On the shelves of each foodstuff are brand-name products from Oreo cookies to Tide detergent. Strong brands are a good asset to a company and might generate streams of incremental revenue because of the fact that people are willing to pay a premium for brand-name products and over time they reduce marketing costs because a brand’s customers present lower or no purchase barriers.
A brand may be a name, symbol, term, sign, design, or combination of each of those things, the aim of which is to spot goods and services of 1 seller or of a gaggle of sellers and differentiate them from competitors. A brand is additionally the sum of all characteristics that make a product offering unique. a corporation can copy a product, but it cannot replicate the brand. In a sense, the brand is that the “personality” of the merchandise, what the merchandise means to the customer and therefore the set of emotions evoked when the brand is encountered or utilized by the customer.
A brand’s identity is that the company’s vision of the brand and also the brand’s promise to consumers. it’s also the outward visible identity of the company brand or family of brands. McDonald’s, for instance, has the golden arches as a part of its brand identity, but it also represents convenient and reliable products. after you order a McDonald’s cheeseburger, it should taste the identical whether you’re ordering it in Los Angeles, Hartford, Shanghai, or Moscow and it should be prepared quickly, because it’s “fast food.”
The brand image is that the consumer’s actual view of the brand. Companies will try and bridge the gap between brand identity and brand image.
Consistency is that the key element when promoting a brand or product, and a transparent and consistent promotional campaign will help make sure that the brand’s image and also the brand identity are very similar.
People who buy only a selected brand of product or service are considered by marketers to be “brand loyal.” There are various levels of brand loyalty, from extremely loyal to brand terrorist and everything in between. give some thought to the products you buy; are you willing to get just any brand of detergent or coffee creamer? Some people will use only Clorox bleach or Coffee-mate coffee creamer, while others will be satisfied using private-label bleach or a generic creamer and should not notice a difference beyond price. Others is also loyal a number of the time; however, they’ll benefit of an acquisition or promotion for one more competitive product. for instance, you will buy Coke regularly, but would you purchase Pepsi instead if there have been a sale? If so, you’re not brand loyal to either Coke or Pepsi; you’re capable of switching.
People who have bad experiences with brand-name products or services may tell others about their dissatisfaction; these people are deemed “brand terrorists” and should act as an adverse multiplier of reputation.
A rule of thumb is that a positive experience will have a oneor two-time positive effect, but a customer with a negative experience will tell 8 to 10 people. If you have got a terrible meal at a neighborhood restaurant, chances are not only will you not gnaw the restaurant again, but also you will tell friends or family about your negative experience. The same are often true together with your experience with any reasonably product. People who have a foul experience with a brand, product, or service are much more likely to specific their reaction to their experience than those who have good experiences.
While there’s no way of ensuring that each person is totally satisfied, companies can take measures to do to please their customers through high levels of customer service. they’ll also take steps to convince customers, or market share, from other products or services so as to equalize the balance between lost customers and new customers.