Emergence of International Retailing
The growth of international retailing business has been a field of study by the academic researchers for the past four decades. Various academicians like Alexander and Kacker have been trying to understand the factors that led to the development of internationalisation of retail business since 1990s. By international retailing we are referring to both the […]
Introduction to the Concept of Board of Directors
Any public limited or private company needs to have a board of directors constituted for the purpose of oversight and accountability to the company. The concept of the board of directors is that it provides an umbrella for the company to operate in and ensures that the decisions and actions taken by its management are […]
Organizational Building Blocks for Product Leadership
Talking about product leadership in the market and understanding all about the organizations that have achieved such leadership can be very valuable and practical knowledge for the aspiring business managers as well as marketing managers of tomorrow. World over we are familiar with the stories of upstart entrepreneurs who made it big in the business. […]
Key Metrics for Evaluating Social Media Performance
Measuring the success of social media efforts goes beyond counting likes or shares. To truly understand the impact of your strategies, it’s essential to track meaningful metrics that align with your business goals. These metrics provide valuable insights into what’s working, what’s not, and how you can adjust your approach for better results. Why Metrics […]
The Business Case for Sustainability: Why it Pays off to be Clean and Green
Why it Pays off to be Clean and Green and to Follow Sustainable Business Practices In recent years, there has been a growing body of research and evidence which indicates that it is profitable for corporates and firms to be clean and green or in other words, there is a business case for running an […]
Brands are different from products in a way that brands are “what the consumers buy”, while products are “what concern/companies make”. Brand is an accumulation of emotional and functional associations.
Brand is a promise that the product will perform as per customer’s expectations. It shapes customer’s expectations about the product. Brands usually have a trademark which protects them from use by others. A brand gives particular information about the organization, good or service, differentiating it from others in marketplace.
Brand carries an assurance about the characteristics that make the product or service unique. A strong brand is a means of making people aware of what the company represents and what are it’s offerings.
To a consumer, brand means and signifies:
Brands simplify consumers purchase decision. Over a period of time, consumers discover the brands which satisfy their need. If the consumers recognize a particular brand and have knowledge about it, they make quick purchase decision and save lot of time. Also, they save search costs for product.
Consumers remain committed and loyal to a brand as long as they believe and have an implicit understanding that the brand will continue meeting their expectations and perform in the desired manner consistently.
As long as the consumers get benefits and satisfaction from consumption of the product, they will more likely continue to buy that brand. Brands also play a crucial role in signifying certain product features to consumers.
To a seller, brand means and signifies:
A brand, in short, can be defined as a seller’s promise to provide consistently a unique set of characteristics, advantages, and services to the buyers/consumers. It is a name, term, sign, symbol or a combination of all these planned to differentiate the goods/services of one seller or group of sellers from those of competitors.
Some examples of well known brands are Mc Donald’s’, Mercedes-Benz, Sony, Coca Cola, Kingfisher, etc.
A brand connects the four crucial elements of an enterprise – Customers, Employees, Management and Shareholders.
Brand is nothing but an assortment of memories in customers mind. Brand represents values, ideas and even personality. It is a set of functional, emotional and rational associations and benefits which have occupied target market’s mind.
Associations are nothing but the images and symbols associated with the brand or brand benefits, such as, The Nike Swoosh, The Nokia sound, etc. Benefits are the basis for purchase decision.
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