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Growing and sustaining brand equity
Importance of branding in marketing
Importance of branding in marketing
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Recommended: Growing and sustaining brand equity
A brand promise is what a company commits to its target audience. And a brand making a promise must focus on the key priority for its audience. For example, retail brands generally make promises intended to excite buyers – whether you believe you’re getting a bargain, or you love the way something sounds or looks.
Key point: the brand promise is different from a tagline. A tagline is a tool that expresses an aspect of the company, but it’s not an enduring part of what the company stands for. Conversely, a brand promise is something that endures. In summary, the brand promise is used to sum up the mission statement and the tagline is used to drive action. They're both related, but they serve two distinct purposes.
A brand promise can be explicitly communicated to the public, often through advertising, or it can be manifested more subtly in the delivery of the brand experience. Ultimately a brand promise lives or dies on whether it is believed and delivered on. And successful brands consistently deliver on their promises.
Does it ad’ up?
Advertising is any paid announcem...
Increasing awareness of a personal and unique identity distinguishes us from the pack. A brand mantra differs from a tagline, explains Guy Kawasaki, as a mantra describes internal business, a standard for a company to abide by. A tagline is for customers and what they can expect to be delivered (Martinuzzi, 2014). John Jantsch, founder of Duct Tape Marketing defines branding "the art of becoming knowable, likable and trustable” (Martinuzzi, 2014). Many specialists on the subject agree that trust building is essential in success. Being honest is one of the top five steps Forbe’s advises when it comes to brand building (Biro, 2013). Some suggestions to follow from, How to Build an Unforgettable Personal Brand (2014) include, making sure customers are provided what is promised, leading with unwavering quality and being consistent in making good on one’s word. The article also warns that the public will assign a default brand if a
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
A brand is a name, term, sign, symbol, or design which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Products and services have become so alike that they fail to distinguish themselves by their quality, efficacy, reliability assurance and care.
A luxury good is something that, as ones income increases; the demand for an item or service also increases at a higher than proportional level, in contrast to necessity goods, in which demand increases proportionally with a decrease in income (Varian, 1992). Generally, luxury goods are seen as those at the highest end of the market, in terms of price and quality. Haute Couture clothing, accessories and luggage are considered to be classic luxury goods, although many markets have a luxury sector, for example Automobile, Bottled Water, Coffee, Foods, Jewellery, Sound Systems (HiFi), Tea, Watches, Wine and Yacht.
Kevin Keller’s brand equity model is known as the Customer Based Brand Equity Model (CBBE). This model was first introduced in his book, Strategic Brand Management. According to the model, a company must shape how customers think, feel, and act towards a product in order to build a strong brand. A consumer must have the right type of experience around the brand, which foster positive thoughts, opinions, perceptions, beliefs and feelings. By building strong brand equity, customers will recommend company products and will buy more of them. Moreover, this increases brand loyalty and decreases brand switching to competitors. One’s memory consists of a network of associations and connecting links, and any association ever processed about a brand
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
[a] company may have a unique vision, a superior product, strong management and an efficient distribution system – yet if it is not able to convey the core benefits of the brand to its target audience it will ultimately fail. [5]
1. Lau, Geok Theng, and Sook Han Lee. "Consumers' trust in a brand and the link to brand loyalty." Journal of Market-Focused Management 4.4 (1999): 341-370.
What is brand? Brand is a trade name which can distinguish from other product or service (Intellectual property office, 2013). Another meaning of the brand is to convey the promise or message to the customer (Intellectual property office, 2013). A powerful brand can lead the company to go further in the industry and it can develop the company's potential (Temporal, 2010). Therefore, brand is a signifying of the company.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
Brand is the name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of others. Initially, Branding was adopted to differentiate one person's cattle from another's by means of a distinctive symbol, and was subsequently used in business, marketing, and advertising.
The American Marketing Association (AMA) defines brand as a “name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.” So technically it means that whenever a marketer creates a new symbol,
By communicating a new value proposition, brand management aims to change the brand’s former brand percep-tion and link the new brand image to the new position. Of course, also within re-positioning, new attributes have to demonstrate points of difference and superi-ority. By emphasizing the brand’s uniqueness, management enables the cus-tomer to perceive higher brand value in their mind (cf. Friis 2009, p. 19). If the brand elements are not relevant for the target audience or the brand proposition was not chosen correctly, brand identity will not be perceived as credible and communication will fail. Therefore, companies have to analyse their target groups accurately before choosing new attributes, which they want to communicate. Management has to find out what are the target audience’s needs, wants and desires and what do they believe in. The organizations values should in best case overlap with the values of the audience. New brand attributes have to follow specific communication objectives, which are focussed on changing the custom-ers’ perception (cf. Feddersen 2013, p.
“Our greatest fear is not in never falling, but in getting up every time we do.” – Confucius
Your brand is your identity and it should clearly communicate your unique selling proposition-what you do that makes you special.