Professional paper
Building the Competitive Advantage of a Business Entity through Brand Development
Mirjana Nedović Čabarkapa
Abstract
The starting point of this paper is the idea of brand. Its aim is to define the role of a brand with the purpose
of the establishment of future contributions in the scope of this area, that is its influence on purchase
stimulation and the establishment of a competitive advantage for a business entity in regard to other market
actors. Furthermore, a brief theoretical explanation of the term brand is provided, i.e. the history of brand’s
emergence, as well as a review of its elements. The many complexities during the establishment of brand are
also explained.
Brand has emerged as a consequence of market globalization, as well as the existence of numerous products
that satisfy the same need. Its main purpose is the differentiation of products and the attempt to draw potential
consumers’ attention in order to influence them to decide on the purchase of a brand product as quickly
as possible. Business entities that realize the importance of creating a brand, its development and management
will create all preconditions for successful, i.e. profitable operation. This way of deliberation and brand
management represents the key to the business success of every business entity. It is generally considered
that the market power of a brand can also be treated as an asset.
Keywords
brand; market value; brand elements
Hrčak ID:
59098
URI
Publication date:
5.7.2010.
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