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Reading 22: Introduction to branding (The role of brands for organisations…
Reading 22: Introduction to branding
Defining a brand
Symbol or design identifying organisation
Distinguishes offering from competitors
Value association
"... a shared desirable and exclusive idea embodied in products, services, places and/or experiences" (kapferer, 2012, p10)
Everything can be a brand, people included
Key concepts
Brand identity
What brand stands for from perspective of organisation
Prism having 6 facets (Kapferer, 2012, pp.158-162)
Culture
Relationship
Personality
Reflection
Physique
Self-image
Brand image
Is perception of brand from outside organisation
Brand reputation
External evaluation of brand
Built on interactions with and evaluations by multiple stakeholders
Influences
Others who have consumed the brand
Marketing & media articles
Own perceptions
'Brand tribalism''
Brand equity
Monetary value of psychological goodwill
Asset
Indicators
Spontaneous recall
Part of buyer's consideration set
Recognition
Consumption
Brand content
Meaningful connection with brand's consumers unrelated to products
Online; web page
Range of channels
Continuously refreshing to maintain interest
CONCERN: power & influence of marketing
The role of brands for organisations
Key intangible asset
Facilitate own entry into new markets
Deter market entry of competitors
Command royalties through licensing
Guarantee future income
Act as a communication device to consumers
Facilitate premium pricing
Increase bargaining power with distributors
Encourage consumer loyalty
Benefit sales through consumer familiarity
The role of brands for consumers
Communicate brand associations
Stimulate emotional rewards ie, nostalgia
Reduce perceived risk of purchase
Inspire trust & increase consumers' confidence
Facilitate consumers' decision-making
Act as cues to information about products
Facilitate identification
Brand architecture & naming
Consumer inferences based on brand names
Convey benefits
Potential trademark
Categories
Strong company endorsement
Weak company endorsement
Company as brand name
Individual brand name
Types
Descriptive
Suggestive
Generic
Arbitrary
Coined
Names
Non-meaningful
'Juliet Principle'
Meaningful
'Joyce Principle'
5-step brand naming process
Logos & Colour
Encapsulate heritage
Packaging & Labelling
Imagery & appeal
Informative
Meeting user needs
Secure
Medicines, food etc
Sustainability
Recyclable
Potential mismatch: 'noise' in communication
