1. Brands & Brand Management
Chapter 1
Brands & Brand Management

2. What is a Brand?
A brand is a name, sign, term, symbol or design, or a combination of them, intended to identify the goods and services of one seller or a group of sellers and to differentiate them from those of competition.
These components are also called brand elements

3. Brands vs. Products Core Product Generic Product Augmented Product
“New competition is not between what companies produce in their factories but between what they add to their factory output in terms of packaging, services, advertising, financing, delivery and other things that people value”

4. Brand Characteristics
Products are made and owned by companies. Brands, on the other hand, are made and owned by people … by the public …by consumers.
A brand image belongs not to a brand – but to those who have knowledge of that brand.
The image of a brand is a subjective thing. No two people, however similar, hold precisely the same view of the same brand.
People come to conclusions about brands as a result of an uncountable number of different stimuli: many of which are way outside the control or even influence of the product’s owner.

5. Brands – unlike products – are living, organic entities: they change, however imperceptibly, every single day.
Much of what influences the value of a brand lies in the hands of its competitors.
It is universally accepted that brands are a company’s most valuable asset; yet there is no universally accepted method of measuring that value.
Effective brand communication …involves processes which are uncontrolled, disordered, abstract, intuitive … and frequently impossible to explain other than with the benefit of hindsight”.

7. Why do brands matter to consumers
Types of goods
Search Goods
Experience Goods
Credence Goods
Types of Risks
Functional risk
Physical risk
Financial risk
Social risk
Time risk

8. Why do brands matter to firms
Identification
Simplify product handling and tracing
Organize Inventory
Legal procedures
Creates credibility which can act as a barrier to entry for other firms
It’s a valuable intangible asset

9. What can be branded Physical goods Services Retailers and Distributors
Online Products and Services
People and Organizations
Sports Arts & Entertainment
Geographic Locations

11. Branding Challenges Savvy Customers Economic Downturn
Brand Proliferation
Globalization
Low-priced competitors
Brand extensions
Deregulations
Media Transformation
Increased Costs
Greater Accountability