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)

Key concepts

Brand identity

What brand stands for from perspective of organisation

Brand image

Is perception of brand from outside organisation

Potential mismatch: 'noise' in communication

Prism having 6 facets (Kapferer, 2012, pp.158-162)

thIKEIT5LD

Culture

Relationship

Personality

Reflection

Physique

Self-image

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

Everything can be a brand, people included

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

Meaningful

'Joyce Principle'

'Juliet Principle'

5-step brand naming process

Logos & Colour

Encapsulate heritage

Packaging & Labelling

Imagery & appeal

Informative

Meeting user needs

Secure

Sustainability

Medicines, food etc

Recyclable