Brands in the Modern Marketplace

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Presentation transcript:

Brands in the Modern Marketplace

Internationally agreed upon definition of a Brand A sign or set of signs certifying the origin of a product or service and differentiating it from the competition. (Kapferer)

Components of a Brand

Brand is made up of: Brand name Brand Identity--logo, identity programs Design or packaging Cross-disciplinary activity Level of image, brand awareness, reputation, social responsibility Terms of financial valuation (Kapferer, Schultz)

But hold on! Today’s brands are much more than a definition and components.

Brand Strategy Implication: A brand is first and foremost a repository of meanings for consumers to use in living their own lives. Susan Fournier (1998) Consumers and their Brands

Today’s Strategic Challenge For brands, according to Susan Fournier: . . . To understand more deeply the multiple sources and dynamic nature of that MEANING. MASTERCARD: http://www.youtube.com/watch?v=71KAO_bmc2o

Brands as meaning makers “When a company can evoke meaning through its products or services, it is tapping into what people value most in life. We bond with products, services and brands based on our ‘experience’ of them and how they evoke meaning to us.” Source: Diller, Shedroff, Rhea: “Making Meaning: How successful businesses deliver meaningful customer experiences”

Brand Strategy Four Major Types of Brand Relationships Self-Concept Attachment – The product helps to establish the user’s identity. Nostalgic Attachment – The product serves as a link with a past self. Interdependence – The product is a part of the user’s daily routine Love – The product elicits emotional bonds of warmth, passion or other strong emotion. (Fournier)

Self-Concept Attachment

Nostalgic Attachment

Interdependence

Love