The paper "Brand Development and Marketing" is a wonderful example of an assignment on marketing. Week 1: Monday, 31st August The reading set by the teacher was Brand Development and Marketing, Chapter I of the text. This was the first lecture on brand management so the lecturer began by defining what a brand is. Beginning with the formal definition of the term, the lecturer went on to discuss in detail the various elements and attributes of brands. Objectives: Defining brand, its various elements, attributes and importance to consumers and firms, the products that can or cannot be branded, the branding process and management. Case: Great Ute of China Discussion of Chapter 1 Video case: None From the lecture, I learned what exactly is meant by the term brand.
Literally, various attributes like name, term, symbol, design make up what is known as a brand. However, firms consider the brand more broadly, in terms of the company’ s or the product’ s reputation in the marketplace. Therefore, the brand is usually stated with a capital B, since it is crucial for a product’ s success. I realized from the lecture that the names of products are not randomly chosen but are the result of a lot of thinking since it will ultimately become a critical factor in the competitive advantage.
The brand is not synonymous with the product. While the product satisfies a particular need or want, a brand does not necessarily have to be a tangible good or service but may actually be an idea. The lecturer discussed the term product in great detail. This part of the lecture was a little difficult to understand because it dealt with very abstract ideas. The discussion on the brand was easier to grasp since the lecturer set out the six elements of brands quite explicitly.
The example of Great Ute from a Chinese manufacturer showed how a brand is much more than a product because of the differentiation through image even when other manufacturers could offer similar products. Even commodities, which are not differentiated as products, can be branded through image differentiation. I realized that brands are extremely important both to marketers and consumers. Consumers feel comfortable with a strong brand which makes the consumption decisions easier.
To marketers, brands are an easy way to reach customers since it gives a competitive advantage over other producers. However, the brand is a psychological concept and not every product can be branded. The lecturer discussed the products that can be branded. The lecturer discussed the top 10 global brands and commodities that may be branded. Some examples of taglines with which commodities are branded were also discussed. I recall many commodities that have been branded, like Quaker Oats, the TV ads brand oats as a healthy food option like in the skyscraper ad or the sports drink ad.
The elements that provide a brand its strength, brand management, challenges, and opportunities were discussed. I learned new terms like strategic brand management and brand equity.