Theoretical basis for developing brands of agro-industrial enterprises
Journal Title: Visnyk Ternopilskoho natsionalnoho ekonomichnoho universytetu - Year 2016, Vol 4, Issue
Abstract
One of the elements of strengthening market positions and enhancing the competitiveness of agro-industrial enterprises in the domestic and foreign markets is the effective use of branding tools. The purpose of the article is to examine theoretical basis of developing brands of agro-industrial enterprises. Thus, a comparative analysis of the concepts of ‘brand’ and ‘trademark’ is carried out. The author also generalizes theoretical approaches to defining the concept of ‘brand’ used by foreign and domestic researchers. Emotional and psychological characteristics of brands that determine customers’ choice are outlined. The main functions of the brand are highlighted and their classification is developed. Based on the comprehensive analysis of the latest academic papers, it is concluded that branding is an up-to-date technique of sales management which enables to promote products to the market effectively. The main branding models are considered and a set of criteria for their classification are idrawn up. It is proved that creating and maintaining of the brand is necessary for domestic enterprises. The key factors that affect the development of a new brand are defined and their groups are described. A particular attention is paid to specific ways of developing and promoting brands of agro-industrial enterprises. Based on the conducted analysis of theoretical principles, a number of conclusions on brand development are made. Firstly, a brand, unlike a trademark, can lead to an integral advantage which will affect an enterprise’s future performance. Secondly, a new definition of ‘brand’ is proposed which sounds like ‘a brand is a collection of interconnected psychological, functional and emotional characteristics of goods that are expressed through a product’s name, logo, slogan and package and make it possible to distinguish this product from competitors’ ones. Thirdly, the key classification criteria of branding models are defined as follows: branding creation models, brand value models and brand management models. Fourthly, the main factors that affect brand development strategies of agro-industrial enterprises are market conditions, brand heritage, economic and political situation, product range and the way of communications. The development of methodological approaches and methodologies of forming an effective strategy for brand management of agricultural enterprises needs further study.
Authors and Affiliations
Tetiana Hohol’
Keywords
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