The role of the brand in the competitive strategy of the company.

Abstract

Globalization of the world economy and fierce competition lead to a shortening of the life cycle of products and the need to ensure the commercialization of new developments, including protected intellectual property. In the promotion of goods and services to the markets, as well as increasing the competitiveness of national producers, an important place belongs to the brand.

The article identifies the main approaches and models for creating and promoting a brand. The use of the brand in the competition of companies is analyzed. The features and directions of the further development of branding in the Republic of Belarus are revealed. The article identifies the main approaches and models for creating and promoting a brand. The use of the brand in the competition of companies is analyzed, the features and directions of its further development in the Republic of Belarus are revealed.

The study of branding in the Republic of Belarus at the present stage is very relevant, due to the acquisition of the status of a key factor in the competitive strategy, which will allow the company not only to strengthen its position, but also enter new markets. The article analyzes the practice of using a brand creation strategy (concept): American, Asian and European. These strategies are considered taking into account the experience of both foreign and Belarusian companies. In addition, there are many approaches, methods and models for creating a brand at the present time. However, none of the branding models described is ideal. It is assumed that the study of these theoretical aspects will contribute to a better understanding and ability to analyze the situation, both on the world and the Belarusian market.

It has been established that at the present stage of development, Belarusian companies are present on the world market, but their brand recognition is too low. The main features of Belarusian branding are: the experience of the Soviet era, “problems” in the names of products, companies, brands; price sensitivity of consumers; lack of branding differences for foreign and domestic markets.

Weak popularity of national brands does not allow Belarusian manufacturers to withstand competition with importers who actively use promotion strategies. The brand building model consists of five main steps. First, the methodology of the product itself is developed. Further  studies are conducted aimed at identifying the needs of the target audience and analysis of competitors. Only after this is the development of the brand itself and its positioning. Brand book development will be another tool with which the company will be able to holistically manage its brand.