C4. Brands and Branding Flashcards
Quick overview Brands & Branding?
- Branding is a form of corporate storytelling, which is to suggest that there are narratives to brands.
- Consumers buy brands rather than the mere functionality of a product.
- As such brands are considered as assets.
What do Brands do?
- Brands tell stories about us and we tell stories about them,
- We find meaning in them as individuals and within communities.
- Variety of works and images are used to communicate brands.
What are Brands?
• A particular make of goods!
• An identifying trademark, label.
• A stigma can be said to be a mark of disgrace.
• Brands and labels impress unforgettably on one’s mind.
Historical roots of branding are in livestock and prisoners with a hot iron.
Why are there Brands?
- They serve a functional purpose.
- Permit buyers to distinguish between many brands out there.
- Consumers learn from experience with brands e.g. performance, quality.
Why is Branding important?
- The art of marketing = the art of Brand Building (Kotteler 1999)
- Purpose of Marketing = Create a preference for the company’s brand. (Doyle 2004)
- Brand = Reputation.
- Branding = Is a means of earning that reputation.
- Branding is a form of CORPORATE STORYTELLING. (Twitchell 2004)
Simon Levy (1659) Symbols for Sale?
- Companies sell Symbols as well as goods and services.
* Products serve a practical propose and also fit meaningfully in today’s culture.
Denis Holt (2003) Making of Iconic Brands
- Society needs Myths
- Potent Brands succeed in providing them.
- Some Brands become icons.
- They succeed by forging a deep connection with culture.
- By buying a product consumer consumes the myth.
Keller, Tybout, Sternthal (2002)
- Frame of reference - a signal to the consumer what goal they achieve by using a brand.
- Points of Parity - shared by members in a category or a specific competitor.
- Points of Difference - how a brand is superior to alternatives e.g. quality, price.
Branding is All! - what does it mean? Examples?
The success or failure of a company largely depends on its Branding success.
BP - beyond petroleum
Walpole - non-profit org. promotes British Luxury Brands. As a collab.
Kering Foundation - Luxury Brands promotion, LVMH, Gucci, Saint Laurent.
Newspapers and Magazines, UK - very good at different stories.
What is Anti-Branding Movement?
- States that Brands are manufacturing meaning and not useful attributes.
- By developing brands we are restricting genuine choice, eliminate competitors.
- Devalues local production by emphasizing the world’s free trade zones.
- Disembowels public power at a local level.
Who is Philip Kotler?
Philip Kotler (born 27 May 1931) is an American marketing author, consultant, and professor; the S. C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University (1962-2018). He gave the definition of the marketing mix.
Who is Peter Doyle?
A marketing guru who focused on the ‘absence of profit maximization’ in presenting not-for-profit and public sector marketing.
Overview on Brand Value and Equity?
Brand value links to other areas of business management.
brand equity widens the accounting practice of assessing an asset.
Brand values recognize the crucial role of employees.
What is brand equity?
- What is the value of Brands to firms?
- Brand equity = value of intangible assets like brands. (trademarks, patents, copyrights)
- Employees are also key to corporate success.
- Value is not explicitly financial - accounting practice for goodwill.
Interbrand - Who are they?
• A marketing company est. 1974 when the world still saw brands as logos.
• We create and manage brand value by making the brand central to the business’s strategic aims.
• We want to be the most valued brand consultancy.
• Initiated Brand Valuation methodology.
Part of Omnicom Group.
