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Other Measures of Success 2

Stakeholders

In another resource in this series, we looked at the rights and responsibilities of a business to its stakeholders. The way that a business deals with its stakeholders and the reputation and image that it generates may well be a measure of the success of a business.

Brand Awareness

Brand awareness is all about getting people to recognise the products that a firm produces. The greater the degree of recognition of a brand, the more successful a firm could be said to be. There are a number of examples where the brand name has become the word people use to describe all such products. For example, Hoover manufactured a vacuum cleaner and the name has been widely used by many to describe any vacuum cleaner even if it is not made by Hoover. The same principle applied to the Walkman by Sony and in the US Kleenex is a term used to describe any paper tissue.

This personal music player is manufactured by Panasonic. However, to many people it will be referred to as a 'Walkman', which is the brand name of Sony's personal music player. Getting brand recognition is an important measure of success for many businesses because it helps to boost sales and penetrate the market (build market share). Copyright: Szekér Ottó, stock.xchng.

Much of the marketing activity of larger businesses is about maintaining the profile of the brand and securing brand loyalty. This means that people will tend to buy that product over others on a repeated basis.

A brand does not have to be expensive or exclusive, for example Primark are not an expensive clothing store but they have a very powerful brand name that is well known, well recognised and well respected amongst its customers.

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