Branding Companies as a Factor of Competitiveness - Relevance for the Engineering Management. (2016)

• Record Type: Journal Article
• Authors: Melović, Boban; Ishkov, Alexander; Romanovich, Marina
• Is Part Of: Procedia engineering. Volume 165(2016)
• Page Start: 1563
• Page End: 1567
• Publication Date: 2016
• Subjects: brand -- brand management -- competitiveness -- company -- engineering management; Engineering -- Congresses; Engineering -- Periodicals; Engineering; Conference proceedings; Periodicals; 620.005
• DOI: 10.1016/j.proeng.2016.11.894
• Languages: English
• ISSNs: 1877-7058

Abstract

Abstract: In modern business conditions, brand represents a very important source of corporative competitiveness and a power means of retaining existing customers and attracting the new ones. Business success is determined by good relations with customers, profitable in long term, which directly influences the profit increase. Buyers who identify the source of the product or producer with the brand, have by all means the benefits from brands. Creating the brands exactly represents one of ways of adding and realising special values of a product (service, organization etc). Brand does not only represent the object of sale, but also what that company does and what it is about, in fact! It is a significant part of the capital of the company which obtains power at the market and has a remarkable economic contribution. In one word, the issue of the brand is today the most significant function of the marketing, which cannot be born overnight, but is a result of hard work, investing and time. Taking all this into consideration, this concept received increasing attention in the field of engineering management.