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Chapter 1
Brands and BrandManagement
Learning Objectives1. Define “brand,” state how brand differs from a product, andexplain what brand equity is.
2. Summarize why brands are important.
3. Explain how branding applies to virtually everything.
4. Describe the main branding challenges and opportunities.
5. Identify the steps in the strategic brand management process.
OverviewThis chapter defines what a brand is andconsiders the functions of a brand, both from the perspective of the consumerand the firm. Because the marketplace has become increasingly complex andcompetitive, brand management is more important and challenging now than itever has been. A strong brand can simplify decision making, reduce risk, andset expectations for consumers.
Brands offer tangible and intangible benefits to thecompanies who manufacture them, the retailers who sell them, and the consumerswho buy them. Examples of strong brands given in the text include not onlyproducts and services but also people, places, sports, art, and entertainmentindustries. This chapter describes some of the past and present challengesfaced by brands and states that the purpose of the book is to set forthprinciples, models, and frameworks that will help guide managers through thesechallenges as they plan and execute brand strategies.
This chapter details the three main factors that contributeto brand equity and several strategic imperatives for effective brand equitymanagement. The strategic brand management process is also described. Thestrategic brand management process involves four main steps: identifying andestablishing brand positioning and values, planning and implementing brandmarketing programs, measuring and interpreting brand performance, and growingand sustaining brand equity.
Brand Focus 1.0 discusses digitally nativevertical brands (DNVBs), or brands that originate on the Web and primarilyinteract with customers via digital channels. This book will help you developan appreciation of and aptitude for using appropriate branding concepts.
Chapter OutlineI. Preview
A. The brandnames associated with products and services are valuable assets.
B. The chapterobjectives are to explore important issues in planning, implementing, andevaluating brand strategies and to provide appropriate concepts, theories,models, and other tools to make better branding conditions.
C. Theinformation is designed to be relevant to all organizations, regardless ofsize, nature of the business, or profit orientation.
II. What Is aBrand?
<<Use LO1.Define “brand,” state how brand differs from a product, and explain what brandequity is. Here.>>
A brand is a “name, term, sign, symbol,or design, or a combination of them, intended to identify the goods andservices of one seller or group of sellers to differentiate them from those ofcompetition.”
A. Brand Elements
1. The differentcomponents of a brand that identify and differentiate it are brand elements.
2. Brand names,brand logos, and brand symbols come in different forms.
<<Use Exercise 1 Here.>>
B. Brands versusProducts
1. A product is anything we can offer to amarket for attention, acquisition, use, or consumption that might satisfy aneed or want.
2. There are fivelevels of meaning for a product:
a. The corebenefit level
b. The genericproduct level
c. The expectedproduct level
d. The augmentedproduct level
e. The potentialproduct level
<<UseFigure 1-1 Here.>>
3. Steadyinvestments in research and development have led to rapid innovations andmarket response.
<<UseFigure 1-2 Here.>>
4. Brands carry anumber of different types of associations. Marketers must account for them whenmaking decisions.
5. The mostvaluable assets may be intangible.
<<UseBranding Brief 1-1 Here.>>
<<UseDiscussion Question 1 Here.>>
III. Why Do BrandsMatter?
<<UseLO2. Summarize why brands are important.Here>>
A. Consumers
1. The term consumer broadly encompasses all typesof customers, including organizations and individuals.
2. Brands providea shorthand for—or simplification of—product decisions.
3. Brands helpconsumers identify the product’s source, assign responsibility to the product’smaker, reduce risk, reduce search costs, act as a promise or pact, are symbolicdevices, and are quality signals.
a. Products canbe classified into: search goods, experience goods, and credence goods.
b. Buyers’ risksinclude: functional risk, physical risk, financial risk, social risk,psychological risk, and time risk.
<<Use Exercise 2 Here.>>
B. Firms
1. Brands canhelp firms identify its products, protect unique features, signal quality,endow products with associations, serve as a source of competitive advantage,and serve as a source of financial returns.
2. Huge sums havebeen paid for brands in mergers and acquisitions.
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