May 21, 2010

A Simple definition of Brand!

Brand can be defined in a simple way as an intangible asset. To become a brand a product has to cover up the following steps:
(1) Differentiation. (2) Positioning. (3) Personality. (4) Vision. (5) Added Value.
Differentiation means the first step for branding is to attract attention of the consumers and stand out from competitors. Where there is lack of branding sophistication it is defined as “a term, name, logo, symbol, color and a combination of them”. But in reality “it is a unique association about brand in the consumer’s minds”. The term, symbol, and logos can play only for the purpose of retrieval of brands from memory.
Positioning is delivery of firm’s strategies regarding the brand and this should meet consumer’s expectations. It can’t be sustained over a long period of time as consumer’s demands vary time to time. It provides the clarity of firm’s business and its integrated operations related with it.
Personality means what consumers want to receive plus how they want to receive. It is as important that a brand must have emotional affect on consumers as it is in the cognitive map of consumer’s minds. A brand has a strong personality if it is good for consumers, employees and for society too. It has personality characteristics just like human beings so these characteristics must be more sustainable than brand functionality alone. Always keep in mind consumers feel more confident in selecting brands that reflects their self-identity.
Vision is gaining commitment from consumers, employees, and society. At this step normally a brand promises something to the stakeholders. This promise becomes a vision statement of the firm. It usually strives to consider how a brand values can contribute to enhance societal well-being.
Value added level is the most sophisticated level of branding and company welcome relationship with stakeholders through every point of contact. The other objective is to reduce the customer perceived risk while using the brand. Value addition is based on consumer’s lifestyle. Usually companies use measurement of brand equity to develop brand strategies and value addition.
The ultimate destination of branding definition is as it is a cluster of values that enables a promise to be made about a unique and welcomed experience. This captures the way that highlighting it may initially be placed on functional values, which then become augmented with emotional values, as brand management classiness increases, driving a creative promise that adds value to all stakeholders.

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