Brand final exam note Essay

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Chapter 1
What is a brand? a name term sign symbol or design or a combination of them, intended to identify the goods and services of one seller of group of sellers and to differentiate from competition.
Brand Elements
Different components that identifies and differentiates a brand
-Name, logo, symbol, package design, or other characteristic
Can be based on people, places, things, and abstract images
Brand versus Product
Brand: Has dimensions that differentiate it in some way from other products designed to satisfy the same need
Can be differentiated on the basis of: Packaging Services provided Customer advice Financing Delivery arrangements Warehousing Other things valued by the customers
Product - Anything available in the market for use or consumption that may satisfy a need or want
Can be categorized into five levels namely: Core benefit level- fundamental need or want that customers satisfy by consuming the product or service Generic product level- product containing only attributes or characteristics absolutely necessary for its functioning but with no distinguishing features Expected product level- a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product Augmented product level- additional product attributes , benefits or related service that distinguish from competitors Potential product level- all the augmentations and transformations that a product might ultimately undergo in the future
Through branding, organizations:
Create perceived differences amongst products
Develop loyal customer franchise
Create value that can translate to financial profits
Why Do Brands Matter? Customers and firms
Customers:
Encompass all types of customers, including individuals as well as organizations
Functions provided by brands to consumers
Identify the source or maker of the product
Simplify product decisions
Lower the search costs for products internally and externally
Helps set reasonable expectations about what consumers may not know about the brand

Signal product characteristics and attributes
On the basis of attributes products can be classified as:
Search goods- like grocery produce, consumers can evaluate product attributes like size, colour, style, design, weight by visual inspection
Experience goods-automobile tires, consumers cannot assess product attributes like durability ,service quality, safety so easily by inspection and actual product trial and experience is necessary
Credence goods- insurance coverage, consumers may rarely learn product attributes
Brand can reduce risks in product decisions. Consumer may perceive many different risks in buying and consuming a product
These risk can be categorised as
Functional – not matchup to expectation
Physical- poses a threat to the physical health of the users or others
Financial- not worth the price paid
Social- results in embarrassment of others Psychological- affects the mental well-being of the user Time- result in an opportunity cost of finding another satisfactory product
Firms:
Brands provide valuable functions
Identification purpose - Simplify product handling and tracing
Help organizing inventory and accounting records
Offer the firm legal protection for unique features or aspects of the product
Provide predictability and security of demand for the firm and creates barriers of entry for competitors
Provide a powerful means to secure competitive advantage
Can Anything Be Branded? Physical goods and service, Retailers and Distributors, Online Products and Services, People and Organizations
Physical goods- business 2 business products, high tech products
Services-
Role of branding with service – less tangible, vary in quality. Intangibility and variability problems
Professional service- like accounting, consulting, and law firms offer specialized expertise and support to other businesses.
Retailers and distributors- brand helps retailer create an image and establish positioning, yield higher price
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