Literature Review
Since an increasing number of people focus on brand names instead of product, brands become important elements for customers to choose products (Carroll, 2008). When customers trust the brand, the benefits for the manufactures are generated. In the first place, brands can be used by products as the tool to identify and differentiate themselves from various products. Secondly, brands are helpful for companies to build a competitive advantage (Bick, 2009). Therefore, organisations take more attention to branding.
Branding
Branding is a tool to make the goods of one producer different from another producer (Keller, 2003). Carroll (2008) asserts that branding is a sign of quality, and it is helpful to increase customers’ loyalty, financial return and remain the competitive advantages. ‘It is not rooted in theory, in the strict sense.’ (Kay, 2005, p.743) Chernatony and McDonald (2003) said that branding will bring profits to companies when companies add values of products which are accepted by consumers, and consumers are pleased to pay for it. Besides, depending on Schultz and Patti (2009), branding takes a crucial place in the post-modern world as well. The objective of branding is not just diversifying any more. According to Key (2005), creating ‘brand meaning’ is accepted widely, which has been identified as a main task of building strong brand. It seems that a brand is powerful for customers, since it can generate a complex cognitive response and shape the customer behaviour. Understanding the responses and community context are two challenges of building strong brand for companies (Kay, 2005).
The elements in branding strategy, such as logo, package, design, advertising, all contributed to buildin...
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Sriram, S. & Balachander, S. & Kalwani, M. U. (2007), Monitoring the Dynamics of Brand Equity Using Store-Level Data, Journal of Marketing, 71 (April): 61-87
Srinivasan, V. (1979), “Network Models for Estimating Brand-Specific Effects in Multi-Attribute Marketing Models,” Management Science, 25 (1), 11–21
Stewart, David W. (1996), Market-Back Approach to the Design of Integrated Marketing Communications Programs: A Change in Paradigm and a Focus on Determinants of Success, Journal of Business Research, 37 (3), 147–153.
Swait, J. & Erdem, T. & Louviere, J. & Dubelaar, C.(1993), The Equalization Price: A Measure of Consumer-Perceived Brand Equity, International Journal of Research in Marketing, 10 (March): 23–45
Varian, H. R (1983), Non-parametric Tests of Consumer Behaviour, Review of Economic Studies, 50 (1): 59-110
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing Research (9th ed.). Hoboken, JN:
Ferrell, O. C., & Hartline, M. (2012). Marketing strategy, text and cases (6th ed.). Stamford, CT:
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
Increasing awareness of a personal and unique identity distinguishes us from the pack. A brand mantra differs from a tagline, explains Guy Kawasaki, as a mantra describes internal business, a standard for a company to abide by. A tagline is for customers and what they can expect to be delivered (Martinuzzi, 2014). John Jantsch, founder of Duct Tape Marketing defines branding "the art of becoming knowable, likable and trustable” (Martinuzzi, 2014). Many specialists on the subject agree that trust building is essential in success. Being honest is one of the top five steps Forbe’s advises when it comes to brand building (Biro, 2013). Some suggestions to follow from, How to Build an Unforgettable Personal Brand (2014) include, making sure customers are provided what is promised, leading with unwavering quality and being consistent in making good on one’s word. The article also warns that the public will assign a default brand if a
Reilly & C. James, 1991. The Role of Integrated Marketing Communications in Brand Management, The Advertiser, Vol.1 (Fall), pp.32-35.
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Farris, P. W., Neil, T. B., Phillip, E. P. & David, J. R., (2010). Marketing Metrics: The
Brand equity is crucial as it implies that the brand itself is an important (financial) asset and can be calculated in financial terms (Barwise, 1993). This is particularly important in the luxury sector as from a behavioural viewpoint, brand equity can differentiate a company or product from other competitors, adding to their competitive advantages based on non-profit competition (Aaker, 2004). The model created by Aaker (1992) states that there are four categories of brand equity; Loyalty, Awareness, Perceived Quality and Associations. Luxury branding relies on a high level of perceived quality, loyalty and associations, although potentially less so for awareness, as it is thought that consumers choose luxury brands based on their exclusivity and as such the more the awareness that surrounds the brand, there is potential for it to become less valuable (Phau and Prendergast,
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
3] Keller, K.L. (1993) Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing 57, 1–22.
lives in the consumers mind or brain. Brands are drivers of competitive edge. ‘A successful brand is a name, design, symbol or some combination which identifies the product of a particular organization as having a sustainable different advantage’ (Heinmann, 1991).
Barwise, Paddy. 1993. “Brand Equity: Snark or Boojum?” International Journal of Marketing Research. 10 (March), 93-104.
Today's modern concept of branding grew out of the consumer packaged goods industry and the process of branding has come to include much more than just creating a way to identify a product or company. Branding is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol.
Product is the core of marketing, which including tangible goods like food or drinks or intangible services, as it is the major way to embody customers requirements; and, branding is directly associated with it. In fact, branding is all about decisio ns of products, like brand names or trademarks. Stork (2007) asserted that a brand is a unique business identity which represents the personality, quality or origin of products. And, such a product which added value by branding would appear in every activity of marketing, namely, branding is actually react on the whole marketing system directly and indirectly.
Kotler, P., & Keller, K. (2012). Marketing management (14th ed., Global ed.). Boston, [Mass.: Pearson.