Brands in the Modern Marketplace

A sign or set of signs certifying the origin of a product or service and differentiating it from the competition. (Kapferer)

Internationally agreed upon definition of a Brand

Components of a Brand

• Brand name• Brand Identity--logo, identity programs• Design or packaging• Cross-disciplinary activity • Level of image, brand awareness,

reputation, social responsibility• Terms of financial valuation (Kapferer, Schultz)

Brand is made up of:

But hold on!

Today’s brands are much more than a definition and components.

Brand Strategy Implication:

A brand is first and foremost a repository of meanings for consumers to use in living their own lives.

Susan Fournier (1998)

Consumers and their Brands

Today’s Strategic Challenge

MASTERCARD: http://www.youtube.com/watch?v=71KAO_bmc2o

Brands as meaning makers

“When a company can evoke meaning through its products or services, it is tapping into what people value most in life. We bond with products, services and brands based on our ‘experience’ of them and how they

evoke meaning to us.”Source: Diller, Shedroff, Rhea: “Making Meaning: How successful businesses deliver

meaningful customer experiences”

Brand Strategy Four Major Types of Brand Relationships

• Self-Concept Attachment – The product helps to establish the user’s identity.

• Nostalgic Attachment – The product serves as a link with a past self.

• Interdependence – The product is a part of the user’s daily routine

• Love – The product elicits emotional bonds of warmth, passion or other strong emotion. (Fournier)

Self-Concept Attachment

Nostalgic Attachment

Interdependence

Love