Marketing Beijing2008
...of product strategy and identify its importance in attracting the targeted sponsorship required?
To answer this question I will start describing branding and its importance, and then I will show how it is related to the Beijing brand.
What is a brand?
According to the American Marketing Association (AMA), a brand is 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" So it is when someone creates a new name, symbol, or logo for a new product, a brand has been created. The different part of a brand that differentiates from the competitors is called Brand Element. It is very important to distinguish Brands and products, "a product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or a want" (Kotler). So the brand is something you use to differentiate from the competitors. From a customers view brand is a perception about a product, service or company, which promises to meet certain criteria's for the customers when they buy it.
A brand is very valuable and creates value through differentiation and is a platform form enhanced pricing, which can give you higher margins.
"Creating a successful brand entails blending all these various elements together in a unique way-the product or service has to be of high quality and appropriate to consumer needs, the brand name must be appealing and in tune with the consumers perceptions of the product, the packaging, promotion, pricing and all other elements must similarly meet the tests of appropriateness, appeal, and differentiation." (K, Keller, p7)
A Brand and its function
What function does a brand play for consumers?
Identification of source of product
Risk reducer
Search cost reducer
...
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