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Lecture

Marketing_Building Brands.docx

3 Pages
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Department
Business Law
Course Code
BSLW 1021
Professor
Daniel Frost

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Building Brands What factors are important in building brand value? Several factors are crucial in building successful brands, as illustrated in the diagram  below:  Quality Quality is  a vital  ingredient of a good brand.  Remember the “core benefits” – the  things consumers expect. These must be delivered well, consistently. The branded  washing machine that leaks, or the training shoe that often falls apart when wet will  never develop brand equity. Research confirms that, statistically, higher quality brands achieve a higher market  share and higher profitability that their inferior competitors. Positioning Positioning is about the position a brand occupies in a market in the minds of  consumers. Strong brands have a clear, often unique position in the target market. Positioning can be achieved through several means, including brand name, image,  service standards, product guarantees, packaging and the way in which it is  delivered. In fact, successful positioning usually requires a combination of these  things. Repositioning Repositioning occurs when a brand tries to change its market position to reflect a  change in consumer’s tastes. This is often required when a brand has become tired,  perhaps because its original market has matured or has gone into decline. The repositioning of the Lucozade brand from a sweet drink for children to a leading  sports drink is one example. Another would be the changing styles of entertainers  with above­average longevity such as Kylie Minogue and Cliff Richard. Communications Communications also play a key role in building a successful brand. We suggested  that brand positioning is essentially about customer perceptions – with the objective  to build a clearly defined position in the minds of the target audience. All elements of the promotional mix need to be used to develop and sustain customer  perceptions. Initially, th
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