Branding - Introduction
Welcome to the next lesson of this module where we will cover the topic of branding and distinguishing different characteristics and benefits of branding.
Branding is an element within the promotional aspect of the marketing mix, utilised to create a brand identity which consists of the image, positioning, personality, and culture, which supports and is also supported by the brand architecture.
This chapter shows the student different characteristics of a brand, following onto the various benefits of branding and how this can create a unique selling point to the organisation. There are many characteristics to shape and consider in order to achieve a successful brand, which include the image being portrayed, along with the personality of a brand and the positioning within the marketplace. Good positioning should place the brand is a position that is sustainable and is aligned with the organisational goals. It is imperative for an organisation to align their brand correctly, along with presenting the right messages to promote the products and services they are offering.
Then proceeding from this, an identification of similarities and differences between business to business branding and business to customer branding are compared and contrasted. It is noted that branding in B2B and B2C having more similarities than differences, which has been further discussed during the chapter.
Finally, the impact that brand equity effectiveness has on buyer decisions, supporting and revenue generation is analysed, giving a well-rounded understanding of the concept of branding. Branding will create value for the organisation through the increased sales, which will also reflect on the organisation’s performance and valuation, with the value being referred to as brand equity.
By the end of the chapter, the student will be able to achieve the following objectives:
- To learn and understand how businesses develop their own brand characteristics.
- To understand the various benefits branding can bring and how this can provide a unique selling point.
- To learn about the impact that brand equity effectiveness has on buyer decisions.