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Branding as Relationship Builders - Coggle Diagram
Branding as Relationship Builders
Definition and Importance of Branding
Researching, developing, and implementing brand names, brand marks, trade characters, and trademarks
Long-term exercise with significant contribution from marketing communications
Reaps long-term profitability through increased customer loyalty
Crucial to the success of any tangible product
Influences whether consumers will buy the product
Facilitates extension of product line or mix by building on consumer perceptions of brand values and character
Value of Branding for Manufacturers
Creates loyalty and decreases risk of losing market share to competition by establishing differential advantage
Allows premium pricing acceptable to consumer because of perceived brand value
Enables effective targeting and positioning
Source of competitive advantage and financial returns
Means of identification to simplify handling or tracing
Means of legally protecting unique features
Signal of quality level to satisfied customers
Means of endowing products with unique associations
Example: Starbucks known for premium coffee with loyal fan base due to established global branding communicating value
Role / Importance of Brands to Consumers
Identify source/maker
Simplifies decision making
Reduces risk
Search cost Reducer
Promise, Bond, or Pact with Maker of Product
Symbolic Device
Signal of Quality
Role / Importance of Brands to Firms
Means of Identification to Simplify Handling or Tracing
Means of Legally Protecting Unique Features
Signal of Quality Level to Satisfied Customers
Means of Endowing Products with Unique Associations
Source of Competitive Advantage
Source of Financial Returns