Free Sample: Branding and Marketing at LVMH paper example for writing essay

Branding and Marketing at LVMH - Essay Example

A successful project can never be prepared by the single effort or the person to whom project is assigned, but it also demand the help and guardianship of some conversant person who helps in the undersigned actively or passively in the completion of successful project. With great pleasure I express my gratitude to our project guide without their help this would not have been completed. They have given their precious suggestions and constructive guidance has been indispensable in the completion of this project work.

Last but not the least I would also like to thank my friends and all the responded. Who directly and indirectly supported to me during my project work, without the help of whom this project would not have been possible. A name used to identify the maker or distributor of a good. A brand was originally a mark burned on the hide of an animal to identify its owner, or on the person of a convicted criminal to warn the public of their character. In some cases a brand name is that of the original maker, which a new owner has retained after the originator ceased to be an independent firm.

Brand names benefit producers and distributors, as they facilitate advertising and building up a reputation for a product or range of products. Branding may benefit consumers where it is difficult or impossible to discover the quality of a good by inspection before actual purchase. If the maker is easily identified, then a good, which fails to give satisfaction in use, will not be bought again. Producers and distributors know this, and have a strong incentive to maintain quality, and to make amends if they have failed; this incentive is weaker with unbranded.

A trademark or distinctive name identifying a product or a manufacturer. Brand is the personality that identifies a product, service or company (name, term, sign, symbol, or design, or combination of them) and how it relates to key constituencies: Customers, Staff, Partners, Investors etc. Some people distinguish the psychological aspect, brand associations like thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand, of a brand from the experiential aspect.

The experiential aspect consists of the sum of all points of contact with the brand and is known as the brand experience. The psychological aspect, sometimes referred to as the brand image, is a symbolic construct created within the minds of people, consisting of all the information and expectations associated with a product, service or the company(ies) providing them. People engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique.

A brand is therefore one of the most valuable elements in an advertising theme, as it demonstrates what the brand owner is able to offer in the marketplace. The art of creating and maintaining a brand is called brand management. Careful brand management seeks to make the product or services relevant to the target audience. Brands should be seen as more than the difference between the actual cost of a product and its selling price – they represent the sum of all valuable qualities of a product to the consumer.

There are many intangibles involved in business, intangibles left wholly from the income statement and balance sheet that determine how a business is perceived. The learned skill of a knowledge worker, the type of mental working, the type of stitch: all may be without an ‘accounting cost’ but for those who truly know the product, for it is these people the company should wish to find and keep, the difference is incomparable. A brand, which is widely known in the marketplace, acquires brand recognition.

Brand awareness refers to customers’ ability to recall and recognize the brand under different conditions and link to the brand name, logo, jingles and so on to certain associations in memory. It helps the customers to understand to which product or service category the particular brand belongs and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products. Brand awareness is of critical importance since customers will not consider your brand if they are not aware of it.