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1、Terminal Examination for Business English Reading of 20152016()The importance of Brand building in todays global market1. AbstractWith the guidance of Mr. Qian we have successfully finished the study of Business reading course. This course is set to improve students comprehensive ability, it has not
2、 only improved my English reading ability but also richen my business knowledge. In this term, Mr. Qian has led us learned four units of the text book. Among them, unit 8 Brand and branding makes me interested most which is about the global market power of American brands and strategies behind their
3、 dominance. It is obvious that brand is important in todays global market; therefore in this essay I will mainly talk about why brand building is important in todays global market.2. SummaryWith the tides of globalization, numerous products flood into global market. Customers have multiple choices w
4、hen they purchase goods as well as services. The market becomes more and more competitive and capricious. In such background brands are more important now than at any time in the past 100 years. In this essay, first I will demonstrate the features of todays global market and then I will introduce th
5、e definition of a brand, at last, I will talk about the importance of building a brand in terms of customers, new markets, product cycle and the company value.3. Todays global marketIn many ways, todays business environment has changed qualitatively since the late 1980s. The end of the Cold War radi
6、cally altered the very nature of the worlds politics and economics. In just a few short years, globalization has started a variety of trends with profound consequences: the opening of markets, true global competition, widespread deregulation of industry, and an abundance of accessible capital. At th
7、e same time, we have fully entered the Information Age; Starting breakthroughs in information technology have irreversibly altered the ability to conduct business unconstrained by the traditional limitations of time or space. Today, its almost impossible to imagine a world without intranets, e-mail,
8、 and portable computers. We are rapidly shifting from an economy based on manufacturing and commodities to one that places the greatest value on information, services, support, and distribution. That shift, in turn, places an unprecedented premium on “knowledge workers,” a new class of wealthy, educ
9、ated, and mobile people who view themselves as free agents in a sellers market.Another major trend has been the fragmentation of consumer and business markets. Theres a growing appreciation that superficially similar groups of customers may have very different preferences in terms of what they want
10、to buy and how they want to buy it. 4. The definition of a brandAccording to Wikipedia, a brand is a set of marketing and communication methods that help to distinguish a company from competitors and create a lasting impression in the minds of customers. The key components that form a brands toolbox
11、 include a brands identity, brand communication (such as by logos and trademarks), brand awareness, brand loyalty, and various branding (brand management) strategies. Brand equity is the measurable totality of a brands worth and is validated by assessing the effectiveness of these branding component
12、s. In a fleeting market where traditional linear models of business are being replaced by more radical interconnected models, brand equity is one marketing technique that remains firmly rooted in prosperity. To reach such an invaluable brand prestige requires a commitment to a particular way of doin
13、g business. A corporation who exhibits a strong brand culture is dedicated on producing intangible outputs such as customer satisfaction, reduced price sensitivity and customer loyalty. A brand is in essence a promise to its customers that they can expect long-term security, a competitive frame of r
14、eference and consistent delivery of functional as well as emotional benefits. When a customer is familiar with a brand or favors it incomparably to its competitors, this is when a corporation has reached a high level of brand equity. To sum up a brand is a set of marketing and communication methods
15、that help to distinguish a company from competitors and create a lasting impression in the minds of customers. The key components that form a brands toolbox include a brands identity, brand communication (such as by logos and trademarks), brand awareness, brand loyalty, and various branding (brand m
16、anagement) strategies. A brand (or marque for car model) is a name, term, design, symbol or other feature that distinguishes one sellers product from those of others. Brands are used in business, marketing, and advertising.5. The importance of building a brand in todays global market5.1 winning customers loyaltyConsumers tend to favor and develop a high degree of loyalty to brands they know they can trust. This requires establishing and com
