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Introduction to branding (Reading 22) - Coggle Diagram
Introduction to branding
(Reading 22)
Defining a brand
Anything can be a brand. (people, places, things or terms)
The role of brands for organisations
enable premium pricing to be charged
deter market entry from potential competitors
guarantee future income (brand equity)
facilitate their own entry into the market
increase bargaining power with distributors
command royalties through licensing
act as a communication device to consumers through a brand identity
benefit sales through identification & familiarity among customers
encourage consumer loyalty
The role of brands for consumers
inspire trust & increase consumers' confidence in their purchase selection
reduce perceived risk of a purchase
facilitate consumers' decision-making
communicate brand associations or active brand inferences that contribute to consumer satisfaction
act as cues to information about products
stimulate emotional rewards - fulfilment/identity/nostalgia
facilitate identification & cost to save time looking at other offerings
Packaging & labelling
contributes to communication & perception of the offering
helps the customer with their decision making
secure & recyclable packaging can also influence customer purchases
Brand architecture & naming
image
advertising
reputation
contact
brand name types (5)
suggestive
( infers the nature or benefits of the offering)
descriptive
(described the characteristics of the offering)
arbitrary
(existing word - no prior meaning)
generic
(synonymous with the offering)
coined
(made-up word)
logos
particular colours - distinctive & recognisable
encapsulates qualities & heritage
Key concepts
Brand identity
- what the product or service stands for internally / perception or interpretation externally
Six facets of Kapferer's prism
Brand reputation
- built on many stakeholders' evaluation not just customers via viewing/consuming/marketing/media articles
Brand equity
- valuable asset & monetary value (recognition/spontaneous/buyer consideration/consumption)
Brand content
- engages consumers/mutual interest (does not talk about the product