The Brand Strategy of Philips-Free-Samples-Myassignmenthelp.com

Question: Discuss about the Brand Strategy of Philips. Answer: Introduction Philips, the big name in the technology sector is a Dutch company whose sole concentration lies on electronics, healthcare, and lighting. Founded in Eindhoven by Gerard Philips, it is one of the largest electronic companies in the world. With more than 100 thousand employees across 60 countries worldwide, it is also one of the largest producers of lighting products in the world (Merchant and Rose 2013). Brand management and planning is the analysis of how the brand is anticipated in the market. In this report, brand management of Philips will be discussed along with an overview on how different strategies of branding are followed by the origination to accomplish sales goals. Brand Architecture Strategy The strategy is an out- inside approach to organize the brand offerings of the company. The brand is made on the structure. From the point of view of internal structure, it has been pointed out that the brands existing services and products are in the mode of interplay with one another. The point of view is creating criteria through the help of the extension that can be perceived. Externally, this process combines within the development of the framework, which can be perceived (Rosethorn 2016). An unrefined brand architectural strategy of Philips, which is much before the year 1995, led to the failing of recognizing the products breadth by the customers. Higher costs, which involved marketing and branding resources, are also affecting the brand image of the company (Hillenbrand et al 2013). Philips with its brand name One Philips failed to attract many customers due to the problem in the internal communication. By taking a profitable amount of time in order to maintain proper sophisticated structure, the upcoming risks could be mitigated. The optimization of the expenditure is a way to allow the companys brand to enjoy a new brand awareness and a struggle to improve the image of the brand. Likewise, Philips also realized to clarify and redefine its brand image. This resulted to the end of One Philips and the beginning of the era of Sense and Simplicity and then again reinterpreting into innovation and you. Accordingly, Philips had also streamlined the various divisions of t he product into the three parts: consumer products, lighting and healthcare. There are types of Brand Architectural Structures, which include house of brands and branded house. Philips features Branded house structures, which contains the services, and products that bear the brand name of the organization in order to motivate communication value and purchases. Brand Potential It includes the vision of the brand which incorporates the view of the managements potential based on long- term which is influenced by the improvements of the firm and has the ability to give recognition to the possible and current brand of the future. The Brand boundaries are the way to identify the products and the brand who should offer the different benefits and also the needs which should satisfy the customers (Buil et al 2013). The brand positioning refers to the reference based on competitive frame, point of differences, priority and the mantra of brand. It has been accordingly claimed that Philips is a reputed and prestigious brand. The efforts should be made to make its brand potential to make the products for tomorrow. The Brand boundaries of the Philips offer products which give different benefits such as mixer, tube lights, bulbs and other electronic gadgets are being used and also other appliances with innovative methods to make the brand of the company famous. Repositi oning of Philips represented a correct example about how the branding should be. Philip breaks the description of the product from the confusing jargon and then to the bare essentials, further making clearer and easy to apprehend by any customers. In most of the cases, their product line does not surpass more than one line text. In order to give importance to the name of the brand, an Advisory board has been created whose function is to give the perspectives of outside which encompass the continued efforts, which are targeted towards their promises. Philips focused on the portfolios of Brand, which incorporates mainly the way to attract the customers and to enhance the internal competition within the firm. Second, to attract the particular segment of the market, which is still not covered by other competitors as the market is new to capture. Brand Hierarchy A brand Hierarchy is a way to summarize the strategy of branding, by displaying a number of elements of the brand (KALININA 2014). All the brands are having a small beginning like Philip, who includes the descriptor of the product, level of modifier, brand level of an individual, family brand level and then comes the company brand level. It follows the level of individual and modifier brand level. Philips, in the beginning faced problems in terms of what is the number of levels that a brand must use and to allocate some of the specific types of products under the umbrella of one brand (Som and Blanckaert 2015; Duin, Ortt and Aarts 2014). Conclusion The branding of a product acts as an ambassador of the product. Great products can be unsuccessful due to wrong brand management strategy. Philips needed a brand repositioning because of its complex approach to marketing and thus, the change in the tagline and new marketing strategy, regarding branding helped the organization to gain the position they are in today. It is understood by branding promotion of Philips, that simplicity is the need of the hour. The complex and complicated subject can overshadow a brand. It is necessary to know and understand the need and communication capacity of the consumer, to provide a positive brand valuation to the consumer. Due to its strong branding promotion, the organization has been able to change itself from being an endorsing brand to a monolithic brand. Companys future endeavors and plans to incorporating into greater Philips brand have empowered it to come up with the tagline sense and simplicity. References Buil, I., De Chernatony, L. and Martnez, E., 2013. 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