What comes to mind when you hear the term “brand” or “branding” in marketing? Nike? McDonalds? Five dollar foot long? Whatever it is, the importance of branding in the marketing mix should not be argued against, instead, it should be studied further to reveal what makes this aspect so important. Therefore, the following is an assessment of what a brand means to consumers and the effect it has on their purchasing behavior. This will also evaluate the importance of brands to the companies that own them and the qualities each company hopes to attain when creating their brand. Lastly, this assessment will uncover reasons for brand failure and offer suggestions on how businesses may build a stronger brand.
THE IMPORTANCE OF BRANDING IN THE MARKETING MIX 3
Consumer Effect of Branding
Many people associate a branded anything with a widely-exposed, big company or product commanding a premium price, compared to an unbranded or private-label offering at a lesser cost (Post, Gitomer & Tchong, 2004.) Brands may not, however, be equally important in all categories. For example, some consumers are content with generic laundry detergent or paper towels, but would not consider purchasing or using a generic hair product. Brands play an important role to consumers. Without them, people are unable to distinguish one company’s offerings from another’s. Brands impact culture, create lasting memories and serve as needed fuel for thriving economies everywhere. Consumers generally stick with brands they are familiar with, usually patronized by family and friends. Brands are not just a logo or some catchy tagline anymore. They are an expectation. The expectation that the product they have purchased is supe...
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...brands reap significant benefits for the companies that own them. The time, money and effort that go into creating and marketing a reputable brand should be respected and appreciated by consumers and organizations alike.
Clifton, Rita & Simmons, John. (2003). Brands and Branding. London, GBR, Profile Books Limited.
Haig, Matt. (2005). Brand Failures: The Truth about the 100 Biggest Branding Mistakes of All Time. London, GBR. Kogan Page Limited.
Keller, Kevin Lane. (2001). Building Customer Based Brand Equity: A Blueprint for Creating Strong Brands. Working Paper Report No. 01-107.
Post, Karen, Gitomer, Jeffrey & Tchong, Michael. (2005). Brain Tattoos. Saranac Lake, NY, USA. Amacom Books.
Wreden, Nick. (2005). Profitbrand: How to Increase the Profitability, Accountability and Sustainability of Brands. London, GBR. Kogan Page Limited.
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