02 branding intro
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This document defines branding and its key components. It discusses how a brand is defined as a name, symbol or design that identifies a seller's goods/services and differentiates them from competitors. A brand represents an overall customer experience and perception that distinguishes a company or product. Strong brands provide benefits like increased customer loyalty and profits. The key components that make up brand equity include brand identity, image, essence, experiences, and positioning in the mind of customers.
02 branding intro
- 2. BRAND DEFINITION “a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.” American Marketing Association
- 3. BRAND DEFINITION A brand is an overall experience of a customer that distinguishes an organization or product from its rivals in the eyes of the customer. Brands are used in business, marketing, and advertising. Name brands are sometimes distinguished from generic or store brands.
- 4. BRAND DEFINITION Related to what the brand represents or means in a more abstract sense. A product or service whose dimensions differentiate it in some way from other products or services designed to satisfy the same need. These differences may be Functional, rational, or tangible—related to product performance of the brand. Symbolic, emotional, or intangible
- 5. The Role of Brands Identify the maker Simplify product handling & Tracing Organize accounting Offer legal protection
- 6. The Role of Brands Signify quality Create barriers to entry Serve as a competitive advantage Secure price premium
- 7. Advantages of Strong Brands Improved perceptions of product performance Greater loyalty More resistance to competitive marketing actions More ability for facing Market crises Larger margins More inelastic consumer response Greater trade cooperation Increased marketing communications effectiveness Possible licensing opportunities
- 8. What is Branding? Branding gives products and services the power of the brand.
- 9. What is a Brand Promise? A brand promise is the marketer’s vision of what the brand must be and do for consumers.
- 10. Branding Benefit’s Company benefits from branding Brands create sustainable competitive advantage Brands boost relationships Brands boost sales Brands boost profits Brands boost balance sheets
- 11. Branding Benefit’s Customers benefit from brands Brands save customers time Brands reduce perceived risk Brands satisfy aspirations
- 12. Brand Value Chain The brand value chain is a structured approach to assessing the sources and outcomes of brand equity and the way marketing activities create brand value
- 13. The brand components Brand equity Brand equity is the total awareness and perceived value of the brand in the mind of customers It is the added value given to products and services, which may be reflected in the way consumers, think, feel, and act with respect to the brand.
- 14. Component of brand equity Equity Identity Image Essence Experience Personality Position Brand equity components include: 1. the brand identity brand name, symbols, jingles, colors, associations 2. Any sensory features such as unique smells or tactile experiences 3. Reputation. Brand awareness , brand preferences and brand loyalty 4. Brand experiences contribute to brand equity.
- 15. Component of brand equity Brand identity Brand identity is part of brand equity. Identity is how the brand looks Sometimes called the ‘visual narrative’, i.e. logo, colors and graphics.
- 16. Component of brand equity Brand image How consumers see the brand based on identity plus all other communications, discussions and experiences It is a perception.
- 17. Component of brand equity Brand essence Brand essence is the brand’s soul and spiritual Centre, which draws on its core value(s). It is the brand’s mission statement (how it will help the world) that motivates customers (and employees). The brand essence is the primary functional and emotional benefits,
- 18. Component of brand equity Brand personality People have relationships with brands just as they do with people. Marketers define the brand personality carefully. Some brands have subtle, and often unconscious, relationships with Customers.
- 19. Five factor model “big five”
- 20. Mark and Pearson Brand Archetypes
- 21. Component of brand equity Brand experience Brand experience is what the customers feel or experience when actually consuming a product or service. This includes all touchpoints of the brand
- 22. Component of brand equity Brand positioning Brand positioning is how the brand is specifically perceived by customers in the marketplace vis-à-vis the competition. Using only two (or sometimes a maximum of three) criteria
- 23. Workshop
- 24. Workshop For each group select three different brands for the same industry Identify and report the different elements of brand Present you report
- 25. Thank You