THE ROLE AND IMPORTANCE OF THE BRAND IN CONTEMPORARY MARKETING CONDITIONS OF COMPANY BUSINESS

Abstract

The lack of strategic means for reaching efficiency and effectiveness in business is the limitation of domestic companies in general. From the point of strategic marketing, creating and implementing modern concept of brand within the marketing sector is one way to overcome it. One of the most distinctive forms of the brand management concept is that the brands are observed as strategic business units in modern companies thus making it easier to plan strategy and determine the main goals of the company. In addition, the brand concept can be seen as one of the basic bars to build competitive advantage of a company. Therefore, brand managing or branding, as it is also called, being a marketing instrument and indicator of company’s market success is a condition for market survival of increasing number of modern companies regardless of their services. The trend of brand managing is present in car industry, banking, informatics, trade, services, etc. In modern conditions the concept of brand managing is a marketing concept with wider and more complex meaning. This paper offers the descriptive survey of the marketing interpretation of brand, relations between brand and produce, brand chronology, its role and importance for companies and buyers, as well as a short review of market indicators of the Slovenian ‘Gorenje’ brand. The goal of this paper is to point out the importance and implementation of the brand managing concept in marketing of domestic companies.