Branding as One of the Factors of Increasing the Competitiveness of the Company in the Goods Market

Abstract

Relevance. A comprehensively and comprehensively developed strategy is an integral component of the functioning of business processes. In business, there is always something to develop and where to expand. Branding is also one of the important elements of the company, forming the recognition of the company and the product. This study examines a modern approach to creating criteria for the sustainable development of a company in highly competitive conditions, through the effective creation of a brand image. The study of the basics of branding theory should undoubtedly be present in the framework of doing business, due to the fact that this element serves as the basis for many other operations, since it depends on whether the customer will pay attention to the product or service.The purpose of the study is to analyze the factors of branding influence on business processes. Objectives: to analyze the research literature on the issue under study; to reveal the essence of the concept of branding; to identify the main trends of modern branding and its formation; to highlight the processes affecting the development of branding in the company's marketing system; to give a comprehensive description of the constituent elements of branding.Methodology. As a methodological basis for the study of the concept of branding and the works of domestic and foreign scientists were presented here, as well as the view of contemporaries was revealed. In the process of work, methods of economic, empirical and statistical analysis, classification, theoretical analysis of scientific and methodological literature, synthesis method, consistency and others were used.Results. The factors influencing the purchase decision, the dynamics of which directly or indirectly affects the formation of the branding strategy, are considered. The main elements of branding and their characteristic features are presented, the importance of brand development for small businesses is revealed.Conclusion. The results of the study showed that branding is a whole range of marketing measures to manage the brand image, namely the path from its creation to the purchase of goods by the client.