The paper “ Learning Diary on Branding and Brand Equity" is an exciting example of an essay on marketing. Branding is an important case study in practical applications of cases wherein brands are underleveraged or the business strategy is at risk because of inadequate brand platforms. There are issues of bland branding that need to be dealt with and the fact that strategies are sometimes paralyzed due to a lack of priority among the brands is also a point to be noted. Brands are cluttered and confusing to both customers and employees.
These and many more issues face marketing managers in the world of contemporary marketing management. This was a course that sought to answer some of these questions through the development of an understanding of brands, branding, brand equity and scope along with the intricacies of integrated marketing communications. Each brand in the portfolio needs to have a clear role and other portfolio brands will profoundly affect the firm's profitability. The following is case by case, week by week description of a course diary as the tasks progressed, with a focus on an understanding of the related learning in the course. Week 1:The first week on the course focused on the creation of an understanding of the concepts of brands and the management of the brand.
I n the very first week of the course the importance of brand creation and brand management became apparent given the fact that in the current scenario, consumer loyalty to the product is defined in terms of the loyalty that the consumer has for the name of the product i. e. the brand. A brand is an image that is easy to identify and have a high recollecting value (Herr, Farquhar and Fazio, 1996).
A number of different types of brands could be recognized, these include a premium brand, an economy brand, and a fighting brand. A brand could, therefore, be defined as a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition, (American Marketing Association, 2009) Brand management, on the other hand, is the process by which these brands are managed, their image is created and maintained.
The first week was more about learning the basics than about getting into the intricacies of brand management. The presentation on Yahoo that the group made was enlightening in the sense that it helped us figure out the fact that the most important thing for a brand to know is what it stands for and the characteristics that it possesses making it unique. The idea, therefore, is that classic marketing does not answer new questions posed in branding and management, out of the box brands like Yahoo need out of the box marketing initiatives congruent with brand identity. Lecture objectives as outlines were to ensure that the terminology and its application became clear along with the application of the term in terms of their relevance to real brands.
Brand equity, defined as “ the quantifiable result of product marketing by virtue of its brand name that if that same product or service did not have that brand identification” . Brand equity deals with the value, usually defined in economic terms of a brand beyond the physical assets associated with its manufacture and provisions (Aker and Biel, 1996).
Whereas brand image is a concept originated and owned by marketers and advertising specialists, the idea that a brand has equity that exceeds its traditional asset value is a notion developed by financial analysts. This was, therefore, a concept that was tough to comprehend and to decipher. The week also focused on Keller’ s model of brand equity or the customer-based brand equity (CBBE) model that states in essence that making an assessment of the equity of brand name is more appropriate and therefore more needed as compared to individual product equity.
Brand feelings appear to lack relevance in the industrial market investigated, and the pinnacle of Keller’ s pyramid, resonance, needs serious modifications. Finally, company representatives play a role in building brand equity, indicating a need for this human element to be recognized in a B2B model.