MC - Chapter 3.docx - MARKETING COMMUNICATIONS CHAPTER 3 BRANDING STRATEGY \u2022 DEFINING THE BRAND \u2022 Brand An identifying mark symbol word or words or

MC - Chapter 3.docx - MARKETING COMMUNICATIONS CHAPTER 3...

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MARKETING COMMUNICATIONS CHAPTER 3 BRANDING STRATEGY DEFINING THE BRAND Brand: An identifying mark, symbol, word or words, or a combination of mark and works that separates one product from another product; can also be defined as the sum of all tangible and intangible characteristics that make a unique offer to customers People often buy things for the status attached to it, or for what the brand stands for Brand Name: That part of a brand that can be spoken Brand Logo: A symbol that plays a key role in branding and creating an image Trademark: The part of a brand that is granted legal protection so that only the owner can use it The symbol designates trademark claims The ® symbol designates trademark claims that have been registered with the trademark office Through marketing communications, a brand’s ‘personality’ evolves and becomes known BRAND IMAGE AND REPUTATION Brand names are accompanied by a set of values that can resonate with consumers Proper branding of smaller companies can sometimes mean survival against larger competition BRAND LOYALTY Brand Loyalty: The degree of attachment to a brand expressed by a consumer. There are three stages of brand loyalty: brand recognition, brand preference, and brand insistence Brand Recognition: Customer awareness of the brand name and package Brand Preference: The situation where a brand is perceived as an acceptable alternative by a customer and will be purchased if available Brand Insistence: A situation where the consumer searches the market for the specific brand It is thought that some brands (Ex. Coca-Cola) have branding beyond insistence wherein consumers forbid them from altering the product Brand insistent consumers are often advocates for the brand BRAND EQUITY Brand Equity: The value (monetary or otherwise) of a brand to its owners; influenced by brand name awareness, degree of customer loyalty, perceived quality, and the brand’s association with a certain attribute Some company’s strongest asset is arguably their brand (Ex. Apple) BENEFITS OF BRANDING Benefits for consumers:
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MARKETING COMMUNICATIONS CHAPTER 3 1. The brand name can, over time, suggest quality and have a clear expectation 2.
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