What is a
Brand? A brand is a name, term, sign, symbol, or design which is
intended to identify the goods or services of one seller or group of
sellers and to differentiate them from those of competitors.
The Concept of Brand Equity stresses
the importance of the brand in marketing strategies. Brand equity is defined in
terms of the marketing effects uniquely attributable to the brand.
Brand equity relates to the fact that
different outcomes result in the marketing of a product or service because of
its brand name, as compared to if the same product or service did not have that
name.
The Key to
Branding: For branding strategies to be successful, consumers must be convinced
that there are meaningful differences among brands in the product or service
category. Consumer must not think that all brands in the category are the same.
PERCEPTION =
VALUE
Strategic
brand management
involves the design and implementation of marketing programs and activities to
build, measure, and manage brand equity.
The strategic brand management process is defined as involving
four main steps:
1)
Identifying and establishing brand positioning and values
2) Planning and
implementing brand marketing programs
3) Measuring and
interpreting brand performance
4) Growing and sustaining
brand equity
Strategic
Brand Management Process
