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At the same time, ] (that is, effectively unbranded goods) have also emerged. These made a positive virtue of saving the cost of almost all marketing activities; emphasizing the lack of advertising and, especially, the plain packaging (which was, however, often simply a vehicle for a different kind of image). It would appear that the penetration of such generic products peaked in the early 1980s, and most consumers still seem to be looking for the qualities that the conventional brand provides. | At the same time, ] (that is, effectively unbranded goods) have also emerged. These made a positive virtue of saving the cost of almost all marketing activities; emphasizing the lack of advertising and, especially, the plain packaging (which was, however, often simply a vehicle for a different kind of image). It would appear that the penetration of such generic products peaked in the early 1980s, and most consumers still seem to be looking for the qualities that the conventional brand provides. | ||
Brand glossary | |||
Brand | |||
A brand is a name, term, sign, symbol, association, trademark or design which is intended to identify the products or services of one provider or group of providers, and to differentiate them from those of competitors. A brand has functional and emotional elements which create a relationship between customers and the product or service. | |||
Brand Attributes | |||
Brand attributes are the functional and emotional associations which are assigned to a brand by its customers and prospects. Brand attributes can be either negative or positive, and can have different degrees of relevance and importance to different customer segments, markets and cultures. Brand attributes are the basic elements for establishing a brand identity. | |||
Brand Audit | |||
A brand audit is a comprehensive and systematic examination of a brand involving activities (both tangible and intangible) to assess the health of the brand, uncover its sources of equity and suggest ways to improve and leverage that equity. The brand audit requires the understanding of brand equity sources from the perspective of both the firm and the consumer. | |||
Brand Awareness | |||
Brand awareness is a common measure of marketing communications effectiveness. Brand awareness is measured as the proportion of target customers which has prior knowledge of the brand. It is measured by two distinct measures; brand recognition and brand recall. Brand recognition is the customers' ability to confirm prior exposure/knowledge of a brand when shown or asked explicitly about the brand (also referred to as aided or prompted awareness). Brand recall is the customers' ability to retrieve a brand from memory when given the product category but not mentioning of the brand (also referred to as spontaneous or unaided awareness). | |||
Brand Champion | |||
Brand champions are internal and external story tellers who spread the brand vision, brand values and cultivate the brand in an organisation. Every organisation needs committed and passionate brand champions. The more employees the organisation can turn into brand champions, the better will it be equipped to build and maintain strong brand equity. Singapore Airlines, L'Oreal, Harley Davidson, Nike, Google and LEGO are well-known examples of companies which benefit tremendously from their employees being strong and dedicated brand champions. | |||
Brand Culture | |||
Strong brands are managed by organisations characterized by their strong internal brand cultures. A strong brand culture is determined by the internal attitudes towards branding, management behaviour and practices of an organisation. These combined efforts are crucial to build and maintain strong brand equity through competitive advantages from branding. The most prominent person to lead these efforts is the CEO and the senior management team. | |||
Brand Equity | |||
The brand equity concept stresses the importance of a brand in marketing strategies, and has become a leading indicator in measuring the strength and value of a brand. Brand equity is defined in terms of the marketing effects uniquely attributable to the brand. Brand equity relates to the fact that different outcomes result in the marketing of a product or service because of its brand name, as compared to if the same product or service did not have that name. Brand equity can be measured across different dimensions like brand awareness, brand loyalty, perceived quality, brand associations etc. | |||
Brand Equity Strategy | |||
An organisation wants to build and maintain strong brand equity for the respective brands in their portfolio including the corporate brand. The brand equity strategy serves as a guide for these marketing efforts and illustrates the plans and tactics needed to meet the brand objectives. | |||
Brand Essence | |||
The brand essence is an articulation of the "heart and soul" of the brand. A brand essence is typical three to five short word phrases that capture the core essence or spirit of the brand positioning and the values characterizing the brand. The brand essence is the description which defines a brand and the guiding vision of the brand. | |||
Branding Excellence | |||
Branding Excellence is both an indicator of brand strength and a unique measure of the brand leadership capabilities of an organisation. Strong brands create profitable businesses, and organisations must seek to obtain branding Excellence to benefit and leverage fully from branding. A strong brand is characterized by a unique brand promise, and an outstanding brand delivery, and branding excellence measures this balance and the outcome including guidance on how to improve. Branding Excellence measures and describes how brand leadership internally in a corporation can add significant value in terms of brand strength and brand value. | |||
Brand Expansion | |||
The exposure of a brand to a broader target customer market, geographic market, or distribution channels. | |||
Brand Extension | |||
The application of a brand beyond its initial range of products, or outside of its category. This becomes possible when the brand image and attributes have contributed to a perception with the consumer/user where the brand and not the product is the decision driver. | |||
Brand Guidelines | |||
Brand guidelines are internal tools available in an organisation to educate, reinforce and motivate all involved in building and maintaining strong brands. Brand guidelines are crucial in establishing and enhancing a strong and dedicated brand culture. The brand guidelines can take various forms and methods, and could consist of brand vision, brand identity, brand strategy guidelines, a short description of the brand, brand values, brand positioning, positioning guidelines, communication tips, writing style guidelines, design style guidelines, and company-wide contact details to obtain more information from central brand management. | |||
Brand Identity | |||
A unique set of functional and mental associations the brand aspires to create or maintain. These associations represent what the brand should ideally stand for in the minds of customers, and imply a potential promise to customers. It is important to keep in mind that the brand identity refers to the strategic goal for a brand while the brand image is what currently resides in the minds of consumers. | |||
Brand Image | |||
A unique set of associations within the minds of target customers which represent what the brand currently stands for and implies the current promise to customers. The brand image is what is currently in the minds of consumers, whereas brand identity is aspirational from the brand owners' point of view. | |||
Brand Loyalty | |||
Brand loyalty is the strength of preference for a brand compared to other similar available brand options. It is measured through a range of different dimensions e.g. repeat purchase behavior, price sensitivity. | |||
Brand Management | |||
Brand management is the process of managing an organisation's brand or portfolio of brands in order to maintain and increase long-term brand equity and financial value. Brand management is applied by the person or group responsible for designing brand identities, aligning them for maximum effectiveness, ensuring that they are not compromised by tactical actions, evaluating effectiveness of brand communication programs, valuing financial brand value, and designing appropriate brand crisis management plans among many other strategic and tactical tasks. | |||
Brand Mapping | |||
Brand mapping is a research technique to identify and visualize the core positioning of a brand compared to competing brands on various dimensions. | |||
Brand Personality | |||
The brand personality is the brand image or brand identity expressed in terms of human characteristics. The brand personality must ideally include distinguishing and identifiable characteristics which offer consistent, enduring and predictable messages and mental perceptions. | |||
Brand Positioning | |||
Brand positioning is the "market space" a brand is perceived to occupy in the mind of the target audience. All strong marketing communications programs need to focus on only few messages to achieve better impact in an increasingly noisy environment. The brand positioning is the part of the brand identity that management decides to actively communicate to the market. | |||
Brand Positioning Statement | |||
A brand positioning statement describes the "mental space" a brand should occupy in the minds of a target audience. It serves as an internal document which guides most of a company's marketing communications strategies, programs and tactics. The brand positioning statement focuses on the elements and associations which meaningfully set a brand apart from the competition. It is typically constructed in the following format: "To (target market), Brand X is the brand of (frame of reference) that (point of difference) because (reasons). | |||
Brand Power | |||
A measure of the ability of the brand to dominate its product category. | |||
Brand Recall | |||
Brand recall is the customers' ability to retrieve a brand from memory when given the product category but not mentioning of the brand (also referred to as spontaneous or unaided awareness). | |||
Brand Recognition | |||
Brand recognition is the customers' ability to confirm prior exposure/knowledge of a brand when shown or asked explicitly about the brand (also referred to as aided or prompted awareness). | |||
Brand Relevance | |||
Brand relevance is the alignment of a brand, its brand attributes, brand identity and brand personality with the primary needs and wants of the target audience. | |||
Brand Revitalisation | |||
Brand revitalization of a fading brand or a portfolio of brands is sometimes necessary for an organisation. Changes in the marketing environment, competitors' strategies, consumer behaviour, evolutions of cultures and many other factors can lead to erosion of the brand equity over time. A brand revitalization program is involving strategies to recapture lost sources of brand equity and ways to identify and establishing new sources of brand equity for the brand or the brand portfolio. | |||
Brand Slogan/ Brand tagline | |||
An easily and recognisable and memorable phrase which often accompanies a brand name in marketing communications programs. The brand slogan and tagline helps customers to remember the brand and reinforces mental associations. Consistent and well-known examples are Nike "Just do it", HSBC "The world's local bank", HP "Invent", and Singapore Airlines "A Great Way to Fly". | |||
Brand Strategy | |||
The 'big picture' plans and tactics deployed by an organisation/brand owner to create long-term brand equity and competitive advantages from branding. | |||
Brand Tribe | |||
The modern consumer is buying experiences rather than commodities hence the importance of branding in many product and service categories. Therefore, the consumer decision process involves brand attributes and brand associations, which are largely image driven, intangible and symbolic. The group as a social institution serves as an important part of these consumer decisions as the importance and strengths of intangible brand attributes and brand values are related to how these factors are perceived and ranked in a group or clusters of groups of which the consumer is part of. A brand tribe is a formal or informal group of consumers whom share the same awareness, passion and loyalty for a brand or a portfolio of brands. Brand tribes can be identified as strong drivers of brand strengths for many international brands like LEGO, Bang & Olufsen, Nike, Giorgio Armani, Banyan Tree Hotels and Resorts, Singapore Airlines, Timberland and many other unique brands. | |||
Brand Value | |||
Brand value is the financial premium derived from loyal target audiences committed to a brand and willing to pay extra for the brand as compared to a generic product or service in the same category. The brand value can be calculated in financial terms and demonstrates the value of the brand or a portfolio of brands as part of a corporation's intangible assets. The valuation of brands is important for several reasons. Shareholders and advisors can assess the financial value of their corporate brand, an individual brand or a portfolio of brands. Management teams can benefit from the brand value as a useful tool for measuring performance, for taxation purposes, in an event of an acquisition or disposal. Financiers can use the brand value when assessing the borrowing capacity of a company when arranging funding facilities. An increasing number of lending institutions recognize the value of intangible assets such as brands as collateral for loans. | |||
Brand Value Proposition | |||
The functional, emotional, and self-expressive benefits delivered by the brand that combined provide value to the customer. The brand value propositions provide the rationale (tangible and intangible dimensions and associations) for making one brand choice over other available brand choices. | |||
==See also== | ==See also== |
Revision as of 16:09, 23 December 2007
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Brands were originally developed as labels of ownership: name, term, design, symbol. However, today it is what they do for people that matters much more, how they reflect and engage them, how they define their aspiration and enable them to do more. Powerful brands can drive success in competitive and financial markets, and indeed become the organisation’s most valuable assets.
A great brand is one you want to live your life by, one you trust and hang on to while everything around you is changing, one that articulates the type of person you are or want to be, one that enables you to do what you couldn’t otherwise achieve. Brand type is divided into four categories.
- ‘Being’ brands: emotionally confirms you are somebody
- ‘Becoming’ brands: aspirationally defines what you want to be
- ‘Doing’ brands: functionally enables you to do something
- ‘Belonging’ brands: connects you with other people like you
Etymology
Brand, along with many modern-language lexemes such as English burn and brandy, German brennen, and those in many European languages based on the root therm-, are all ultimately related to the ideas of warmth, heat, burning, etc., and descend from an Indo-European root that has been reconstructed as /gher/.
In the Old English language, the noun brond is first attested from the epic poem Beowulf (circa 1000) meaning "destruction by fire."
Throughout the ages, brand had been used in figurative and transferred senses to mean "a person delivered from imminent danger," "the torches of Cupid and the Furies," and "Jove's or God's or Phoebus' brand."
Brand had also been figuratively applied since the late 16th century to criminalize people (as in disgrace, a stigma, or mark of infamy) and in the sense of firebrand since the 17th century.
The idea of marking things, people, or animals by burning identifying marks onto them is clearly an ancient one.
While described as a physical impression of ownership on livestock by way of hot-iron branding since the mid-17th century, modern senses of brand as used in business began to arise in the early 19th century when the term was figuratively extended to trademarks and logos. During this time, brands were imprinted on casks of wine, timber, and other goods except textile fabrics.
During the 19th century in primarily the United States, hot irons used for marking livestock and cauterizing wounds were called brands, and later cattle and other livestock were also referred to as brands. A brand blotter was a thief who stole, and removed marks of ownership from, cattle.
Since the early 17th century in biology, a brand had been called "a species of blight in plants, causing the leaves and young shoots to look ." The word was also used to refer to swords and other blades from the 11th to 19th centuries.
History
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In the field of marketing, brands originated in the nineteenth century with the advent of packaged goods. According to Unilever records, Pears Soap was the world's first registered commercial brand. Industrialization moved the production of household items, such as soap, from local communities to centralized factories. When shipping their items, the factories would brand their logotype insignia on the shipping barrels. These factories, generating mass-produced goods, needed to sell their products to a wider range of customers, to a customer base familiar only with local goods, and it turned out that a generic package of soap had difficulty competing with familiar, local products.
The fortunes of many of that era's brands, such as Uncle Ben's rice and Kellogg's breakfast cereal, illustrate the problem. The packaged goods manufacturers needed to convince buyers that they could trust in the non-local, factory product. Campbell soup, Coca-Cola, Juicy Fruit gum, Aunt Jemima, and Quaker Oats, were the first American products to be branded to increase the customer's familiarity with the products.
Around 1900, James Walter Thompson published a house advert explaining trademark advertising, in an early commercial description of what now is known as 'branding'. Soon, companies adopted slogans, mascots, and jingles that were heard on radio and seen in early television. By the 1940s, Mildred Pierce manufacturers recognized how customers were developing relationships with their brands in the social, psychological, and anthropological senses. From that, manufacturers quickly learned to associate other kinds of brand values, such as youthfulness, fun, and luxury, with their products. Thus began the practice of 'branding', wherein the customer buys the brand rather than the product. This trend arose in the 1980s 'brand equity mania'. In 1988, Phillip Morris bought Kraft for six times its paper worth. It is believed the purchase was made because the Phillip Morris company actually wanted the Kraft brand rather than the company and its products.
April 2, 1993, labelled Marlboro Friday, is described by Klein (2000) as the death day of the brand. On that day, Phillip Morris declared a 20 per cent price cut of Marlboro cigarettes in order to compete with cheaper price cigarettes. At the time, Marlboro cigarettes were notorious for their heavy advertising campaigns, and nuanced brand image. On that day, the prices of many branded companies Wall street stocks fell: Heinz, Coca Cola, Quaker Oats, PepsiCo; seemingly the signal of the beginning 'brand blindness'(Klein 13).
Concepts
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Marketers engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. A brand image may be developed by attributing a "personality" to or associating an "image" with a product or service, whereby the personality or image is "branded" into the consciousness of consumers. A brand is therefore one of the most valuable elements in an advertising theme. The art of creating and maintaining a brand is called brand management.
A brand which is widely known in the marketplace acquires brand recognition. When brand recognition builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise. One goal in brand recognition is the identification of a brand without the name of the company present. For example, Disney has been successful at branding with their particular script font (originally created for Walt Disney's "signature" logo), which it used in the logo for go.com.
"DNA" refers to the unique attributes, essence, purpose, or profile of a brand and, therefore, a company. The term is borrowed from the biological DNA, the molecular "blueprint" or genetic profile of an organism which determines its unique characteristics.
The act of associating a product or service with a brand has become part of pop culture. Most products have some kind of brand identity, from common table salt to designer clothes. In non-commercial contexts, the marketing of entities which supply ideas or promises rather than product and services (e.g. political parties or religious organizations) may also be known as "branding".
Brand equity
Brand equity measures the total value of the brand to the brand owner, and reflects the extent of brand franchise. The term brand name is often used interchangeably with "brand", although it is more correctly used to specifically denote written or spoken linguistic elements of a brand. In this context a "brand name" constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services. A brand owner may seek to protect proprietary rights in relation to a brand name through trademark registration.
Attitude branding
Attitude branding is the choice to represent a feeling, which is not necessarily connected with the product or consumption of the product at all. Marketing labeled as attitude branding includes that of Apple, Nike, Safeway, Starbucks, and The Body Shop.
Brand monopoly
In economic terms the "brand" is a device to create a monopoly—or at least some form of "imperfect competition"—so that the brand owner can obtain some of the benefits which accrue to a monopoly, particularly those related to decreased price competition. For example, the Coca Cola corporation can never have a monopoly on cola-flavored soda pop, but it can have a monopoly on its own brand of cola-flavored soda pop. In this context, most "branding" is established by promotional means. There is also a legal dimension, for it is essential that the brand names and trademarks are protected by all means available. The monopoly may also be extended, or even created, by patent, copyright, trade secret (e.g. secret recipe), and other sui generis intellectual property regimes (e.g.: Plant Varieties Act, Design Act).
In all these contexts, retailers' "own label" brands can be just as powerful. The "brand", whatever its derivation, is a very important investment for any organization. RHM (Rank Hovis McDougall), for example, have valued their international brands at anything up to twenty times their annual earnings. Often, especially in the industrial sector, it is just the company's name which is promoted (leading to one of the most powerful statements of "branding"; the saying, before the company's downgrading, "No-one ever got fired for buying IBM").
Brand extension
Main article: brand extensionAn existing strong brand name can be used as a vehicle for new or modified products; for example, many fashion and designer companies extended brands into fragrances, shoes and accessories, home textile, home decor, luggage, (sun-) glasses, furniture, hotels, etc. Mars extended its brand to ice cream, Caterpillar to shoes and watches, Michelin to a restaurant guide, Adidas and Puma to personal hygiene.
There is a difference between brand extension and line extension. When Coca-Cola launched "Diet Coke" and "Cherry Coke" they stayed within the originating product category: non-alcoholic carbonated beverages. Procter & Gamble (P&G) did likewise extending its strong lines (such as Fairy Soap) into neighboring products (Fairy Liquid and Fairy Automatic) within the same category, dish washing detergents. These are examples of line, not brand extensions.
Multiple brands
In a market fragmented with many brands, a supplier can choose to launch new brands apparently competing with its own, extant strong brand (and often with an identical product), simply to obtain a greater share of the market that would go to minor brands. The rationale is that having 3 out of 12 brands in such a market will give garner a greater, overall share than having 1 out of 10 (even if much of the share of these new brands is taken from the existing one). In its most extreme manifestation, a supplier pioneering a new market which it believes will be particularly attractive may choose immediately to launch a second brand in competition with its first, in order to pre-empt others entering the market.
Individual brand names naturally allow greater flexibility by permitting a variety of different products, of differing quality, to be sold without confusing the consumer's perception of what business the company is in or diluting higher quality products.
Once again, Procter & Gamble is a leading exponent of this philosophy, running as many as ten detergent brands in the US market. This also increases the total number of "facings" it receives on supermarket shelves. Sara Lee, on the other hand, uses it to keep the very different parts of the business separate—from Sara Lee cakes through Kiwi polishes to L'Eggs pantyhose. In the hotel business, Marriott uses the name Fairfield Inns for its budget chain (and Ramada uses Rodeway for its own cheaper hotels).
Cannibalization is a particular problem of a "multibrand" approach, in which the new brand takes business away from an established one which the organization also owns. This may be acceptable (indeed to be expected) if there is a net gain overall. Alternatively, it may be the price the organization is willing to pay for shifting its position in the market; the new product being one stage in this process.
Abercrombie & Fitch is a multi-brands company, rolling out Lifestyle Brands and the phony competitor Hollister Co.
Generic and private-label brands
With the emergence of strong retailers, the "own brand", the retailer's own branded product (or service), emerged as a major factor in the marketplace. Where the retailer has a particularly strong identity, such as, in the UK, Marks & Spencer in clothing, this "own brand" may be able to compete against even the strongest brand leaders, and may dominate those markets which are not otherwise strongly branded. There was a fear that such "own brands" might displace all other brands (as they have done in Marks & Spencer outlets), but the evidence is that—at least in supermarkets and department stores—consumers generally expect to see on display something over 50 per cent (and preferably over 60 per cent) of brands other than those of the retailer. Indeed, even the strongest own brands in the United Kingdom rarely achieve better than third place in the overall market. In the US, Target has "own" brands of "Market Pantry" and "Archer Farms" each with unique packaging and placement.
The strength of the retailers has, perhaps, been seen more in the pressure they have been able to exert on the owners of even the strongest brands (and in particular on the owners of the weaker third and fourth brands). Relationship marketing has been applied most often to meet the wishes of such large customers (and indeed has been demanded by them as recognition of their buying power). Some of the more active marketers have now also switched to 'category marketing'—in which they take into account all the needs of a retailer in a product category rather than more narrowly focusing on their own brand.
At the same time, generic (that is, effectively unbranded goods) have also emerged. These made a positive virtue of saving the cost of almost all marketing activities; emphasizing the lack of advertising and, especially, the plain packaging (which was, however, often simply a vehicle for a different kind of image). It would appear that the penetration of such generic products peaked in the early 1980s, and most consumers still seem to be looking for the qualities that the conventional brand provides.
Brand glossary
Brand A brand is a name, term, sign, symbol, association, trademark or design which is intended to identify the products or services of one provider or group of providers, and to differentiate them from those of competitors. A brand has functional and emotional elements which create a relationship between customers and the product or service.
Brand Attributes Brand attributes are the functional and emotional associations which are assigned to a brand by its customers and prospects. Brand attributes can be either negative or positive, and can have different degrees of relevance and importance to different customer segments, markets and cultures. Brand attributes are the basic elements for establishing a brand identity.
Brand Audit A brand audit is a comprehensive and systematic examination of a brand involving activities (both tangible and intangible) to assess the health of the brand, uncover its sources of equity and suggest ways to improve and leverage that equity. The brand audit requires the understanding of brand equity sources from the perspective of both the firm and the consumer.
Brand Awareness Brand awareness is a common measure of marketing communications effectiveness. Brand awareness is measured as the proportion of target customers which has prior knowledge of the brand. It is measured by two distinct measures; brand recognition and brand recall. Brand recognition is the customers' ability to confirm prior exposure/knowledge of a brand when shown or asked explicitly about the brand (also referred to as aided or prompted awareness). Brand recall is the customers' ability to retrieve a brand from memory when given the product category but not mentioning of the brand (also referred to as spontaneous or unaided awareness).
Brand Champion Brand champions are internal and external story tellers who spread the brand vision, brand values and cultivate the brand in an organisation. Every organisation needs committed and passionate brand champions. The more employees the organisation can turn into brand champions, the better will it be equipped to build and maintain strong brand equity. Singapore Airlines, L'Oreal, Harley Davidson, Nike, Google and LEGO are well-known examples of companies which benefit tremendously from their employees being strong and dedicated brand champions.
Brand Culture Strong brands are managed by organisations characterized by their strong internal brand cultures. A strong brand culture is determined by the internal attitudes towards branding, management behaviour and practices of an organisation. These combined efforts are crucial to build and maintain strong brand equity through competitive advantages from branding. The most prominent person to lead these efforts is the CEO and the senior management team.
Brand Equity The brand equity concept stresses the importance of a brand in marketing strategies, and has become a leading indicator in measuring the strength and value of a brand. Brand equity is defined in terms of the marketing effects uniquely attributable to the brand. Brand equity relates to the fact that different outcomes result in the marketing of a product or service because of its brand name, as compared to if the same product or service did not have that name. Brand equity can be measured across different dimensions like brand awareness, brand loyalty, perceived quality, brand associations etc.
Brand Equity Strategy An organisation wants to build and maintain strong brand equity for the respective brands in their portfolio including the corporate brand. The brand equity strategy serves as a guide for these marketing efforts and illustrates the plans and tactics needed to meet the brand objectives.
Brand Essence The brand essence is an articulation of the "heart and soul" of the brand. A brand essence is typical three to five short word phrases that capture the core essence or spirit of the brand positioning and the values characterizing the brand. The brand essence is the description which defines a brand and the guiding vision of the brand.
Branding Excellence Branding Excellence is both an indicator of brand strength and a unique measure of the brand leadership capabilities of an organisation. Strong brands create profitable businesses, and organisations must seek to obtain branding Excellence to benefit and leverage fully from branding. A strong brand is characterized by a unique brand promise, and an outstanding brand delivery, and branding excellence measures this balance and the outcome including guidance on how to improve. Branding Excellence measures and describes how brand leadership internally in a corporation can add significant value in terms of brand strength and brand value.
Brand Expansion The exposure of a brand to a broader target customer market, geographic market, or distribution channels.
Brand Extension The application of a brand beyond its initial range of products, or outside of its category. This becomes possible when the brand image and attributes have contributed to a perception with the consumer/user where the brand and not the product is the decision driver.
Brand Guidelines Brand guidelines are internal tools available in an organisation to educate, reinforce and motivate all involved in building and maintaining strong brands. Brand guidelines are crucial in establishing and enhancing a strong and dedicated brand culture. The brand guidelines can take various forms and methods, and could consist of brand vision, brand identity, brand strategy guidelines, a short description of the brand, brand values, brand positioning, positioning guidelines, communication tips, writing style guidelines, design style guidelines, and company-wide contact details to obtain more information from central brand management.
Brand Identity A unique set of functional and mental associations the brand aspires to create or maintain. These associations represent what the brand should ideally stand for in the minds of customers, and imply a potential promise to customers. It is important to keep in mind that the brand identity refers to the strategic goal for a brand while the brand image is what currently resides in the minds of consumers.
Brand Image A unique set of associations within the minds of target customers which represent what the brand currently stands for and implies the current promise to customers. The brand image is what is currently in the minds of consumers, whereas brand identity is aspirational from the brand owners' point of view.
Brand Loyalty Brand loyalty is the strength of preference for a brand compared to other similar available brand options. It is measured through a range of different dimensions e.g. repeat purchase behavior, price sensitivity.
Brand Management Brand management is the process of managing an organisation's brand or portfolio of brands in order to maintain and increase long-term brand equity and financial value. Brand management is applied by the person or group responsible for designing brand identities, aligning them for maximum effectiveness, ensuring that they are not compromised by tactical actions, evaluating effectiveness of brand communication programs, valuing financial brand value, and designing appropriate brand crisis management plans among many other strategic and tactical tasks.
Brand Mapping Brand mapping is a research technique to identify and visualize the core positioning of a brand compared to competing brands on various dimensions.
Brand Personality The brand personality is the brand image or brand identity expressed in terms of human characteristics. The brand personality must ideally include distinguishing and identifiable characteristics which offer consistent, enduring and predictable messages and mental perceptions.
Brand Positioning Brand positioning is the "market space" a brand is perceived to occupy in the mind of the target audience. All strong marketing communications programs need to focus on only few messages to achieve better impact in an increasingly noisy environment. The brand positioning is the part of the brand identity that management decides to actively communicate to the market.
Brand Positioning Statement A brand positioning statement describes the "mental space" a brand should occupy in the minds of a target audience. It serves as an internal document which guides most of a company's marketing communications strategies, programs and tactics. The brand positioning statement focuses on the elements and associations which meaningfully set a brand apart from the competition. It is typically constructed in the following format: "To (target market), Brand X is the brand of (frame of reference) that (point of difference) because (reasons).
Brand Power A measure of the ability of the brand to dominate its product category.
Brand Recall Brand recall is the customers' ability to retrieve a brand from memory when given the product category but not mentioning of the brand (also referred to as spontaneous or unaided awareness).
Brand Recognition Brand recognition is the customers' ability to confirm prior exposure/knowledge of a brand when shown or asked explicitly about the brand (also referred to as aided or prompted awareness).
Brand Relevance Brand relevance is the alignment of a brand, its brand attributes, brand identity and brand personality with the primary needs and wants of the target audience.
Brand Revitalisation Brand revitalization of a fading brand or a portfolio of brands is sometimes necessary for an organisation. Changes in the marketing environment, competitors' strategies, consumer behaviour, evolutions of cultures and many other factors can lead to erosion of the brand equity over time. A brand revitalization program is involving strategies to recapture lost sources of brand equity and ways to identify and establishing new sources of brand equity for the brand or the brand portfolio.
Brand Slogan/ Brand tagline An easily and recognisable and memorable phrase which often accompanies a brand name in marketing communications programs. The brand slogan and tagline helps customers to remember the brand and reinforces mental associations. Consistent and well-known examples are Nike "Just do it", HSBC "The world's local bank", HP "Invent", and Singapore Airlines "A Great Way to Fly".
Brand Strategy The 'big picture' plans and tactics deployed by an organisation/brand owner to create long-term brand equity and competitive advantages from branding.
Brand Tribe The modern consumer is buying experiences rather than commodities hence the importance of branding in many product and service categories. Therefore, the consumer decision process involves brand attributes and brand associations, which are largely image driven, intangible and symbolic. The group as a social institution serves as an important part of these consumer decisions as the importance and strengths of intangible brand attributes and brand values are related to how these factors are perceived and ranked in a group or clusters of groups of which the consumer is part of. A brand tribe is a formal or informal group of consumers whom share the same awareness, passion and loyalty for a brand or a portfolio of brands. Brand tribes can be identified as strong drivers of brand strengths for many international brands like LEGO, Bang & Olufsen, Nike, Giorgio Armani, Banyan Tree Hotels and Resorts, Singapore Airlines, Timberland and many other unique brands.
Brand Value Brand value is the financial premium derived from loyal target audiences committed to a brand and willing to pay extra for the brand as compared to a generic product or service in the same category. The brand value can be calculated in financial terms and demonstrates the value of the brand or a portfolio of brands as part of a corporation's intangible assets. The valuation of brands is important for several reasons. Shareholders and advisors can assess the financial value of their corporate brand, an individual brand or a portfolio of brands. Management teams can benefit from the brand value as a useful tool for measuring performance, for taxation purposes, in an event of an acquisition or disposal. Financiers can use the brand value when assessing the borrowing capacity of a company when arranging funding facilities. An increasing number of lending institutions recognize the value of intangible assets such as brands as collateral for loans.
Brand Value Proposition The functional, emotional, and self-expressive benefits delivered by the brand that combined provide value to the customer. The brand value propositions provide the rationale (tangible and intangible dimensions and associations) for making one brand choice over other available brand choices.
See also
- Aspirational brand
- Individual branding
- Personal branding
- Brand architecture
- Brand awareness
- Brand community
- Brand engagement
- Brand image
- Brand implementation
- Brand loyalty
- Brand management
- Brand name
- Brand orientation
- Branded environments
- Designer label
- Employer branding
- Generic brand
- Integrated marketing communications
- Logo extraction puzzles
- Name generator
- Naming firms
- Trademark
Bibliography
- Birkin, Michael (1994). "Assessing Brand Value," in Brand Power. ISBN 0-8147-7965-4
- Gregory, James (2003). Best of Branding. ISBN 0-07-140329-9
- Klein, Naomi (2000) No logo, Canada: Random House, ISBN 0-676-97282-9
- Kotler, Philip and Pfoertsch, Waldemar (2006). B2B Brand Management, ISBN 3-540-25360-2.
- Miller & Muir (2004). The Business of Brands, ISBN 0-470-86259-9.
- Olins, Wally (2003). On Brand, London: Thames and Hudson, ISBN 0-500-51145-4.
- Schmidt, Klaus and Chris Ludlow (2002). Inclusive Branding: The Why and How of a Holistic approach to Brands. Basingstoke: Palgrave Macmillan, ISBN 0-333-98079-4
- Wernick, Andrew (1991). Promotional Culture: Advertising, Ideology and Symbolic Expression (Theory, Culture & Society S.), London: Sage Publications, ISBN 0-8039-8390-5
References
- Houghton Mifflin (2000). The American Heritage Dictionary of the English Language (4th ed ed.). Boston and New York: Houghton Mifflin. pp. page 2031. ISBN 978-0-395-82517-4.
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- ^ Klein, Naomi (2000) No logo, Canada: Random House, ISBN 0-676-97282-9