WORLD PRACTICES OF BRAND DEVELOPMENT IN MODERN CONDITIONS

Abstract

The purpose of the article is to study global practices of brand development in modern conditions. The role of brands in the activities of enterprises has been proven. It was noted that in the modern international economic environment, branding is a powerful tool for promoting goods to the market. Attention is focused on the fact that leading companies operating in global markets have significant experience in this field, which allows for effective positioning of products in prospective markets, and the formation of an effective strategy aimed at achieving competitive advantages. The development trends of the world's leading brands have been studied. It has been established that in modern conditions attention is focused on their value characteristics through the assessment of the value of the brand and the amount of its capital. It was noted that according to 2023, the top three most expensive brands in the world included: Amazon, Apple and Google. Based on the generalization of the development experience of successful global brands, it was established that their journey began with the creation of a strong local or national brand. It is noted that the formation of the brand is carried out on the main models. It has been established that in global practice, companies that aim to build a strong brand constantly modify their products, focus on the latest developments, innovative business technologies, improve products, and expand the assortment. For this purpose, the following approaches to brand development are used: the parent brand with its further expansion into new markets; umbrella brand; linear brand; development of separate brands in each title, resulting in business expansion. The management directions on which it is expedient to emphasize the enterprises producing branded goods have been analyzed. Among them: pricing based on symbolic value for consumers; combining brand communications and ensuring a unified image; synergy of business processes and reduction of costs for marketing communications; use of additional forms of brand promotion (co-branding, creation of subsidiary brands, use of the Private Label Manufacturer system). It was established that the development of the digital economy created additional opportunities for brand management, their promotion in the virtual space and created the conditions for the emergence of digital branding. It was noted that the visualization of digital brands is carried out using photos, commercials, infographics, and companies need them to adjust their strategy.