Brand provides an indication of how people perceive a product. Individual personalities and attributes are what differentiates one person from the other. The attributes of a person can be looked into from multiple dimensions. A person with good values and able to relate well with others enjoys great support in the community. Just like a person, a product is given attributes of a strong brand due to the way people perceive it (Wheeler, 2012). It is, thus, important to note that a strong brand is a critical selling attribute of a product.
According to Kapoor & Kulshretha (2012,) companies strive to create a strong brand that will give them a competitive advantage over other firms. A strong brand is, therefore, such a brand that is known, perceived well by the community, and enjoys a great market share. Having looked at the importance of a strong brand, the question arises: how can one ensure a strong brand? In this paper, a product is used contextually to analyze how well a strong brand can be built.
To complete the objectives of this task, a case study will be analyzed based on the Dextel venture. This is a company that ventures in the production of computer chip processors, a production industry field that is known to have numerous giant players. Notable competitors in this industry include Intel, Digital, among other computer chip manufacturers who enjoy great market shares. The company, therefore, has to create a strong brand that will be recognized so as to enjoy a substantial share of the vast technology market. In this case, the company’s profile will be studied, its market plan to create a strong brand will be designed, and the expected economic returns will be estimated.
Mission statement of the company
Providing Processor Chips for the Next Generation
The company’s mission is to provide chips that are to be used for future technological generations. To achieve this goal, the company embraces the value of continuous improvement to always maintain an edge in technology.
Vision of the company
Being the World’s Leader in the Production of Quality Chip Processors
The company has a vision of creating a strong brand and developing in accordance with its values. It shall be an ultimate leader in the chip processing technology. It can be done with good marketing plan and a good foundational set. To some people it might appear as an uphill task, but with passion it can be done. The company has done research and found an existing gap in the compatibility of chips that are manufactured by the players. Moreover, the company has put in place good measures of ensuring continuous improvement of the chips in order to create a lasting impact on the market.
Core Values of the Company
The company is based on a good foundation of strategic core values that help it achieve its goals. The core values acts a guide to the employees and stakeholders of the company. A company with good core values and stakeholders inculcates good moral, and enjoys a competitive edge in its operations. Dextel values teamwork and recognizes the fact that chip manufacturing cannot be achieved through the individual isolation, which means that new ideas have to be incorporated (Rachelson, 2013). Flexibility is a valuable factor in Dextel. It is flexibility that will catapult Dextel into the dynamic entity that is always aspiring to improve its products’ quality. Integrity is a virtue that enhances one’s honesty and that is of great value to Dextel. It is with integrity that the consumers shall enjoy good products of the company. Finally, customer service is a value to reckon with in order to enjoy a great market share.
SWOT Analysis of the Company
As the acronym suggests, SWOT is an analysis done in respect to the strengths, weaknesses, opportunities, and threats that the company faces. SWOT analysis helps the company to define the steps that are likely to frontier its operations in terms of strengths, convert weaknesses into strengths, utilize the opportunities, and create a remedy for the threats (Wheeler, 2012). In this regard, Dextel enjoys great presence in many third-world countries. For instance, Dextel has established offices in Africa and Arab countries, which are the regions that are usually ignored by other industrial giants. This approach has created a good perception of the company.
The company is, however, disadvantaged in terms of capital in comparison to the other players, who have capital bases that consist of billions of dollars. The huge companies are a threat to Dextel, since they tend to create an artificial monopoly in the market (Kapoor & Kulshretha, 2012). Nevertheless, this is just a temporary situation, since there exist great opportunities in the third-world countries. The underlying factor is that if Dextel takes advantage of this opportunity, it will be able to spread its investment prospects.
Objective of Dextel
Dextel has an objective of bringing quality and ever-improving processor chips. The company wishes to remain relevant in the market by being dynamic.
Promotion of Dextel
The company uses green as its marketing brand color. Indeed, this is the color of the wrappers for its products. The company’s letter and other printable materials also use green color. This approach is used in order to differentiate Dextel from the blue color, which is perceived to be the competitors’ color. If the company chose blue, it could create confusion and to some extent aid in marketing the competitors’ products. Since the company wishes to enjoy an international market share, it has created good profiles in Facebook, Twitter and has a website. Despite stiff competition, the company considers itself a strong brand.
The company has a good marketing strategy that ensures competitiveness. In this regard, the company targets other hardware manufacturing companies with the aim of producing computers that have the Dextel processors. The hardware manufacturers will work with Dextel to produce complete computers. A number of memorandums are expected to be signed. The company will strive to ensure that the produced products are affordable. This approach will help greatly with targeting African and Arabs market, which are perceived worldwide as the next largest economies of the world. The company also wants to venture in software development to ensure completeness in the produced computers. The company shall produce a new operating system to be run on the manufactured computers.
Dextel’s tagline is “Always relevant”. We wish to always remain relevant in the industry by continuously improving our skills.
Personal Elevator Pitch
The personal elevator pitch for Dextel will include its catchy tagline and will list its main targets for the next years. It is important to design an elevator pitch that will be attractive to both investors and customers. Therefore, the main goals should be stated in several catchy phrases, including the expansion to the third-world countries, the company’s vision of its market success, and the choice of the exceptionally qualified employees.
Personal attributes define who a particular individual is. Therefore, making oneself well-known in the community is always a major stride towards building a harmonious existence. Therefore, just like making a strong product brand in the market, job seekers too should prepare themselves well. Ideally, they should be competent and project themselves clearly in terms of abilities, strengths, and weakness so as to be relevant in the market. In the case of Dextel, it has a well-articulated marketing plan that will guide its operations. It is equivalent to individuals’ attributes that define a person. For a firm, it is also important to be continuously competitive. Acquisition of a strong brand is a tough process and has great rewards. Some of the most immediate rewards include improved sales and huge profits. Successful branding leads to the competitive advantage in the market.