About this short course
Successful brands are built on a foundation of meaningful brand strategy that provides the framework for what the brand stands for and how it will be communicated to the marketplace. In this module we introduce you to the concept of branding and discuss the importance of brand equity. Positive brand equity helps a company navigate through macro-environmental challenges far more easily than brands with little or negative brand equity. Brand identity is as important for marketers because it helps to communicate who you are, what you do and what you stand for to customers. Often there is a disconnect between how the brand wants to be perceived as part of its brand image and how the consumer actually perceives it. The brand managers job is to drive positive brand associations that customers know and trust and to ensure there are no discrepancies in the brand elements. A brand that is consistent and clear puts the customer at ease – they know exactly what to expect each time they experience the brand.
The most important purpose of a brand is product identification. If consumers recognise a brand and have some knowledge about it, they do not have to engage in a lot of additional thought or processing of information to make a purchase decision. Brand loyalty occurs when a customer has a consistent preference for one brand over all others.
Brands provide many valuable functions to an organisation. For example, operationally, brands help organise inventory and accounting records and offer legal protection for unique features or aspects of the product.
An organisation’s brand architecture strategy determines which brand elements they apply across all their new and existing products and services and is the means by which they help consumers understand those products and services and organise them in their minds.
This process helps marketers determine which products and services to introduce, and which brand names, logos an symbols to apply to new and existing products. The brand architecture strategy should define both the brand’s breadth and its depth and should also identify which different products or services should share the same brand name.
You will learn about:
- The concept of Branding and Brand Equity
- Measuring Brand Equity
- Developing a brand identity
- Brand Architecture