The power of brand value may be said to be associated with both the psychological and experiential aspects and some people are able to discern accurately between the two. The experiential aspect, also known as the brand experience, is the sum total of the points of contact with the brand. The brand image is a symbolic model created in the minds of people and makes up the psychological aspect. The psychological aspect is made up of all the expectations and information related to the product or service in question (Lepla, Parker, 21). The two, psychological and experiential aspects form the basis of band value which has substantial effects on the consumers and the company selling the products or rendering the service.
The branding exercise is always done by seeking to align or develop the anticipations behind the experiences of the brand. This creates an impression that a certain brand that is associated with a product or a service has specific qualities that gives it the uniqueness. Therefore, brands have been imperative elements in the themes of advertisement (Varley, 20). The brand demonstrates exactly what the brand owner would have been able to offer in the marketplace. The creation and the maintenance of a brand is called brand management and integrated marketing consist of the orientation of the entire organization towards the brand.
The power of the brand value will be reflected by the careful management of the brand which is propped up by superbly devised means of advertising. This can significantly attract customers to pay dearly for the even cheaper products to make. The brand value can be modified through the active advertisement and when this happens, value is created. The concept of creating value involves the careful manipulation of the preconceived image of the products such that the consumer gains a different picture about the product or service as being worth the high cost charged by the advertiser (Goodchild, Callow, 14). This concept, creating value, does not follow the traditional method of calculating cost. Usually, the valuation of a product considers the aggregate of the raw materials cost plus the manufacturing cost plus the distribution cost. In the modern days, this valuation does not stand to be considered an advertisement can make a consumer to pay 50 U.S Dollars for a product worth 5 U.S Dollars. For instance, a breakfast containing cheap cereals can be given great advertisement and a consumer can end up buying it at a very dear price.
There should be a perception brands are not always equivalent to the actual cost of a product and the final selling price. Brands represent the total value of the qualities contained in the product to the consumer. Usually, business involves a lot of intangibles which are often excluded when preparing the balance sheet and the financial statements. These intangibles dictate how a business is perceived and one of the intangibles is the brand. The spectacular abilities of a highly specialized doctor will make a difference in the cost of healthcare provided to a patient (Mathieson, 45). This is the similar case when seeking high quality tailoring or salon services. Although the products and service may be the same, these aspects always bear a hidden cost only known by the customers seeking the services and products. The people who already know the hidden quality of a companys products should always be maintained as regular customers. The company should be able to recognize the qualities of the business as one of the assets and sometimes after the business is up for sale, the quality can be valued as good will.
A widely known brand in the marketplace achieves greater brand recognition and the subsequent build up of the recognition makes the brand to enjoy a significant mass of positive outlooks in the marketplace (Nachum, Wymbs, 25). At this point, a brand is said to have attained a brand franchise. Brand recognition aims at the identification of a brand even if the companys name is not appearing anywhere in the product. An example is the brands of soft drinks produced by the Coca Cola Company which are already highly marketable even if the name Coca Cola does not appear to be prominent in the product advertisement. Other brand names like Disney which was initially created for Walt Disney signature logo has been used recently by go.com as their logo.
The customers often perceive the branding to be an essential value added element of a good or service. Brands always serve to show a specific attractive quality in a product which makes the product to look different from others of the same type in the market. Brand owners have constantly regarded the branded products and services to have a higher price as compared to those without although the basic satisfaction may be the same. This example is best observed in most pharmaceutical products where some are branded while others are generic. Generic drugs seem to be sold at a considerably lower price (Timothy, 29). The lower price of store branded or generic products does not make many consumers to opt for them but rather seek the expensive option of branded. The branded options are believed to have ultimate quality hence gaining more consumers. Other people may select a branded product or service because of the reputation of the brand owner. For example, commuters may choose services of Virgin Airways because of the repute or IBM computers because of the companys reputation. This is the power of brand value to the companies of the products and services and to the consumers.
There is significant power in the name of a product which is known as a brand name. Brand name, though at times interchangeably used with the word brand, means specifically the spoken or a written element of a product. Having in mind that a brand name is a written or verbal linguistic element, brand name can be termed as an example of trademark in a situation where the name absolutely identifies the commercial source of the product or service to be from the owner of the brand (Meyers, Gerstman, 61). The brand is such a powerful element that the owners can always seek proprietary rights to protect the name by registering it in the trademarks. Tangible elements like spokesmen have recently been treated as part of brands where a specific spokesman advertises specific products or services.
There are several types of brand names and all have a command of some power over the consumers to make decisions on what to buy. Some brand names are in the forms of acronyms which are made of initials. For example, IBM stands for International Business Machines. Other names are descriptive in nature. These names may describe the function or the benefits of a product for example Herbal Toothpaste (Peterson, 569). Other names may have a rhyming or alliteration nature like Luck Lick. Some names can be neologism, evocative, foreign or some still may contain in them the founders of the products like Disney and Hewlett-Packard. Brand names like Fuji film and Cisco have been derived from the geographical origin of the products while Nike products got the name from mythical personification.
Brand owners always want to communicate specific identity of the product or services to the consumers. Brand identities are typically brand images or product identities. These are attributes which consumers may associate to the brand. The identity of the brand gives a clear picture on how the owner of the brand would like the consumer to regard the brand. Brand owners usually strive to make a clear-cut difference between the brand identity and the brand image. A connection between the brand personality and the product itself is only brought about by effective brand names. For brand names to command the power they often pose on consumer decisions, they should have the same target in line with the products of the company. This means that the brand names should depict what the company stands for in terms of products and services (Jerrald, Newport, 32). Some brands have been misleading although these are few exceptional cases. A brand name like Oral Opticians may seem to have a controversy ending up to the potentials service consumers not to identify what is advertised. The name, Oral Opticians may refer to both medical care givers having interests in mouth care and eye care. Both the patients having the problems of mouth and eyes may visit the place and still, because of confusion, none will visit the facility. Another important issue about brand names is that they should be easier to remember and should target the right audience.
Brand names have significant effects in the market place. Manufactures of new products may wish to be associated with the already established companies. Some shoddy companies make a step further to counterfeit the names of big companies like Sony, Samsung or Apple. By taking up these names, they aim at confusing the consumers who will end up buying from them. What is in a name, does it mean anything to do with the company anyway Apple was a brand name that was selected by Steve Wozniak and Steve Job to their products that included computers and other electronic gadgets (Kwon, Mondello, 50). The name basically represented the plain obviousness to the creative geniuses of Apple. When others like Apricot tried to take the concept, they did not succeed but rather failed.
The brand name is therefore one of the most influential sources of identity. When a brand queries its individuality, the most appropriate answer is therefore to painstakingly look at its name and so make an effort to identify with the reasoning behind its establishment. Through this process, we can exactly link and find out the brands intent and agenda. Several brands make al the necessary effort to set free the qualities which their brand name fails to reveal or simply excludes on the whole (Duffy, Hooper, 17). The examination of the word Apple can conclude that the name just sounds fun and not such a serious name. Many companies have ignored their own brands to follow what the simple name brought to the success of the Apple Company.
Majority of companies are tempted to ignore the brand names of their products after they realize that they have been surpassed by other brand names. This temptation is merely based on a rash understanding of the belief of brand self-sufficiency. From a keen observation on the past events, brands turn out to be self-sufficient as they start to give words precise meanings other than those that are found in the contemporary English language or usual human usage. For example, a brand name like Red Bull may not have anything to do with the bulls but is well understood by the people who take high energy drinks (Balmer, Greyser, 87(). This applies to other brand names like that of Nike and Mercedes. In fact, Mercedes is a Christian name in Spain nevertheless the brand has made it to be a popular symbol in Germany. The naming of brands and other proper nouns have taken this characteristics to an extent that one is not able to differentiate or define the names. Whichever the name, the products first will have to build the brand name then the same brand name will market the products and services.
Brand names are like identities which need to be protected and managed. Some other names which may be used as brand names may have a two times connotation. The rationale of communication in that case is to decide on one meaning and go down with the other. For instance, the petroleum company, Shell chose the name to mean and emphasize on the seas shells rather than the one which means the bomb shell. At the same time, the international temporary employment agency also referred to as Ecco, has avoided the choice of exploiting the impending connection with matters of economy which come out in its name. What is clearly seen in Ecco is that it does use its name as a natural means to add force to its positioning in the sector of high excellence service. Ecco keenly looks into the issue of duplication through its advertisement and puts back into track those treading out of the agency.
The discussion on the power of brand value on both the consumer tries to examine important issues regarding the basic types of brand that are evident in the modern society. We realize that sometimes brands are also called brand names and the brand names are owned by the brand owners. The brand names are protected by a legal framework and show the ownership. Although some products can be made as generics, proprietary products and services have much regard when it comes to the consumer side (Duffy, Hooper, 33). Example is the medicines sold by giant pharmaceutical like GlaxoSmithKline or Pfizer which are the original compound under patent laws. Similar generic drugs can be made by other pharmaceuticals but attract less customers despite their low price. The brand name therefore makes the product to be of more demand than those without big names. The brand names may be named notwithstanding the relatedness to the brand owners although sometimes they take the names of the founders like the Hewlett Packard. For the brand names to have more power on consumer decision, they should be easy to remember. They can also be named according to the products being traded.
The branding exercise is always done by seeking to align or develop the anticipations behind the experiences of the brand. This creates an impression that a certain brand that is associated with a product or a service has specific qualities that gives it the uniqueness. Therefore, brands have been imperative elements in the themes of advertisement (Varley, 20). The brand demonstrates exactly what the brand owner would have been able to offer in the marketplace. The creation and the maintenance of a brand is called brand management and integrated marketing consist of the orientation of the entire organization towards the brand.
The power of the brand value will be reflected by the careful management of the brand which is propped up by superbly devised means of advertising. This can significantly attract customers to pay dearly for the even cheaper products to make. The brand value can be modified through the active advertisement and when this happens, value is created. The concept of creating value involves the careful manipulation of the preconceived image of the products such that the consumer gains a different picture about the product or service as being worth the high cost charged by the advertiser (Goodchild, Callow, 14). This concept, creating value, does not follow the traditional method of calculating cost. Usually, the valuation of a product considers the aggregate of the raw materials cost plus the manufacturing cost plus the distribution cost. In the modern days, this valuation does not stand to be considered an advertisement can make a consumer to pay 50 U.S Dollars for a product worth 5 U.S Dollars. For instance, a breakfast containing cheap cereals can be given great advertisement and a consumer can end up buying it at a very dear price.
There should be a perception brands are not always equivalent to the actual cost of a product and the final selling price. Brands represent the total value of the qualities contained in the product to the consumer. Usually, business involves a lot of intangibles which are often excluded when preparing the balance sheet and the financial statements. These intangibles dictate how a business is perceived and one of the intangibles is the brand. The spectacular abilities of a highly specialized doctor will make a difference in the cost of healthcare provided to a patient (Mathieson, 45). This is the similar case when seeking high quality tailoring or salon services. Although the products and service may be the same, these aspects always bear a hidden cost only known by the customers seeking the services and products. The people who already know the hidden quality of a companys products should always be maintained as regular customers. The company should be able to recognize the qualities of the business as one of the assets and sometimes after the business is up for sale, the quality can be valued as good will.
A widely known brand in the marketplace achieves greater brand recognition and the subsequent build up of the recognition makes the brand to enjoy a significant mass of positive outlooks in the marketplace (Nachum, Wymbs, 25). At this point, a brand is said to have attained a brand franchise. Brand recognition aims at the identification of a brand even if the companys name is not appearing anywhere in the product. An example is the brands of soft drinks produced by the Coca Cola Company which are already highly marketable even if the name Coca Cola does not appear to be prominent in the product advertisement. Other brand names like Disney which was initially created for Walt Disney signature logo has been used recently by go.com as their logo.
The customers often perceive the branding to be an essential value added element of a good or service. Brands always serve to show a specific attractive quality in a product which makes the product to look different from others of the same type in the market. Brand owners have constantly regarded the branded products and services to have a higher price as compared to those without although the basic satisfaction may be the same. This example is best observed in most pharmaceutical products where some are branded while others are generic. Generic drugs seem to be sold at a considerably lower price (Timothy, 29). The lower price of store branded or generic products does not make many consumers to opt for them but rather seek the expensive option of branded. The branded options are believed to have ultimate quality hence gaining more consumers. Other people may select a branded product or service because of the reputation of the brand owner. For example, commuters may choose services of Virgin Airways because of the repute or IBM computers because of the companys reputation. This is the power of brand value to the companies of the products and services and to the consumers.
There is significant power in the name of a product which is known as a brand name. Brand name, though at times interchangeably used with the word brand, means specifically the spoken or a written element of a product. Having in mind that a brand name is a written or verbal linguistic element, brand name can be termed as an example of trademark in a situation where the name absolutely identifies the commercial source of the product or service to be from the owner of the brand (Meyers, Gerstman, 61). The brand is such a powerful element that the owners can always seek proprietary rights to protect the name by registering it in the trademarks. Tangible elements like spokesmen have recently been treated as part of brands where a specific spokesman advertises specific products or services.
There are several types of brand names and all have a command of some power over the consumers to make decisions on what to buy. Some brand names are in the forms of acronyms which are made of initials. For example, IBM stands for International Business Machines. Other names are descriptive in nature. These names may describe the function or the benefits of a product for example Herbal Toothpaste (Peterson, 569). Other names may have a rhyming or alliteration nature like Luck Lick. Some names can be neologism, evocative, foreign or some still may contain in them the founders of the products like Disney and Hewlett-Packard. Brand names like Fuji film and Cisco have been derived from the geographical origin of the products while Nike products got the name from mythical personification.
Brand owners always want to communicate specific identity of the product or services to the consumers. Brand identities are typically brand images or product identities. These are attributes which consumers may associate to the brand. The identity of the brand gives a clear picture on how the owner of the brand would like the consumer to regard the brand. Brand owners usually strive to make a clear-cut difference between the brand identity and the brand image. A connection between the brand personality and the product itself is only brought about by effective brand names. For brand names to command the power they often pose on consumer decisions, they should have the same target in line with the products of the company. This means that the brand names should depict what the company stands for in terms of products and services (Jerrald, Newport, 32). Some brands have been misleading although these are few exceptional cases. A brand name like Oral Opticians may seem to have a controversy ending up to the potentials service consumers not to identify what is advertised. The name, Oral Opticians may refer to both medical care givers having interests in mouth care and eye care. Both the patients having the problems of mouth and eyes may visit the place and still, because of confusion, none will visit the facility. Another important issue about brand names is that they should be easier to remember and should target the right audience.
Brand names have significant effects in the market place. Manufactures of new products may wish to be associated with the already established companies. Some shoddy companies make a step further to counterfeit the names of big companies like Sony, Samsung or Apple. By taking up these names, they aim at confusing the consumers who will end up buying from them. What is in a name, does it mean anything to do with the company anyway Apple was a brand name that was selected by Steve Wozniak and Steve Job to their products that included computers and other electronic gadgets (Kwon, Mondello, 50). The name basically represented the plain obviousness to the creative geniuses of Apple. When others like Apricot tried to take the concept, they did not succeed but rather failed.
The brand name is therefore one of the most influential sources of identity. When a brand queries its individuality, the most appropriate answer is therefore to painstakingly look at its name and so make an effort to identify with the reasoning behind its establishment. Through this process, we can exactly link and find out the brands intent and agenda. Several brands make al the necessary effort to set free the qualities which their brand name fails to reveal or simply excludes on the whole (Duffy, Hooper, 17). The examination of the word Apple can conclude that the name just sounds fun and not such a serious name. Many companies have ignored their own brands to follow what the simple name brought to the success of the Apple Company.
Majority of companies are tempted to ignore the brand names of their products after they realize that they have been surpassed by other brand names. This temptation is merely based on a rash understanding of the belief of brand self-sufficiency. From a keen observation on the past events, brands turn out to be self-sufficient as they start to give words precise meanings other than those that are found in the contemporary English language or usual human usage. For example, a brand name like Red Bull may not have anything to do with the bulls but is well understood by the people who take high energy drinks (Balmer, Greyser, 87(). This applies to other brand names like that of Nike and Mercedes. In fact, Mercedes is a Christian name in Spain nevertheless the brand has made it to be a popular symbol in Germany. The naming of brands and other proper nouns have taken this characteristics to an extent that one is not able to differentiate or define the names. Whichever the name, the products first will have to build the brand name then the same brand name will market the products and services.
Brand names are like identities which need to be protected and managed. Some other names which may be used as brand names may have a two times connotation. The rationale of communication in that case is to decide on one meaning and go down with the other. For instance, the petroleum company, Shell chose the name to mean and emphasize on the seas shells rather than the one which means the bomb shell. At the same time, the international temporary employment agency also referred to as Ecco, has avoided the choice of exploiting the impending connection with matters of economy which come out in its name. What is clearly seen in Ecco is that it does use its name as a natural means to add force to its positioning in the sector of high excellence service. Ecco keenly looks into the issue of duplication through its advertisement and puts back into track those treading out of the agency.
The discussion on the power of brand value on both the consumer tries to examine important issues regarding the basic types of brand that are evident in the modern society. We realize that sometimes brands are also called brand names and the brand names are owned by the brand owners. The brand names are protected by a legal framework and show the ownership. Although some products can be made as generics, proprietary products and services have much regard when it comes to the consumer side (Duffy, Hooper, 33). Example is the medicines sold by giant pharmaceutical like GlaxoSmithKline or Pfizer which are the original compound under patent laws. Similar generic drugs can be made by other pharmaceuticals but attract less customers despite their low price. The brand name therefore makes the product to be of more demand than those without big names. The brand names may be named notwithstanding the relatedness to the brand owners although sometimes they take the names of the founders like the Hewlett Packard. For the brand names to have more power on consumer decision, they should be easy to remember. They can also be named according to the products being traded.
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