MKT624 Brand Management GDB 1 Solution Spring 2013

Do you think that brand vision plays any role in overall brand development?


Yes I agreed above the given statement brand vision plays many role in overall brand development. The relation between vision and values is the key to understanding the role of the two in relation to the corporate brand. Values have to be controlled by the vision.
Brand vision brings management to a platform from where they all have to agree what level of growth the brand will generate to fulfill company’s objectives. It is not a function limited to the boundaries of marketing management; it is an objective for total management to agree on one point – brand’s reason for being (why it exists?) and its potential toward profitability.
With the vision in place about your brand’s movement, the next step for you is to take top management into confidence. The top management is extremely interested in the planned brand’s movements as envisioned by you and your department.
If the top management has an overall vision, then the brand vision should automatically fit into that. The brand vision, therefore, is an extension of the overall business vision. It flows out of the latter. Brand vision tells us about a brand’s growth and future direction. It is the most important statement before we undertake the strategic management process. It tells us how our brand is going to help the company achieve its goals – financial and strategic. Before going any further, it is important that we learn how the strategic management process (SMP) works! An understanding of the basics of the process will allow us to easily fit the vision into it and then see how to proceed with every successive strategic step of importance.

The Brand Vision
An understanding of the strategic management process makes it amply clear that a company cannot carve its future path without accounting for its brand(s). Brands lay the foundation for fulfillment of the vision and they also serve as the keystones for sustaining that fulfillment. If brands help the company achieve its strategic and financial goals, then a brand vision must flow out of the company vision. The overall vision must specify the way the management looks at the brand future in the long run.
Brand future refers to
• markets and market segments to be served
• quality improvements to be achieved
• envisioned changes to be met
• investments

Another Solution:

Creating a vision for the brand is the most important primary step in the brand management process. Brand Vision can be defined as the long term strategic position that the brand will take in the market as well as in the consumer mind-space. Brand vision offers a strategic intent which will act as a long term goal for the brand.

Creating brand vision is a strategic process which requires the involvement of top management. The vision dictates the future course of action for the brand with regard to its growth and future course of action.

Most of the time marketers are faced with critical decisions regarding the future growth path for the brand. There is a dilemma whether the brand should be extended to cater to new opportunities in the market or to be focused on the current category. Some times marketers tend to extend the brand too much that the entire brand equity gets diluted. Without the guidance of a clear vision, brands tend to lose focus and extend into unchartered unrelated categories. Lack of vision also creates the problem of discontinuity for the brand’s strategies. There are chances that the brand compromises its equity for the sake of short-term growth unless guided by a long-term vision.

Having a brand vision will help marketers make decisions regarding the growth of the brand. The vision also helps marketers to tap into opportunities which are in line with the vision and reject others that contradict the vision. Vision helps the brand to create a brand charter which will act as a rule book for the managers. It will also help the managers to shape the brand strategies during the time of crisis.

Brand vision also helps to develop consistency with regard to brand communication. The messages derived from the brand vision will be consistent across all media. Even when the advertising & creative agencies change, the brand message will remain constant. In the absence of brand vision, the communication messages will not be connected by a common thread.

Brand vision also motivates the employees to perform better. Employees feel motivated and inspired when they are aware of the brand vision. More importantly, employees should feel that they are contributing to the realization of that vision.