Summary Brand & Branding

• What are the benefits of globalizing a brand? The major benefits are: -  More target audience  More revenue generation leads to more profit.  More customer loyalty  Generate strong market competition • What are the unique challenges to this type of branding and in your opinion, which areas of the world pose the bigger challenges and why? The company’s brand portfolio must be managed constantly to remain competitive & alive by capturing customer’s interest. Every country has different laws and regulations to govern businesses on their premises, therefore it’s important to discuss the challenges of global branding. Cultural Diversity: - People react differently and their priorities are changed as per their cultures. Companies should have complete knowledge of the local and target market before taking initiative while using standardized global marketing techniques by hiring the local workforce. Legal Aspects: - It is important for companies to understand the rules and regulatory climate before entering a new market by hiring or taking advice from local legal experts. Managerial Approach: - The most difficult task for a company in global expansion is to find effective organizational leadership with the appropriate knowledge and skills to approach the target market successfully.