Brands have the power to build or destroy a company. Brand is the most precious asset a company has. Brand provides a company with distinctive image and recognition. Strong brand name provides the customer with the confidence to shop without hesitation (Wilson and Raymond). This reputation of brand depends upon the positioning and quality of brand. IDENTIFYING AND ESTABLISHING BRAND POSITIONING: Following are the steps provided by the CBBE in building a strong label. To know the qualities of the model, some settlement should be made which is involved in it (Keller, 2005). BASIC CONCEPTS
The CBBE explains the method through which the label informative feature must be form to develop label equity. It is difficult to form a powerful, favourable and particular label company as part of label meaning. Label structure is at the heart of marketing strategy (David, 1987). Kotler (1999) explains that first one should know the mind’s of consumer that actually what type of label they want and then create a right label company according to the consumer’s need at a right place and on a right time. But few questions arise in mind; 1- How it is different? 2- How it is likely to opposing labels?
3- Why people come to buy and use this label? These are the answers of our curies which are given by CBBE model. Before creating any label one should have to clear these points first. 1- what is the actual need of buyers 2- One should have to know who is the main opposing 3- How we make a label which is like to be the opposing label 4- The main and last thing that how one should create a label which is different from the opposing label. TARGET MARKET One should have to point out the main target of consumers which is very important because different buyers have different choices.
They know the features of good label and also have different preferences. In other words, all buyers have different opportunity to buy a product. There are different segmentations for buyers and industrial markets. These segments can be classified as buyers oriented. 1-who is buyer or from which company they are related 2-how buyers use our label and what they think about it. For example; in benefit segment one should have to clear the main point of difference or the needs of buyer. NATURE OF COMPETITION The nature of competition and deciding which products and labels are most likely to be seen as close substitutes.
It may be depend on the places of distribution selected (Davies et. al, 2003). Competition takes place neither at the benefit level nor at the disposition level (Goodchild & Callow, 2001). Luxury good (for example stereo equipment) compete as much as with durable goods (for example furniture) However, one should create a different products or a particular label but the main thing is the location of a company. The location of a company is related to the business scheme (Lazar, 1999). It includes the outcome, price, advancement actions, and distribution channels taken by the company.