Notesale: Turn your study into money

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Lecture 7
Why do they matter?
Customers use brands as a means to show “this is what I stand for” & hence use brands to
express themselves  The customers remain loyal to brands & they become advocates for
those brands  Thus, you can see that people connect emotionally with brands that stand
for things that are important to them
Brands for Consumers
Source of Product – Consumers can easily make a purchase decision based on brands
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Lower Risk – Brands mean lower purchase risk to consumers as they are dealing with a
product or organisation that they trust
Less cost of Searching for a Choice – If the consumers recognize a particular brand and have
knowledge about it, they make quick purchase decisions and save a lot of time
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Symbol of Quality – Consumers see ‘brands’ as a symbol of quality and remain committed
and loyal to a brand as long as they believe that the brand will continue meeting their
expectations and perform in the desired manner consistently
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Brands for Sellers
Means of Competitive Advantage – A brand helps the firms to provide consistently a unique
set of characteristics, advantages, and services to the buyers/consumers
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Satisfied Customer – Brand represents values, ideas and even personality and hence leads to
an assortment of memories in customers’ mind and hence satisfied customers
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Brand Management: Process of building, managing and improving a brand
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“A brand is the most valuable piece of real estate in the world – a corner of someone’s
mind” – Sir John Hegarty
(Bartle, Bootle & Hegarty, 2011)
Brand Knowledge: Awareness of the brand name and belief about the brand image
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Core Values
3 or 4 values that uniquely define the essence of your brand
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Brand Personality: Attribution of human personality traits (e
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imagination) to a brand to
achieve differentiation
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Brand Properties: All the images, sounds, slogans, colours & other physical elements that
carry a brand’s perception over various ad campaigns, mediums and/or product design and
packaging
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Brand Equity: The sum of all distinguishing qualities of a brand these differentiating
thoughts & feelings make the brand valued & valuable

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