Abstract
The hurdles to entering a foreign market have been dismantled by greater internet connectivity. As a result, there is virtually endless potential to expand a company abroad. In growing abroad, it's crucial to keep the brand at the forefront of the approach. When enterprises enter foreign markets, they confront several problems such as a lack of market intelligence, buyer expectations, severe rivalry from global brands, and a lack of trending awareness. Most exporters focus on the short product-focused and sales-driven methods, such as producing that which is simple to create, finding a contract, fulfilling the request, and closing sales. This method just forces an exporter into a pricing competition in a globalized world, leaving the limited possibility to continuous production, product innovation, and credibility. Every company that wishes to export should aim towards market-driven, long-term, and sustainable exporting.
TopIntroduction
The subject of branding has currently remained challenged by way of a key subject of research in the marketing arena (Moore, Karl, Reid & Susan, 2008), yet it is just about as ancient as civilizations. As early as the Mesopotamian or Greek civilizations, they utilized signs and labels to distinguish the offerings which consisted typically of drinks, gels, and ointments (Sarkar & Singh, 2005). The term brand is originated out from the Norse Mythology word brandr, meaning signifies “to burn” (an identification scar burnt on cows with a heating iron), subsequently brands have been and continue to be used by herders to recognize their herds.
However, market segmentation and product differentiation strategies lead to the creation of the brand. When it comes to branding, it's more than just providing an organization's imprint and impression of a good or service. Branding implies changing a line of products; it requires longer company participation and also a high level of skills and competencies (Kapferer, 2004). According to Moore et al. (2008), a significant percentage of brand studies is focused on improving the concept of brand selection (or preference), brand knowledge, brand recognition, and line extension. Surprisingly, just a handful of the research has attempted to answer the question: “What is a brand?” As people try to conceptualize the brand, the challenge arises: The value of a brand is evaluated. What metrics (factors) can we use to assess brand equity (Kapferer, 2004).
Also, a company’s brand is considered to be a key intangible asset (Paul, 2018). Rapid innovations in branding have centered on investigating the emotional aspect of branding. The study also indicates that, in addition to personality variables, the customer's behavior is affected by his or her affections about a brand (Sniehotta, Presseau & Araujo-Soares, 2014). As a result, those perceptions play a vital role in determining the brand's status at national and international levels. Consequently, consumer–brand connections have taken center stage in the relationship marketing literature. These have an important part in the development of a brand towards exports too (Wang, Sarkar & Sarkar, 2018). Also, the value-driven purpose is at the heart of any great, successful brand and it guides everything it does. This is evident for some well-established brands like Apple, IKEA, and Sony, as well as for positive effects on organizational enterprises that have managed to break free from generic offering and generate higher benefits to their own branded items (International Trade Centers, 2019).
Key Terms in this Chapter
WOM: Whenever a customer's interest is mirrored in their regular conversation, this is known as word-of-mouth marketing.
Globalization: When a company begins to operate on a global scale or develops influence on the world stage.
Perceived Quality: It is, first and foremost, a customer perspective.
Brand Satisfaction: Customers repeat purchases due to the positive experience with the product or services.
Customer Equity: Lifetime worth provided by the company to the customer
International Marketing: It relates to any advertising strategy that takes place outside of one's own country.
Brand Awareness: Customers' awareness of the features or image of a specific brand of goods or services.
Export Performance: An organization can sell domestically produced goods and services in other countries.
Purchase Intentions: Purchase intention refers to a customer's willingness to buy a specific product or service.
Branding: When a product or service stands out from the competitors, it is branded.
Competitive advantage: A condition to have an edge on your competitors.
Brand Loyalty: Consumers' positive association with a product or service provided by the brand.
Export: Goods and services created in one country can be distributed worldwide.