Branding Bari 2010 Cleopatra Veloutsou 1

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Branding Bari 2010 Cleopatra Veloutsou Dr. C. Veloutsou Dr. C. Veloutsou Dr. C. Veloutsou Brand Aspects Emphasised by Scholars and Practitioners Functionality as a legal instrument Logo Company Shorthand Risk reducer Identity system Image Value system Personality Relationship contributor Added value and an evolving entity de Chernatony L. & Dall’Olmo Riley F., 1998, “Defining a ‘Brand’: Beyond the Literature with Experts’ Interpretations”, Journal of Marketing Management, Vol. 14, pp. 417-443. The Function of the Brand for Consumers Identification, seen clearly Practicality, saves time & money Guarantee, always the same Optimisation, make sure that this is the best offer in the category Badge, reflects a specific image Continuity, relationship and intimacy Hedonistic, enchantment linked to the attractiveness of the brand Ethical, satisfaction from the responsible behaviour of the brand 1. Provides product identity 2. Provides image consistency 3. Valuable to marketing success 4. Major asset to firm 5. Confers uniqueness 6. Provides competitive edge 7. Helps product positioning 8. Aids communication 9. Helps market segmentation 10. Makes buying easier 11. Of value to customers 12. Provides legal protection Kapferer J. N., 2004, The New Strategic Brand Management, Kogan Press, chapter 1. Industrial Brand Name Benefits ranked by importance Mitchell P. King J. & Reast J., 2001, “Brand values related to industrial products”, Industrial Marketing Management, Vol. 30, pp. 415-424. 10
Branding Bari 2010 Cleopatra Veloutsou Dr. C. Veloutsou Dr. C. Veloutsou Dr. C. Veloutsou FOR BUYERS, BRANDS CAN: reduce customer search costs by identifying products quickly and accurately, reduce the buyer’s perceived risk by providing an assurance of quality and consistency (which may then be transferred to new products), reduce the social and psychological risks associated with owning and using the “wrong” product by providing psychological rewards for purchasing brands that symbolize status and prestige. Cravens D. & Piercy N., 2006, Strategic Marketing, 8 th Edition, McGraw Hill, ch. 9. FOR SELLERS, BRANDS CAN FACILITATE: repeat purchases that enhance the company’s financial performance because the brand enables the customer to identify and re-identify the product compared to alternatives, the introduction of new products, because the customer is familiar with the brand from previous buying experience, promotional effectiveness by providing a point of focus, premium pricing by creating a basic level of differentiation compared to competitors, market segmentation by communicating a coherent message to the target audience, telling them for whom the brand is intended and for whom it is not, brand loyalty, of particular importance in product categories where loyal buying is an important feature of buying behavior. Cravens D. & Piercy N., 2006, Strategic Marketing, 8 th Edition, McGraw Hill, ch. 9. FURTHERMORE, FOR SELER A BRAND ACTS AS… Ongoing affirmation of purpose Organizational alignment Differentiation Stronger relationships and connections Increased recognition Stronger recruitment Increased ROI 11
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