The paper “ Diary in Brand Development and Marketing" is a breathtaking example of an assignment on marketing. Since it was the beginning of our course the lecturer had to explain to us what brand and brand management is. In order to do this, he started off with the concepts given in chapter 1. The basic objective of this week was to help us clearly understanding what a brand is. Concepts learnt in week 1 What is a brand? Brand Name Strategies Brands vs. Products A Brand can convey up to 6 levels of meaning Why do brands matter? Importance of Brands to Consumers Reducing the Risks in Product Decisions Importance of Brands to Firms Can everything be branded? What is branded? Source of Brands Strength Importance of Brand Management Branding Challenges and Opportunities The Brand Equity Concept Strategic Brand Management I found this chapter very interesting.
Some concepts like Brands vs. Products were important as it gave a complete understanding of the difference among them like the product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want. A brand may be a physical good, a service, a retail outlet, a person, an organization, a place, or even an idea.
If this concept was not clarified then the entire course would be complicated for me, but due to the definitions in this topic, it was easy for me to differentiate between the two. Brand name strategies important topic which helped me in building a base for this course as it helped realize that each brand has a different name which the company decides. I also learnt that some brand names have hidden meanings. I also learnt that everything cannot be branded only Physical goods, Services, Retailers and distributors, online products and services people and organizations, sports, arts, and entertainment, locations.
Ideas and causes can be branded. The brands level also helped me to understand how brands are developed. Every concept in the entire week helped me to understand exactly what brand is, how it is developed and what brand management exactly is. Terms introduced: Brand Equity Brand Management Brand Week 2Week 2 was very different from week1. As we were quite clear about the initial concepts regarding what a brand is and brand management it was time to move forward. Thus in week 2, the lecturer started off with chapter 2.
This chapter was based on customer-based brand equity. Since in the first chapter the lecturer had explained what brand equity is, we had a faint idea of what the chapter will be about. After chapter 2, the lecturer started off with chapter 3 as well. Chapter 3 was based on the concept of brand positioning & values. This was another important chapter as positioning is very important in marketing brand. The objective of week 2 was to gain an in-depth knowledge of based on customer-based brand equity and the concept of brand positioning & values as both are important concepts of brand development and management. We learnt a lot of important concepts but some of the most important ones are given below: Main Concepts learnt in week 2: Definition of customer-based brand equity and characteristics Brand Equity as a “ Bridge Making a Brand Strong: Brand Knowledge Sources of Brand Equity Brand Awareness Advantages Establishing Brand Awareness Creating a Positive Brand Image The Four Steps of Brand Building Four Questions Customers ask of Brands Customer-Based Brand Equity Pyramid Salience Dimensions Core brand values Segmentation Product Category Structure (5 dimensions: performance judgement imagery feeling and Resonance) Brand audit Brand mantra