METHODICAL BASES TO MARKET POSITIONS EVALUATION OF A NEW BRAND

Abstract

Our world is dynamic and competitive. Today, brands are the driving force behind the success of enterprises due to the growing level of competition and expanding the range in the supply market. This is one of the reasons why modern companies rely on the development and support of their brands, strengthening their position in the market. A strong brand is one of the main competitive company’s advantages and it encourages the consumer to buy the product and be a constant loyal consumer of the brand. It is important to keep in mind that the number of loyal customers is not the only and main factor in the brand’s success in the market. Brand is a broad multifactorial concept that requires deep analysis of all components. Given the importance of the brand, we note that the methods of assessing the position of the brand in the market still need to be improved in terms of defining evaluation criteria. Most often, models of brand strength assessment consider one of the directions of its strength, while brand needs to be considered comprehensively, including both financial and market indicators, and the attitude of consumers to the brand. This article contains an analysis of approaches to assessing the market position of the brand by global scientists, identifies a list of factors that may affect the brand. In the process of writing the article, an author’s comprehensive model for assessing the market position of the brand was developed with a list of factors influencing the brand and their importance based on the assessment of factors by practitioners. A graphical representation of the research results is proposed to determine the main opportunities and positions among competitors. This article allows you to practically apply the author’s method to assess the brand in a competitive environment and comprehensively assess the brand’s position in the market. The article will help not only to learn the factors of brand evaluation by different scientists, but also can encourage readers to think and develop their own methods of brand evaluation because the modern market is very dynamic and requires constant improvement.