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Definition of Brand

In: Business and Management

Submitted By silentboy2021
Words 390
Pages 2
DEFINITION OF BRANDS AND BRAND-BUILDING Before proceeding further, it is important to establish clarity and a shared understanding of 'brands', and the process involved in building a brand. A brand is a mixture of tangible and intangible benefits, which if properly managed, can create value and lead to preferential choice, not only from customers but also from other key stakeholders (employees, investors, partners). Building a strong brand is a complex task. It is about creating value through the provision of a compelling and consistent customer experience that satisfies customers and keeps them coming back. When a company creates this type of preferential choice and loyalty, it can build a strong market share, maintain good price levels and generate strong cash flows. Building a brand starts with a clearly defined and persuasive value proposition - a compelling offer that appeals to potential customers. To do this, a company must develop a strong understanding of who their potential customers are, what they value, and how the products, services and internal resources should be optimised or configured to deliver this value. Furthermore, the company must develop the appropriate capabilities and resources (staff, culture, skills, infrastructure, partnerships, etc.), which must be built and aligned to support, deliver and reinforce this value proposition. Once this has been established, the next step is to get customers to choose the brand. To entice trial requires triggering mechanisms, which are created through advertising, promotion, selling, public relations, direct marketing and word-of-mouth. Enticing customers to purchase again and adopt the brand not only requires a successful trial experience, but also enhanced customer interaction through relationship building. Building relationships with customers focuses on establishing a long-term,...

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