One of the most significant assets that can be created for a business is a powerful brand. Brands are not just logos or taglines but they are the culmination of what kind of an organization is it, how they are different from their other competitors and the reasons for the buyers to indulge in business with the organization. Strong brands are likely to add value which assures the customers to create a positive linkage with the brand. The customers further demonstrate the lesser degree of likeliness to purchase the products of the competitors.
Development of a new brand requires the effort and support of the top level management. They are required to contribute their valuable inputs and strategies in order to develop an effective plan for the purpose of new product development. Owing to the fact that consistent introduction of new products is considered to be pertinent to the level of success of the organizations so, as a result, in the near future marketers tend to follow a definite set of procedures to bring the product into the market (Kapferer, 2012).
It can be stated that the brand name assists to separate one product from the other similar available products. Distinct types of brand names and distinguishing benefits are believed to be associated with the product possessing a good brand name. Hence, the majority of the business organisations organizations a great deal of time and effort in order to choose an appropriate brand name. It can be mentioned that the brand name at times gets closely linked to the product which helps the customers in easily recalling the product. However, it becomes quite difficult to alter the brand elements for the marketers (Kohli, 1995).
The brand name that has been chosen for the study is Ford Nuovo. Nuovo comes from the Spanish word new. It can be observed that the brand name chosen for the study is quite attractive and hence it is likely to lure a significant number of customers’ in the market. It is quite a well known fact well-known yet is filled with numerous brand names.
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