Whatever the origin, the practice of identifying the goods (and later, services) with the craftsman who created them gave early consumers a means to distinguish the goods of one maker from those of another.
This added another dimension on which buying decisions could be made.
In addition to considering the price, availability, and functional attributes of the pot or the tool, buyers could take into consideration their knowledge of the maker, his reputation for quality, for consistency, for honesty and his standing in the community.
The craftsman soon came to realize his “maker’s mark” added value to his wares.
It gave him intangible competitive advantages that translated into a greater demand for his products, and that because of it, he could charge more for his “marked” product than for one of unknown origin.
While brands and branding have been with us, in one form or another, since the dawn of commercial enterprise, it is only within the past 20 years that organizations have shown so much interest and perceived value in their brands
There appears to be a growing recognition that an organization’s brand or brands have a value that can far exceed that of the firm’s more tangible assets such as manufacturing plants, equipment, real estate, and investment holdings.
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 occurs when a brand tries to change its market position to reflect a change in consumer’s tastes. Often required when a brand has become tired, 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 above-average longevity such as Kylie Minogue and Madonna.
Communication plays a key role in building a successful brand. 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, the challenge is to build awareness, then to develop the brand personality and reinforce the perception.
Business strategists often talk about first-mover advantage. In terms of brand development, “first-mover” means it is possible for the first successful brand in a market to create a clear positioning in the minds of target customers before the competition enters the market.
Eg : leading consumer product brands like Gillette, Coca Cola and Sellotape.
They defined markets they operated in,continued to lead. However, being first into a market does not necessarily guarantee long-term success.
Competitors – drawn to the high growth and profit potential demonstrated by the “market-mover” enter markets & copy the best elements of leader brand (eg: Body Shop developed the “ethical” personal care market but were soon facing stiff competition from the major high street cosmetics retailers
Another important factor in brand-building: the need to invest in the brand over the long-term. Building customer awareness, communicating the brand’s message and creating customer loyalty takes time. This means that management must “invest” in a brand, perhaps at the expense of short-term profitability.
Ensure your brand is marketed “internally” as well as externally. Everyone should understand the brand values and positioning. Particularly important in service businesses where a critical part of the brand value is the type and quality of service that a customer receives.
Think of brands that you value in the restaurant, hotel and retail sectors. It is likely that your favorite brands invest heavily in staff training so that the face-to-face contact that you have with the brand helps secure your loyalty.
Definition: The consumer perception of a product or service as compared to it's competition.
: "… positioning is not what you do to a product. Positioning is what you do to the mind of the prospect. That is, you position the product in the mind of the prospect." Al Ries and Jack Trout
This same concept rings true for branding or marketing your business during tough economic times. It’s not healthy for to give up on drinking milk or eating vegetables and it’s not healthy for your business to give up on advertising your brand to your consumers or target audience.
In everyday life there are two situations – Interesting ones & boring ones Cool is Interesting
Cool is different Cool is daring Cool is determined Cool is an awesome epidemic Cool is contagious Cool builds communities Cool sells
Cool is an attitude which exhibits great devotion & dedication. It is distinctive and has a defined and committed community.
Cool is Individualistic Its different things to different people
What's Cool? Boys “ Techno gizmos" (13) "Hanging out, roller blading, alternative music". (14) "You know what made me feel special? When I graduated I got an award and when they said my name, everybody cheered" (16)
What's Cool? Girls "Beating my 15-year old [boy] cousin in Jetskiing" (12) "Boys. Going out, TV, Nintendo, family, friends. Dressing cool, like me." (13) "Music, body piercing" (14) "Dying your hair purple, bell bottoms...the 60's were cool."(14) "Being yourself. Staying on a straight line, not getting pregnant at 14, using drugs, smoking cigarettes, thinking it's cool. It's NOT cool.If people would stop looking for approval, they'd be happy being themselves." (18)
Cool is an attitude : at its core it possesses values that cannot be eroded