The determining role of company branding in the face of modern challenges

Bernaz Alexei
postgraduate student of the Department of Marketing and International Logistics Odesa National Economic University, Odesa, Ukraine, E-mail:alexey.bernaz@gmail.com, ORCID ID: https://orcid.org/0009-0000-6087-7531

Cite this article:

Bernaz A. (2024) The determining role of company branding in the face of modern challenges. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Vyznachalna rol brendynhu kompanii v umovakh suchasnykh vyklykiv; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 10 (323), pp. 81-88.

Abstract

At the current stage of information technology development and the economic situation shaped by the challenges of the war in Ukraine, the study of the impact of branding on ensuring sustainable business development is particularly relevant. In the traditional approach to brand creation, entrepreneurs typically focus on the visual and verbal aspects of the brand, such as the name, logo, and design of promotional materials. However, the importance of broader concepts, such as uniqueness, positioning, and strategic vision, which form the foundation for building a strong and influential brand, is often overlooked. The relevance of this work is driven by the necessity of improving the approaches of Ukrainian entrepreneurs to the creation and development of their own brands. The aim of this research is to describe the importance of a comprehensive approach to creating a company's brand and to conduct a detailed examination of the stages involved in its formation. The study employs general scientific and specialized methods, including scientific abstraction, methods of analysis and synthesis, as well as critical analysis of literary sources and the formulation of conclusions. Comparative statistical analysis was utilized to study trends in marketing and branding, as well as their impact on the performance of entrepreneurial activities. Methods of abstraction and concretization served as the foundation for generalizing the theoretical aspects of branding. This research outlines the key stages of brand formation, from the development of the brand idea and concept to the creation of visual identity and brand strategy. The study emphasizes the need for a detailed analysis of the market, competitors, and consumer needs in order to create a brand that meets the expectations of its target audience. The risks associated with changes in the brand line, which can affect consumer perception, are also discussed, highlighting the need for companies to approach such changes responsibly, maintaining consistency and adherence to the brand's values and uniqueness. The importance of integrated marketing communication as a branding tool is demonstrated, as it allows for the effective transmission of a unified and consistent message to consumers, thereby fostering trust and brand loyalty. The practical significance of this research lies in the fact that a comprehensive approach to brand development directly influences the competitiveness of businesses in modern market conditions and contributes to ensuring the sustainable growth of companies.

Keywords

branding, marketing, strategy, identification, differences, uniqueness.

JEL classification: M390; L140; L290; DOI: https://doi.org/10.32680/2409-9260-2024-10-323-81-88

UD classification: 659.4:658.8

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