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2010, vol. 41, iss. 1, pp. 3-16
Brand values for consumers and companies
University of Belgrade, Faculty of Economy,
Keywords: brand; consumer; brand value; brand functions; consumer behavior
In contemporary business management, which is characterized by intense competitive pressure, marketing is getting more and more dominant role. Companies on the market are more exposed to competitive pressure due to the growing number of suppliers (bidders) and substitutive products on the home market, and increase of foreign competition due to the world economy globalization. The success of marketing tools usage largely depends on the expected financial effects realization, as well as the survival of company on the market does, both in long and short terms. Brand marketing is a useful tool in modern business environment and it is an important source of competitive advantage. The concept and essence of brand have been significantly changed recently, compared to the period of twenty or more years ago. Brand is no more considered as just a label or sign, it is a tool that creates value for consumers and significantly contributes to improving the competitive position on the market. In brand creating process one should start from the elements that influence the creation of value for consumers and to consistently apply mechanisms to maximize the function of the brand on the market and enable companies to achieve maximum impact in terms of achievement of competitive advantage. It is important at the same time, in the respect of analysis of the financial payback investment in brand creating, to conceder brand impacts on the financial performance of the company. The aim of this paper is to point out the role, importance and concept of brand in modern marketing, and to highlight the role and way of creating value for consumers with help of the brand, which contributes to improving the competitive position and points out the brand influence on the financial performance of companies.
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article language: Serbian
document type: Review Paper
published in SCIndeks: 07/12/2010