What makes people come back to brands?
What impact does brands have on consumers minds?
Why a consumer is loyal to a particular brand?
Why a customer promotes (Word-Of-Mouth) brands?
How negative news impacts a brand?
Every marketing professional has different answers to these questions, but the bottom line is a good brand is good business. But then the main question is what is a BRAND?
A brand is a collection of images and ideas representing an economic producer; more specifically, it refers to the concrete symbols such as a name, logo, slogan, and design scheme.
http://en.wikipedia.org/wiki/Brand
Brands are a means of differentiating a company’s products and services from those of its competitors.
http://tutor2u.net/business/marketing/brands_introduction.asp
A brand by definition is a product/service which carries its values, the customers who own/use the product/service cherish and remain loyal to it, and they also prefer to shell extra bucks for the product/service.
Below is a list of brands, that shows the world’s top 10 brands in 2002 (as measured by value):
{Rank Brand Value ($ billions)}
1 Coca-Cola ($69.6) 2 Microsoft ($64.1) 3 IBM ($51.2) 4 GE ($41.3) 5 Intel ($30.9) 6 Nokia ($30.0) 7 Disney ($29.3) 8 McDonalds ($26.4) 9 Marlboro ($24.2) 10 Mercedes ($21.0) Source: Interbrand; JP Morgan Chase, 2002
Every businessman wants his brand to become a leader in the market and the customers should define the category by his brand. Eg. In India hardly anybody will ask you to photocopy the document, everybody uses the word Xerox for photocopying; similarly everybody will refer bottled water as Bisleri. The brand itself defines the segment of products. Creating a new brand in the market clutter is a big task by itself, it involves Advertising, Public Relations, Events, etc. It also needs customer loyalty programs, relationship building programs, consumer educating seminars, etc.
The people who create brands are called brand managers. Brand managers are also considered the parents of the brand and they plan and cultivate the brand in the minds of the stakeholders, consumers and masses. The band managers have to decide activities which will cultivate the values of the brand in the minds of the stakeholders. The band managers have to decide of the course to be taken to create the particular brand like:
· Advertisements
· Public Relations
· Events
· Road shows
· Customer loyalty programs
· Consumer education seminars
· Internal staff communication
· Brand information creation and dissemination to target stakeholders
· In film product/service placements
The above mention is a brief of some of the ideas the brand manager can use to create a impact of the brand.
Brands have longed being attributed to the growth of the business in terms of sales, staff recruitment, consumer loyalty, etc.
