Branding has been around for centuries as means to distinguish the goods of one producer from those of another. Its significance can be understood by the fact that corporations spend millions on just designing and implementing brand strategies. Firms and organizations have come to the realization that one of their most valuable assets is the brand name associated with their products or services.
The American Marketing Association (AMA) defines brand as 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.” So technically it means that whenever a marketer creates a new symbol, name or emblem for a new product, he or she has created a brand. The basic purpose behind branding is differentiation because it is not the name of a product but the vision that drives the creation of products and services under that name.
Brand has the following characteristics:
Tangible: Physical product and packaging, cost etc.
Intangible: Brand position and image, Customer’s experiences etc.
It is the single most captivating thing about a brand that differentiates it from the rival brands. The brand essence provides an insight of the seller 's marketing strategies and is based on consumers ' needs. It plays a very important role for organizations competing in the B2C markets. Brand essence is generally short and can be expressed in a few words.
There are seven contributing elements of brand essence:
- Authenticity: Sticking to the promises made by the brand as the consumers expect the sellers to be genuine and honest with their products.
- Relevance: How relevant the brand is...
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...rs/Mascots: It is a unique symbol, either still, animated, or real life entity such as an animal or a human character. For example, Vodafone’s Zoozoo.
Brand Management Responsibilities
In order to maintain, improve and uphold the position of a brand, there are certain responsibilities that need to be fulfilled by the brand management team. Some of the key factors that need to be taken care of are-
- Develop a brand plan and monitor brand progress against it.
- Monitor, measure and manage brand equity/strength
- Drive brand understanding and support throughout the organization
- Drive initiatives that support and encourage the delivery of the brand promise
- Developing a strong brand message or statement.
- Manage the brand architecture and the various levels involved in it.
- Maintain brand identity consistency.
- Anticipate and accommodate new brand identity needs.
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