Brands
What is a brand?
The image of a specific product in the minds of the customers
What are the principles of strategic brand management?
Brand awareness; Brand recognition; Brand reputation; Brand equity; Brand loyalty
What are the main needs of business travelers?
The location of hotels; good links with subway underground networks; close to the airport and office; technology and Internet; a business centre; translation services
What mainly drives change in modern business environments?
Technological advancements, market dynamics, and competitive pressures
What is the primary goal of change management?
To ensure transitions occur smoothly, minimizing disruption and resistance among employees
What is the main function of a brand?
To enable you to choose one thing from another
What is the main aim of brand management?
To build, measure, and control brand equity – making a brand to have its own value
What determines a good airline company?
A combination of safety, customer service, comfort, entertainment, reliability, value for money, and innovation
Why is it important to motivate staff during change?
It helps in maintaining productivity and morale
Name a company that has successfully used restructuring to innovate and grow
Amazon or Microsoft
What stops people from buying brands?
They don’t want to pay inflated prices for a name, a fancy logo and packaging
What are some possible disadvantages of developing a strong brand?
Takes time and effort; Negative experiences can harm a company's reputation quickly; Requires significant financial investment; Misunderstanding of branding can lead to poor marketing strategies; It can be difficult to change an established brand image if needed.
Name some benefits of using travel apps for organizing itineraries
It minimizes the stress of managing multiple confirmations and schedules, enabling travelers to focus on the experience rather than the logistics.
Name three specific methods for providing regular updates to employees
Emails, meetings, and feedback sessions
Why is involving employees in decision-making during changes important?
It enhances their sense of ownership and makes them feel valued and respected
What benefits does branding offer for businesses?
Recognition and visibility, customer loyalty, perceived quality, competitive edge, market positioning, trust and credibility, support for new products, and marketing efficiency
Name some marketing strategies for developing a brand
Promote products as an exclusive brand; Sell the products in the higher price ranges; Use product placement in films and television to support the brand. Hire a famous, sophisticated, influential man and woman to endorse the products.
What features and functions do travel apps offer?
Consolidating travel details; providing real-time updates and alerts; turn-by-turn directions; the ability to discover local attractions and dining options; communication and social interaction among travelers.
What problems can businesses encounter during change initiatives?
Resistance to change; poor communication; inadequate training; lack of leadership support; cultural misalignment
How to achieve smoother transitions and create a resilient organizational environment?
By addressing both human factors and structural elements in the change management approach
Give examples of how people used branding in the ancient times
Watermarks on paper first appeared in the 13th century as a way for Italians to brand their products. Branding is also the act of burning marks into cattle hides, which allows ranchers to identify their animals. In the Middle Ages, pewter tankards were often stamped with a maker's mark.
What is the 6-Step Process for Strategic Brand Management?
1. Start with your target audience 2.Define your brand 3.Align your brand and target audience. 4.Create a marketing strategy. 5.Monitor your brand reputation 6.Centralize and update brand materials.
What are the reasons why national airline companies face financial difficulties?
Bureaucratic inefficiencies and a lack of innovation; unprofitable routes due to political pressure or national pride; struggle to compete on price and service quality due to market dynamics; government support and bailouts
What can be advised to businesses which are planning to change?
To understand what a successful change looks like for them and to make sure people are fully engaged in the change
Name a widely used change management model that helps with managing change effectively
Prosci’s ADKAR model or Kotter’s 8-Step Process