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An efficient and scalable business model combined with innovation is necessary to stay ahead of the competition. But individually these are not sufficient to make a successful global brand. Five further overlapping components are required:
3. A sense of dynamism
Innovation is key to brand success but it is not limited to the functional benefits of the brand. A brand that sets the trends rather than reacting to them is likely to be seen as different and more popular.
4. A sense of authenticity
Today consumers in developed countries have a finely tuned sense for what is true and authentic versus shallow and contrived. They are still drawn to brands with a strong heritage.
The 10 most valuable brands in the world, according to the European Brand Institute (estimated value in billions of dollars)
1. Apple ($96 billion) 2. Coca-Cola ($76) 3. Microsoft ($70.6) 4. Google ($66.4) 5. IBM ($63.8) 6. McDonald's ($62) 7. AT&T ($61.4) 8. Procter & Gamble ($61) 9. PepsiCo ($59.5) 10. Philip Morris ($59.2)
Apple's success can be attributed to its innovative design, loyal consumer base and well-executed marketing activities. Naturally there is speculation about how the brand will be impacted by Steve Jobs recent . However with a culture of innovation across the whole business, the brand is likely to continue to hold a strong position in the market.