MKT680.Branding.NOTES

MKT 680: Branding 01/16/2020 ° Roots of Branding  Branding has always been around although it is not always called branding. Images, insignia and names have been used throughout much of recorded history to designate property, famous people, official buildings, places of worship, and merchant activities. °  Workers used to organize themselves into groups of similar skill called guilds o Found in Asia to the Middle East to Europe  Guilds became important in economic life, training skilled workers, organizing talent and producing goods.  Guild members undertook long apprenticeships, working for master craftsmen (considered the recognized experts of their trade) in their learning experience earned them the label " journeyman," a term signifying the travels and varied work experiences undertaken. o Journeyman would travel to different cities and apply to the local guild as a master craftsman °  Many different guilds existed which led to inventing symbols that represented their unique nature of work °  Merchant guilds also existed, which were associations of leading merchants that regulated commerce in their town.  They controlled many of the factors of production and economic success since they could determine which goods could be sold, how many, and by whom. Trade fairs (like current-day trade shows) brought different guilds and their goods together for trade exchanges, further disseminating information and building reputations. ° In a very real sense, these merchants were the first 'marketers' . ° ° The upshot of much of this history is that guilds established their own identity and reputation in the marketplace, supported by unique symbols and images, and were intrinsic to the creation of wealth and commerce. They were precursors in a sense to the branding strategies we are familiar with in our contemporary world.

° ° What is a Brand? ° Brands are much more than just a slogan, logo, or advertising campaign.  Traditionally, and in a technical sense, branding is a name, term, design, symbol, or any other feature that identifies one sellers goods or services as distinct from those of other sellers. The precise legal term for brand is trademark.  A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name. o encompass the idea of brand is a customer experience represented by a collection of images and ideas; often, it refers to symbols such as a name, logo, slogan, and design scheme.  Brand recognition is created by the accumulation of experiences with the specific product or service, both directly relating to its use, and through the influence of advertising, design, and media commentary.  The components of a brand, including a logo, fonts, color schemes, symbols, sound, may be developed to represent implicit values, ideas, and even the ' personality ' of a particular market. In the most succinct sense, branding is a set of assets connected to a strategy that adds to the value provided by a product or service by establishing a linkage between customers and the brand. ° ° Key Ingredients of Successful Branding  Overriding theme of brand as a strategy for differentiating companies and attracting customers.  A unique story that consumers recall when they think of you.  Establishment of a disciplined internal process and strategy to extend customer loyalty.

 Creation of awareness, reputation, promise in the marketplace.  Positioning of brand as a rich source of sensory, affective, and cognitive associations that result in memorable and rewarding brand experiences.  A mandate from senior management and a readiness to invest in the future by seizing opportunities.  A desire to lead, outpace the competition and give employees the best tools to reach customers.  The recognition that consumers constantly change their hopes, fears, and aspirations (a "working self concept") in response to everything around them. ° ° The Myths of Branding ° Marketing Myths ° Myth #1: Offering a consistent and great product will produce a successful business.  Quality is important but it is no longer enough. There are some successful companies with OK products while there are failing companies with amazing products  n terms of products just naturally attracting customers the "If you build it, they will come" strategy is no more. "If you build it with them, they might come" is more like it. ° Myth #2: The more you spend on advertising, the more profitable you will become.  There are smarter ways to build a brand. Ineffective ads are a waste of money  There is a place for advertising in branding, but it's brand maintenance - not brand building. Advertising lacks the credibility that building a brand requires. ° Myth #3: Word-of-mouth and referrals will make you a successful, profitable business.