Brand value and its effect on public perception and to a business Thesis

Brand value and its effect on public perception and to a business - Thesis Example The names of the products become brands when they are globally recognized by the people. When these names become brands, they also obtain the responsibility of commitment towards their customers and also the channel partners or intermediaries. A product is not a brand but a brand is something more than a product. Brand value helps in delivering or communicating specific message to the customers (Parameswaran 3). The message that the brand conveys to its target customers, helps to decide the type of strategies that the firm would form to retain its brand value. Marketing strategies are developed for protecting and further enhancing the brand value of the products. Brand value also helps in measuring the value that is generated from the marketing investments. If brand value is monitored regularly then it also enables the marketing agency and the client to react to the market fluctuations promptly and also assign particular resources for taking measures in those areas (Ahmad 81). The st udy aims at focusing on the oil and gas industry of UAE to discuss the different dimensions of brand value, its effects on the perception of the people and the business. It was oil that transformed UAE from an underdeveloped desert region to a prosperous and rich country. On one side this is positive aspect of UAE because oil and gas resource has changed the standard of living of the people. This suggests that the value of the oil and gas industry as a brand has increased with time. On the other hand, the recent oil spill incidence of British Petroleum in the Gulf of Mexico had adversely affected the brand image of the oil and gas industry globally. The developing countries around the world had held the company British Petroleum responsible for poor safety and maintenance framework. After this incident British Petroleum lost about $32 billion in a span of two weeks. Though British Petroleum assured that it would bear all the oil spill cleaning cost and compensate the people who were affected from this oil spill, but the loss was massive and it was really difficult for the company to recover its lost brand image and value even if it compensate the people for their losses. Many companies in this sector are facing branding issues due to various factors, such as entry of new labels or brands, fragmentation of the target customers, cut throat competition, economic condition and expectation from the financial market or customers’ preferences towards the visible brand names. It has been seen that many strong brands in this sector are losing their value and their financial performance is also getting affected. The major plays in the oil and gas industry around the world, such as Shell, British Petroleum, ExxonMobil, etc are using narrow approach as a method for branding as it is becoming difficult to companies to maintain their position and their well established brand value. This also reflects that in this industry,