MGMC11H3 Chapter Notes - Chapter 1: Competitive Advantage
11 Apr 2011
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What is a brand: american marketing association"s definition: What distinguishes a brand from a commodity gives it equity - the sum total of consumer perceptions and feelings about how it performs (3m, sony, gillette: brand elements are attributes that identify the brand. Brand versus product: product is anything that can be offered to a market for attention, acquisition, use or consumption that may satisfy a need or a want (goods, services, retail store, person, organization, idea) Rational and tangible related to product performance (3m, sony, gillette) Symbolic, emotional, intangible related to what the brand represents (coca cola, calvin. In outcome - arise from added value endowed to a product as a result of past marketing activities for the brand. This value can be created for a brand in many ways. Brand value can be exploited to benefit of the firm in many different ways. Provides the common denominator for interpreting marketing strategies and assessing the value of the brand.
