Chapter 1 Book Notes.docx

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Department
Fashion Design and Merchandising
Course
FASH 290
Professor
Videtic
Semester
Spring

Description
Fashion Branding Book Notes Chapter #1  The industrial revolution redefined branding because it introduced machines that produced the same product in large quantities & identical forms.  With mass-production came mass marketing & the birth of monster consumer brands. Mass production created the need to distinguish products from their competitors.  The term brand is one of the most utilized & referenced terms in marketing & business literature.  Brands exist mainly to reduce risks for consumers by encouraging them to buy a branded product that they can trust as well as anticipate its level of quality & service.  Brands are also built on the basis of differentiation & bringing something new & different those other competitors in the market cannot, like a new idea or concept.  A Brand is an entity with a distinctive idea expressed in a set of functional & experiential features w/a promise of a value reward relevant to its end user, & an economic return to its producers.  A successful brand has a strong identity, is innovative, consistent, competitively positioned, & holds a matching positive image in the consumer’s mind.  Key Concepts that reflect essence of brand: - Entity: the term entity to define a brand is used because it’s more inclusive & has both a legal insinuation & a reference to a potential market value & financial worth. - Distinctive Features: any product is built on a feature or set of features that solve a problem or satisfy a need. It is the mix of these features/attributes that generates product’s benefits & differentiates product from those of competitors. Based on these offerings, customers can make buying decisions. - Idea: concept; vision of the brand or the initial dream upon which an entire venture is created. It usually regards a proposed solution for a certain problem or to satisfy a need the targeted user may have. - Promise of Value: a brand is a promise. It is a promise that it will deliver a value in the best, most efficient way & will always do so. A promise is a contract, a guarantee & a reducer of risk. The promise of value ensures that the values attributed to the brand will be delivered. Values are the ultimate reason for our purchase. Values can be about self esteem or sense of belonging to an elite group. (What a brand means to a consumer).  Brands may offer a mix of values, some of which are segment-specific values that may be shared by other brands within the same segment, such as high quality & service among luxury brands. Each brand should also deliver brand-specific values. These values distinguish one brand from its competitors in the same segment. - Return: a brand, from a business perspective is an investment that needs to warrant some future economic returns. - Equity: a brand’s market value is a function of the brand’s equity that it accumulates. The greater the equity, the more valuable the brand. This equity is in direct proportion of the brand’s ability to retain current customers & attract new ones. - Relevance: key word for the success of any brand. It proves that what the brand is promising as value makes sense to consumers, and that it is a proposal convincing enough to make them purchase the brand, selecting over its competitors. It’s crucial in connecting the brand to its customers. - Identity: What a brand says to a consumer. It describes the brand & enforces its differentiation proposition. At this stage, it is very important to understand that how the brand proposes to present itself may not necessarily be how the consumer ends up seeing it. Two components: Personality & symbols. (Ex. A name & a logo: The unique shade of Tiffany blue is an international symbol of the brand.) - Positioning: how a brand should be perceived in reference to its competitors, or emphasizing the brand’s distinctive advantages so that it stands out in the market & differs from specific competitors. Product Mix = Features + Price + Distribution + Support - Innovation: a successful brand needs to be a dynamic entity that evolves. This is a key area of competition & it’s an absolute necessity for any brand’s survival. Innovation can:  Ena
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