MKT09909 Lecture 1 Introducing Brands And Brand Management 2014

Good Essays
MKT09909
Brand Management
Topic 1
Introducing Brands and Brand
Management

What is a Brand?
Definition:
For the American Marketing Association (AMA, 2014), a brand is a:
“name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.”
These different components of a brand that identify and differentiate it are brand elements.
In creating a brand, many choices available over number and ‘how’ elements used to create identity for products.

Importance of Brands to Consumers
 Identification of the source of the product
 Assignment of responsibility to product maker
 Search cost reducer
 Promise, bond, or pact with product maker
 Symbolic device
 Signal of quality
 Risk reducer
(functional; physical; financial; social; psychological or time)

Importance of Brands to Firms
 Identification to simplify handling or tracing
 Legally protecting unique features
 Signal of quality level
 Endowing products with unique associations
 Source of competitive advantage
 Source of financial returns

Brand as an Output Process
Brands are not something we do to consumers. Rather, branding should be seen as “something consumers do with things” (De Chernatony et al, 2011 pg 46)
8 Category Typology: Brand as a......
1)... sign of ownership
2)... differentiating device
3)... functional device
4)... symbolic device
5)... risk reducer
6)... shorthand device
7)... legal device
8)...strategic device

What can be Branded?








Physical goods
Services
Retailers and Distributors
Online products and services
People and Organisations
Sports, Arts, and Entertainment
Geographic locations

 Ideas and Causes

Challenges and Opportunities?









Savvy customers
Economic downturns
Brand proliferation
Media Transformation
Increased competition
Increased costs
Greater accountability

Brand Equity
Brand equity relates to the fact that

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