Boone & Kurtz, 2005).
• Building brand equity: The Company can strengthen its brand image by building brand equity for the woolen products. Brand equity creates a value for the product and satisfies the customer. It also helps in creating brand loyalty for the product and also helps in expansion of the product in the overseas market.
• Packaging: Packaging is another factor, which helps in building a strong brand identity. It should consist of the brand label and should be attractive, as well as, cost effective. It helps in influencing the decision of the customers and also protects the product against any kind of damage or spoilage. Building a strong brand identity is very important because the consumers go through five important stages while selecting a product for use.These stages are awareness about the brand, interest in the brand, evaluation of the benefits of the product, trial purchase; after that, they decide it to use either regularly or to reject it.
• Brand Building tools: The Company can also use various brand building tools for attracting attention of public towards the brand. They can be press releases, sponsorships, event marketing, social cause marketing, trade shows etc. The product can be launched as a brand of the manufacturer, distributor or as a licensed brand name. All the things should be considered by the company for building a brand identity in the worldwide market.