Over the past couple of decades, marketing trends have been changed to a diversified level. New conceptions and ideas are introduced to marketing strategies and marketing mix respectively.
In a modern context, brand equity is something that relates to the iconic definition or something symbolically present within a market range. A symbolic presence is one measure of evaluation that is set by modern marketing strategists.
A symbolic brand is one that fulfills the requirements of customers with respect to the expectations they keep for the brand. In the present trend, it is necessary that business equity comprise the needs and wants of a loyal customer. This is a strategy that modern marketers claim in their ideology, which naturally reflects the requirements of the modern customer.
In the subject of business management, one of the popular theories is the theory of constraints provided by known to be a business guru of his time who originated such a concept. The theory says that a business organization needs a diversified approach to management and not a limited or specified one.
The theory focuses on the concept of total business management, in which management works in sections and all sections engage in continuous improvement to enhance the overall performance of the business According to the theory of constraints, each organization works in sections and sections are fundamentally working areas divided into groups and departments.
In the application of the theory, each department needs to progress in order to achieve total performance in the good aspect of time.
Obstacles in one unit will prevail as obstacles for the entire organization, so managers need to emphasize on how they can improve the performance of their respective areas or departments to bring an overall quality performance.
Marketing and Branding
Marketing and branding are two major functioning areas of a business, especially for those who trade in the international market. For modern marketers, brand management is a subject of studying several constraints that are effectual to brand value or brand equity.
According to TOC (Theory of Constraints), constraints are hindrances and obstacles that the business units face at the time of their progress. For marketing and branding, hindrances could be problems associated with customer response.
Parallel customer response means that constraints are managed to an effectual level, but low customer response means that it requires more attention from marketing strategists and analysts.
According to the theory, of constraints, business sections like manufacturing, inventory, procurement, or marketing should be organized with a strategy that is able to cover all of the relative constraints partially associated with the organization structure. This is the ability of strategists how they win customer perception and retrieve good customer feedback in the presence of such hard-tackling constraints