How Nike Developed Its Brand Equity and the Influence of Branding on Its IMC
Assess how branding has increased in the last few decades. Think of a brand; analyze how the organization developed its brand equity. Assess the influence of branding on an organization’s IMC.
The Concept of Branding paper
Must be two to four double-spaced pages in length (excluding the title and reference pages) and formatted according to APA style.
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Must use at least two scholarly sources in addition to the course text.
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CONCEPT OF BRANDING
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Concept of Branding
The significance of branding for organizations spanning various industries has grown markedly over recent decades. This escalation is attributable to a confluence of factors. As markets have become inundated with comparable products and services, branding has become crucial for establishing competitive differentiation. By cultivating a strong brand, organizations can foster customer loyalty and gain an advantage over rivals (Samuel, 2018). Also, social media and digital marketing have provided corporations with novel avenues to cultivate and publicize their brands. Utilizing these mechanisms enables businesses to engage with a broader range of demographics and convey their brand values in a manner that engenders affinity among prospective consumers (“Chapter 10: Branding,” 2014). The evolving sophistication and discernment of consumers have led to a greater emphasis on the importance of branding in marketing and business strategy. Consumers are increasingly drawn to brands that resonate with their values and beliefs and desire an emotional connection with the companies from which they purchase products or services. This shift has elevated the significance of branding, as businesses that can successfully cultivate these connections are better positioned to succeed.
Nike has employed various strategies to develop its brand equity as a globally recognized and successful brand. There are numerous ways Nike has worked to build brand equity. A vital component of this success has been the company's ability to build brand loyalty by connecting with its customers emotionally (“Chapter 10: Branding,” 2014). The iconic "Just Do It" campaign, launched in 1988, is a prime example of this approach; its memorable slogan and empowering message resonated with many consumers, inspiring them to aspire to greatness. Through its ubiquitous "swoosh" logo, Nike has successfully increased brand awareness to the point where the logo alone is often sufficient for consumers to identify the brand. This instant recognizability has facilitated increased familiarity and preference among potential customers. Nike has also established brand equity through strategic associations with celebrated athletes. By aligning its brand with these successful figures, Nike fosters positive associations with success and achievement, thus imbuing its products with an aspirational quality for consumers. Nike's unyielding commitment to producing high-quality products has cultivated a reputation for ...