CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Strategic brand management plays a pivotal role in shaping the success and longevity of organizations in today's competitive business landscape. As markets become increasingly saturated and consumer choices multiply, the ability to cultivate and leverage a strong brand is integral to organizational performance. The impact of strategic brand management extends far beyond merely creating an attractive logo or catchy tagline; it encompasses the meticulous planning and execution of a comprehensive brand strategy that resonates with the target audience and aligns with the organization's values and objectives. De Chernatony et al. (2004).
At its core, strategic brand management involves the deliberate formulation and implementation of initiatives to build, position, and nurture a brand throughout its lifecycle. A well-managed brand not only distinguishes a company from its competitors but also engenders trust and loyalty among consumers. The influence of brand management is particularly evident in consumer purchasing decisions, where brand perception often serves as a decisive factor. Companies that effectively manage their brands are better equipped to command premium prices, foster customer loyalty, and withstand market fluctuations, thereby positively impacting overall organizational performance. Rahman et al. (2018).
Furthermore, strategic brand management is an integral component of a company's broader marketing and business strategy. It requires a nuanced understanding of the target market, consumer behavior, and industry trends. Effective brand management involves continuous monitoring and adaptation to ensure that the brand remains relevant and resonant in the face of evolving market dynamics. In this era of digital connectivity and instant communication, the impact of brand management is magnified, as brands are subject to rapid scrutiny and feedback. A well-crafted brand strategy not only contributes to financial success but also enhances the overall reputation and perceived value of the organization. Dawes (2009).Top of Form
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1.2 Statement of the Problem
The study on the impact of strategic brand management on organizational performance addresses a critical gap in the existing literature and business understanding. While the significance of strong brand management is widely acknowledged, there is a limited depth of empirical research that comprehensively examines the direct and indirect effects of strategic brand management practices on various facets of organizational performance. This research aims to explore the nuanced relationships between strategic brand management and key performance indicators such as market share, customer loyalty, and financial outcomes. Additionally, the study will delve into the moderating factors that might influence the effectiveness of strategic brand management, considering diverse industry contexts and competitive landscapes. By identifying and dissecting these complexities, the research endeavors to provide valuable insights for practitioners and scholars alike, contributing to a more nuanced comprehension of the strategic interplay between brand management and organizational performance.Top of Form
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1.3 Objectives of the Study
The main objective of the study is to examine impact of strategic brand management on organizational performance. Specific objectives of the study are:
- 1. Assess the link between brand differentiation and financial performance across different industries.
- 2. Evaluate the effectiveness of different strategic brand management practices in driving employee engagement and productivity.
- 3. Investigate the impact of brand sustainability initiatives on customer brand loyalty and advocacy.
1.4 Research Questions
1. To what extent does a brand's level of differentiation (uniqueness in product/service offerings, messaging, and customer experience) positively correlate with profitability, market share, and revenue growth within various industry sectors (e.g., tech, retail, healthcare)?
2. How do specific brand management practices (e.g., internal brand storytelling, employee brand ambassadorship programs, alignment of personal values with brand values) affect employee engagement, motivation, and sense of belonging?
3. Do brands actively engaged in environmental and social sustainability efforts experience higher customer loyalty, repeat purchase rates, and positive word-of-mouth referrals compared to brands with less focus on sustainability?
To guide the study and achieve the objectives of the study, the following research questions were formulated:
1.5 Research Hypothesis
The following research hypothesis was developed and tested for the study:
Ho: There is no statistical significant relationship between brand management and organizational performance.
1.6 Significance of the Study
The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:
Firstly, the paper will benefit major stakeholders and policy makers in the Business Admin sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.
Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.
Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.
1.7 Scope of the Study
The study is delimited to multichoice Nigeria. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.
1.8 Limitations of the Study
The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.
1.9 Organization of the Study
The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.
Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.
Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.
Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.
Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.
REFERENCES
De Chernatony, L., Harris, F., & Christodoulides, G. (2004). Developing a brand performance measure for financial services brands. The Service Industries Journal, 24(2), 15-33.
Rahman, M. J., Ambigaipalan, P., & Shahidi, F. (2018). Biological activities of camelina and sophia seeds phenolics: Inhibition of LDL oxidation, DNA damage, and pancreatic lipase and α‐glucosidase activities. Journal of food science, 83(1), 237-245.
Dawes, R. (2009). House of cards. Simon and Schuster.
Aghazadeh, H. (2015). Strategic marketing management: Achieving superior business performance through intelligent marketing strategy. Procedia-Social and Behavioral Sciences, 207, 125-134.
