|
Branding is a large part of marketing as it encompasses so many things. A brand is a name, term, symbol, design or a combination of these used by an organisation to identify it as unique from others. It acts as an identity and signal, communicating many messages to the market. Position comes from the way the market views and connects with a brand. The strength of this bond and the value that customers place on a brand is known as brand equity. A brand/label name is the part of a brand than can be spoken or written, made up of words, letters and/or numbers. Brand elements are all of the central components that make up a brand, such as the name, design, slogan, and so on. Secondary associations in regards to a label are all the related elements, such as celebrity endorsements and product reviews. A brand trademark, commonly associated with a label, is the legal registration and recognition of an entire brand by an organisation that prevents the incorrect or unauthorised replication or utilisation of it. A service mark is the same as a trademark, however specifically refers to a service offering. Brand Equity As mentioned above, the value customers place in a brand is known as a measure of brand equity. This value grows in stages: (1) Salience: this is general awareness of a label by the market, and is part of a general identity. The marketing strategy at this level is focused on determining who the brand is. (2) Imagery and performance are the visual association and product behaviour of a brand that communicate the features of what a label is to the market. At this level, the marketing strategy is focused on the meaning of the brand and what it is. (3) Feelings and judgements refer to the critical analysis and emotional connections that label has with the market, which communicate the personality of the label. At this point, marketing strategy is focused on response and what it is about the label that customers find appealing. (4) The pinnacle of brand equity is known as brand resonance. At this point, the label has a relationship with the customer and spurs a certain behaviour in response to the label. Marketing strategy here is about fostering brand loyalty by focusing on what the label is worth to a customer.
Related Articles -
Brand, Branding, Brands,
| 
