3. Strategies for developing Chinese brand competitiveness
Since the entry to the World Trade Organisation (WTO) in 2001 Chinese companies have to fierce international competition and do their best to fit into the brand competition. The gap of knowledge between them and the Western companies is not fixable in a short time, but the efforts will definitely pay out.
This part of the report tends to give out some possible strategies to increase brand competitiveness.
Definition
What is a brand? A brand is a promise a company makes to its customers. It becomes an emotional relationship that builds customer loyalty. A brand includes a logo, colour, scheme, slogan design and more.
3.1. How to create a brand
The following part is to give you an overview of the steps how to create a strong brand and to resist the increasing competition.
3.1.1. What to sell?
First of all a company has to think about what they want to sell and why a consumer should choose their brand and especially their product. Why is that brand better than the one of the competition?
3.1.2. Quality product
To build up a strong brand it has to be a quality product. This is the condition to enter a market, but not enough to be the best.
3.1.3. Determine the brand’s disparity, place the brand on the market
The most important aspect of a brand is to know the difference to the competitors. Is the brand the best, the cheapest, the fastest etc in a category? If not, create a new category where it is the leader. It will keep that position for years. For example IKEA was not the first company that sold furniture, but the cheapest and now most famous; it is still the l ...