Discuss Terminologies Used in Branding

• Brand

A brand is the name, symbol, designs or other features that customers use to differentiate the products offered by various organizations. It is like the label that designates ownership of products upon which customers form feelings, experience, and build associations with an organization.

• Brand Management

Brand management is a function of marketing that tries to increase the perceived value of a brand among existing and potential customers. The value of a brand is only perceived in the minds of the customer, which means brand management is about managing customers’ perceptions.

• Brand Equity

Brand equity is the value of a brand above the intrinsic value of the product itself.  In other words, it is the difference between the value of the product without the branding and the value attached to the brand by the customers.

• Brand Value

Brand value refers to the worth of a company’s brand as measured from a monetary or financial perspective. It is the value of the brand as recorded on the company’s balance sheet. It is like the goodwill of a particular brand.

• Brand Salience

Brand salience refers to the degree by which a company’s brand is noticed or thought of by customers while they are making a purchase decision.  For example, strong brands attracte a higher brand salience and customers will feel more attracted to them, without second-guessing their choices.

• Brand Loyalty

Brand loyalty is the behavior exhibited by customers in terms of their tendency to continuously buy a certain brand’s products over those of another brand. Normally, customers are more likely to continue buying products from firms that have fostered trustworthy relationship.

• Brand Extension

A brand extension, or brand stretching, occurs when a firm opts to apply one of its established brand names on another or new product category. The idea is to use the brand equity of the established brand to help improve the reputation of another brand or launch newest products.

• Brand Repositioning

Brand Repositioning occurs when an organization changes the status of its brand in the marketplace. It is a necessary practice that companies engage to keep up with evolving or changing customer want. Brand repositioning may include changes in marketing mix, promotion, product, and place.

• Brand Rejuvenation

Brand Rejuvenation occurs when firms change the way customers see about their brands. The idea is usually about keeping the key fundamentals of the brand the same but updating other aspects such as the color scheme of the logo and the tone-of-voice used on the company’s website.

• Brand Attitude

Brand attitudes is the subjective opinions of consumers towards a particular brand’s products, which tell how they think about the product and if it fulfill their needs and wants. Brand attitude is determined by conducting a market research.