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Imation was once a very big and prosperous brand. It was at its peak when computers were just becoming a necessity in homes and work places. The only way to store information was by the use of floppy disks, which Imation produced. It was a very large market that the company controlled and it kept growing. Computers were gaining popularity which meant that more and more floppy disks were being used all over the world. The company’s products were very reliable and trusted all over the world. The end of Imation began with the onset of writable CD’s and flash disks. The market embraced the new modes of storing data and this marked the end of the floppy disks. This brought down the once giant Imation.
The main product that Imation was selling to the market was floppy disks. There is constant development in computer technology and applications. This is what ultimately drove out Imation; as such the company needs to get on the current bandwagon. To build brand equity, the company has to understand the needs of the current market. The product that the market demands is what makes or breaks a company. Imation should get into the writable CD’s and flash disk production. The company would also have to use appropriate routes as marketing channels to reach the target market. These channels would have to be internet based. This is mainly to make it easy for customers to purchase the products online as is the current trend.
Coca-Cola has been the world’s largest producer of non-alcoholic beverages for many years. There is no end in sight for this global brand. MacDonald’s on the other hand, is the world’s largest fast food enterprise. MacDonald’s has its foot in many countries while Coca-cola is basically found in every country in the world (Dhar, 2007). Coca-Cola has managed to retain its logo practically the way it was originally designed in 1886 without alterations. The company has been at the fore-front in maintaining the company products with one appealing look over the years. MacDonald’s too has strived to maintain the iconic yellow letter M on a red background on its logo. It is obvious that the branding of these two companies has contributed to the household names they are today. They have managed to stay relevant for so long by growing and expanding their products whilst maintaining quality. One is assured that the taste that he is used to enjoying in Coca-Cola will be the same anywhere he goes. There should be minimal changes made to any of these brands since they have become synonymous with food and drinks.
A brand is able to bond with its consumers if it meets all the needs of the consumers. There being fewer monopolies, it is important for companies to strengthen their brands. A strong brand becomes the sole provider of services and products for the customers. Someone can drive for up to an hour and wait for another ten minutes to get a table at a restaurant. This is because that particular restaurant makes his steak just the way he likes it. The customer will bypass all the other restaurants on his way for that particular one. A brand has to be the best and offer the best to bond with its customers. It matters now more than ever that a company bonds with its customers. This is because the current customers are willing to spend money only on what they feel meets their expectations. The changes in technology also make it easy for people to communicate and pass ideas on the best products in the market (Heding, 2009). One person may like something and just comment about it on a social platform. A few days later it can become a household name. The tastes and needs of the current market have diversified affecting the buying behavior. Without bonding with the customers, a company would not succeed.