Earning an online Master of Business Administration can give you an edge to your career. While working on your graduate degree, you will learn business basics such as accounting or management. However, one of the most valuable things you can learn is about company branding. It is vital to a company's ability to survive and thrive in the marketplace.
Why you should learn about branding
A company's brand is its identity, and it is one of the most valued parts of the business. The brand is what consumers recognize and competitors fear. Company branding is an important part of marketing a company's products. The public will know what type of products to expect from the company simply by knowing its brand. This can lead to customer loyalty and a thriving business.
However, a company can also lose profits because of its branding. Companies that have low-quality products or bad customer service may lose consumers as word gets out about their brand. Even companies that once had a good name can lose core consumers simply by not taking care of their employees or customers when a product doesn't meet expectations.
In addition to consumers and products, a company's goodwill plays a role in forming the company brand. Once referred to only as a way of measuring the company's customer loyalty, goodwill now expands into the loyalty of employees and other constituents. Goodwill may also encompass other intangible assets, such as patents and distribution agreements. Keeping employees, board members, and the local community happy is another key ingredient to a company's image. When all of the company's stakeholders are satisfied, it makes for good company branding, and in turn, brings in more profit.
The most valuable brands
For many years, Coca-Cola was at the top of the list of most valuable brands in the world. However, in more recent years, technology companies have been dominating the top 100, with over one third of the most valuable brands being technology-related. The most recent list for 2015 lists Apple as No. 1 with a valuation of $145.3 billion, which is more than twice that of No. 2 Microsoft ($69.3 billion).
These brands are common, household names. Everyone knows them. These companies have invested significantly to build their brands and are good examples to follow and study for marketing and branding.
As you can see, knowing about company branding is incredibly important, and therefore, is often part of an MBA program. Completing an online MBA program can teach you how to build and maintain a company's brand. This knowledge can help you prepare for a career in marketing or can be beneficial in nearly any business field.
Learn more about Texas A&M-Corpus Christi’s online MBA program.
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