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Reading 22- Introduction to Branding (role of brands for organisations…
Reading 22- Introduction to Branding
Brand deffinition
name, symbol, sign, design
distinguish offerings from competitors
buyer percieves unique added value which match their needs
create a community
No fans!No Brand
Key concepts
Brand Identity
formulation interms of what the brand stands for
from creators perspective
on the senders side
Brand image
perception or interpretation of brand
from customers
On receivers end
brand identity prism- 6 facets
Kapferer (2012)
sender: personality
External: Relationship
sender: physique
Internal: culture
Reciever: Reflection
Receiver: Self image
Brand reputation
external evaluation of the brand
collective representation of a brands past actions
and results
describes the brands ability to deliver valued outcomes to stakeholders
Brand equity
considered firms most valuable assets
accounting good will
psycological goodwill which the brand has created over time
Indicators include
brand recognition
brand recall- part of buyers consideration set
brand consumption
Brand content
engages customers to relate to the brand
talk about dormain of mutual interest
role of brands for organisations
key intangible asset
increase bargaining power with distributors
facilitate their own new market entry
licensing
restrict market entry by competitors
communication device- consumers
charge premium pricing
benefit sales- identification and familiarity
guarantee future income- brand equity
consumer loyalty
role of brands for consumers
inspire trust, increase consumer confidence
reduce perceived risk of purchase
help their decision making
communicate brand associations- satisfaction
give info about products
stimulate emotional rewards
fulfillment of values
facilitate identification, search among offerings
type of name- 5 types
coined
made up work- XXX enterprises
arbitrary
use existing work, no meaning with firms work or products
Amazon
suggestive
infer nature and benefits of firm or product- bread band (sunblest)
descriptive
describes characteristics of company or product
generic
similar to product category
brand naming process
evaluate the candidate names
choice of brand name- apply goals and criteria to choose the final brand
creation of alternative brandnames- around 46 options
trade mark registration- choose 4 to 5 brand names for submission- PACRA
specify obj of branding