The American Marketing Association defines Brand as: A name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. The brand identifies the seller or maker, and is exclusive, in infinity. It is a long-term asset. Companies need to research the position their brand occupies in the customers’ minds.
A brand can convey up to six levels of meaning:
- Attributes: Every brand brings to the consumer mind certain attributes and characteristics. For example, Akai and Aiwa suggest low priced white goods. Honda vehicles suggest style, comfort and well-engineered product. Mercedes brings to mind expensive, well built, well-engineered, durable, high prestige automobiles.
- Benefits: The attributes must be translated into functional and emotional benefits. For example, ‘fuel efficient’ attribute must be translated into ‘savings’ benefit. Emotional benefit like ‘prestige’ must be translated through lifestyle positioning. The attribute ‘durable’ could translate into the functional benefit and the attribute ‘expensive’ translates into the emotional benefit (status)
- Values: Sometimes brand conveys to consumer’s values in terms of social welfare. For example, TISCO’s mission statement is ‘our first objective is social welfare and second to manufacture steel’. Hero Honda’s punch line is, ‘We care’. Mercedes stands for high performance, safety and prestige
- Culture: A brand may represent certain culture. For example, Sony Music and Sony exhibit a high quality Japanese company. Siemens represent highly technical electrical engineering and electronics products of German design, like mobile handsets, transformers, electric motors, etc. Mercedes represents German culture; organized, efficient, high quality.
- Personality: A brand can project a certain personality. For example, scooters manufactured by Bajaj Auto represent middle class personality. Mercedes may suggest a no-nonsense boss (person), a reigning lion (animal) or an austere palace (object).
- User: This suggests the kind of consumer who buys or uses the product. A top executive behind the wheel of a Mercedes and not a young secretary
Must Read: Brand Management Notes for MBA & BBA Students
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