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Brand Management Essay

3936 words - 16 pages

BRANDS & BRAND MANAGEMENT
What is a brand?
The english word brand, brand, is derived from the ancient Nordic voice brandr, meaning "burn", since the marks were and are still being the media with which livestock owners mark their animals for identify them.
According to the American Marketing Association (AMA), a brand is a "name, term, sign, symbol or design, or a combination of these, whose purpose is to identify the goods and services of one seller or group of sellers to differentiate them from the competition." In technical terms, whenever a marketer generates a name, logo or symbol for a new product, is creating a brand.
However, many managers refer to the brand as more than that: ...view middle of the document...

Five Levels of Meaning Productos
* The core benefit level: It is the need or fundamental desire that consumers meet to consume the product or service.
* The generic product level: It is a basic version of the product that contains only attributes or features absolutely necessary for its functioning but without distinctive features. It is basically a version of basic and no-frills product that performs its function properly.
* The expected product level: It is the set of attributes or characteristics that tend to expect and accept buyers when they purchase a product.
* The augmented product level: It includes attributes, benefits, or services related to the product that distinguishes it from the competition.
* The potential product level: It includes all the aggregates and transformations that a product may experience in the future.
A brand is more than a product, since it may have dimensions that differentiate it from some form of other products designed to satisfy the same need. These differences can be rational and tangible, as to the performance of the brand product; or symbolic, emotional and intangible, related to what the brand represents.
Certain brands create competitive advantages thanks to the performance of the product. For example, Gillette, Merck and others have been leaders in their categories for decades due in part to continuous innovation. Avant-garde products have been created thanks to the constant investments in research and development, and mass marketing practices have ensured a rapid adoption of new technologies in the consumer market. Other brands create competitive advantages through means not related with the product. For example, Coca Cola, Chanel No. 5 and others have been leaders in their categories product for decades thanks to have understood the motivations and desires of the customer, and have created relevant and attractive images to wrap your items. Frequently these associations with intangible images may be the only way to distinguish different brands in a product category.
Brands, especially the heavy, involve different types of associations, and marketers should take them into account to make their marketing decisions. Those who are behind certain brands have learned this lesson the hard way. Differences are created through the development of brand and the development of customer loyalty perceived among the different products, and so marketers created a value that can translate into financial profits for the company. The reality is the most valuable assets that have companies may not be tangible, like factories, equipment and real estate, but intangible, such as managerial skills, marketing, financial and operational experience and, most importantly, the same brands.
Consumers
The consumer concept encompasses all types of customers, either individuals or organizations. For consumers, brands play important roles: they identify the source or manufacturer of a product and allow them to...

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