What is Brand
In order to find a job, the first thing you do is build a CV.
What does the CV represent? It represents an image of you, a perception, a promise that will be fulfilled once you are hired.
This is your brand!!
A brand is a perception that the customers have about your product or service. It is an emotional and psychological bonding between your customer and your brand.
A trademark is a brand name that is legally differentiated from all the other brands.
For Example, Coca Cola is a trademark.
There are two terms sometimes alternately used to talk about a brand: Brand image and brand experience. In marketing terms, they have two distinct meanings.
Brand Experience is the sum total of all contact points with the brand. For example Advertisements, Buying, Using, Longevity, etc.
Brand Image is a virtual construct of a brand inside the minds of the customer; it is the sum total of all the expectations that a customer has about the brand.
Different brand elements that make a brand:
Name
Logo
Theme
Shape
Graphics
Colour
sound
Movement
taste
Smell
Example
Amazon has been one of the most valuable brands in recent years because it has maintained its core brand values – ease of use, speed, agility-even while diversifying.
Closer home, Reliance Jio in just 4 years has created an enviable brand image that is rooted deeply in India, celebrating its vibrancy, diversity and happiness.
Brand Value
Brand value is the financial worth of the brand.
To determine brand value, businesses need to estimate how much the brand is worth in the market – in other words, how much would someone pay for your brand name.
We can also define it as The difference between what a customer pays for getting the branded product, i.e. from the brand point of view, and a similar product without a revered brand name.
The main steps for creating brand value are:
Brand Equity vs Brand Value :
The Brand Value Chain
Brand value creation begins when the firm targets actual or potential customers by investing in a marketing program to develop the brand, including product research, development, and design; trade or intermediary support; and marketing communications.
Based on the initial efforts put in, the firm tries to assess customers’ mindsets, buying behavior, and response to the price which is subject to change as a result of the marketing program.
The investment community will then consider market performance, replacement cost, and purchase price in acquisitions (among other factors)to assess shareholder value in general and the value of a brand in particular.
Other important factors which contribute to the brand value are the -Marketing ProgramQuality, Market place condition, and the general Investor sentiment
Methodologies to calculate brand value:
MOST VALUABLE BRANDS OF THE WORLD:
