Components of brand

Components of brand
See also
Brand Importance of brand Augmented product Brand essence Consumer markets Route to market Business model canvas Outdoor advertising Brand promise

A brand is a collection of functional and symbolic elements. They help build a loyal group of clients and enable the brand's holder to achieve a leading position on the market. A brand is a combination created to identify and differentiate goods or services from other competing products. The name, symbol, date, pattern, and graphic sign is also a brand. The most-important distinguishing features of the brand are its value, culture and personality.

Main components of brand

Main components of brand can be distinguished :

• identification component - allows easy distinguishing of a given product from competing products. dentifiers are a very important part of the brand, because they make customers pick the brand with the help of the senses. Most often we use the sense of sight, which is why the logo, color or shape of the brand's products play such an important role;
• quality component - guarantees a certain level of quality of branded products, producers promise to customers;
• promotional component - attracts buyers' attention and encourages them to buy;
• value component - indicates the values provided by the manufacturer;
• culture component - represents a certain level of culture of users/customers;
• personality component - characterises users of brand, story related with brand use.

Brand positioning

Positioning is the answer to the question to whom we direct our product. This is giving the brand a character. Positioning allows you to find the right place on the market. The attractiveness and uniqueness of the product offer from the competition is possible thanks to:

• attributes - the idea of something that sets it apart from other products are very often evaluated because of the outstanding features that competitors do not have. Symbolic objects, closely related to the life or activity of a character;
• functional or functional benefits - functional benefits resulting directly from the product's characteristics, such as the material from which it is made, components, etc. Functional benefits are, for example, quality, durability, reliability, functional values of the product. Each product provides some benefits, the trick is to show that the benefits provided by the product are unique;
• origin of the product - is also an important element, where usually a specific product brand is associated with a specific country of origin, for example, a Swiss watch or Japanese electronics;
• destiny and ways of using - a product that has achieved success in the market must meet specific consumer needs and provide certain benefits for them. A large number of products are positioned on the markets due to the ways and opportunities in which they can be used. For example, chocolates can be donated as a thank you, gratitude or apology;
• user category - in the product positioning you can use the fact of dedicating their specific category of buyers;
• product category - can make efforts to think about the product category, the clients came to us, the name of the brand, the specific brand or company was associated by the buyers with a specific product category. Ideally, the name of the brand would come to mind when thinking of the product category;
• quality or price - this is the easiest gap to fill. There are usually three categories: the highest, the lowest and the usual price. Many companies have used this option, which results in the best position on the market. This positioning consists in highlighting the favorable relationship between price and quality and can take several forms. Rely on showing that for a low price you can get high quality and use the action of justifying the high quality of its higher price products.

Examples of Components of brand

• Logo: A logo is a visual symbol used to represent a company, product, or service. A logo can be a shape, symbol, or a combination of both. For example, the Nike logo is a combination of the shape of the "swoosh" and the word "Nike".
• Brand Name: A brand name is a name given to a product, service, or company. It is a short phrase that conveys the essence of the product, service, or company. For example, Apple is a brand name that evokes images of innovation, quality, and style.
• Tagline: A tagline is a short phrase that is used to convey a brand's message. It is usually concise and memorable. For example, Nike's tagline is “Just do it” which implies that anyone can achieve their goals with hard work and determination.
• Color: Color is an important component of a brand. It can evoke emotions and help create a mood or feeling associated with a brand. For example, the color blue is often used to represent trust and reliability, which is why many banks have blue logos.
• Brand Story: A brand story is a narrative that conveys a brand's core values, purpose, and customer benefits. It can be used to create an emotional connection with customers. For example, Apple's brand story revolves around the idea of creating innovative products and services that empower people to do more.

Advantages of Components of brand

A brand is a collection of functional and symbolic elements that enable the brand holder to achieve a leading position on the market. The following are the advantages of the components of a brand:

• Logo: A logo acts as a visual representation of the brand, helping customers to easily identify and recall it.
• Brand message: A brand message is an effective way to communicate key values and ideas to customers, making them more likely to connect with the brand.
• Brand identity: A strong brand identity helps to differentiate a brand from its competitors and can create a strong emotional connection with customers.
• Brand voice: Establishing a brand voice helps to provide customers with a consistent experience across all channels and keeps them engaged.
• Brand story: A compelling brand story can help to create a deeper connection with customers by evoking emotions and sparking conversations.

Limitations of Components of brand

A brand is a collection of functional and symbolic elements, however, there are certain limitations to these components.

• One limitation is that functional elements may become outdated over time, as technology and consumer preferences evolve. For example, a traditional brand may rely on radio advertisements but this could become obsolete if radio listening drops significantly.
• Symbolic elements are also subject to changes in consumer preferences and taste. For example, certain colors, shapes, or slogans may have a certain connotation or meaning in one era but become obsolete or disliked in another.
• Brands also rely on the quality of their product or service. If the quality of the product or service decreases over time, then the brand will suffer as a result.
• Finally, a brand’s success depends on the ability of the company to manage it effectively. If the company fails to understand consumer trends and preferences, or fails to effectively communicate the brand’s message, then the brand will not be successful.

Other approaches related to Components of brand

A brand is a complex combination of elements that defines it in the minds of customers. These elements can be divided into several approaches, such as:

• Functional: The functional elements of a brand are those that are related to the product itself and its performance. These may include its features, quality, and value.
• Symbolic: The symbolic elements of a brand refer to the feelings and associations that people have with the brand. These can include the brand’s logo, slogan, or imagery.
• Experiential: Experiential elements of a brand relate to the customer’s actual experience with the brand. These can include the company’s customer service, its website, or the overall shopping experience.
• Relationship-based: Relationship-based elements of a brand are those that are related to the customer’s loyalty to the brand. These may include customer loyalty programs, personalization, and rewards.

In conclusion, a brand is a complex combination of elements that define it in the minds of customers. These elements include functional, symbolic, experiential, and relationship-based elements that help build a loyal group of customers and enable the brand holder to achieve a leading position in the market.

References

• Ashill, N. J., & Sinha, A. (2004). An exploratory study into the impact of components of brand equity and country of origin effects on purchase intention. Journal of Asia-Pacific Business, 5(3), 27-43.
• Kapferer, J.N. (2012). The new strategic brand management: Advances insights and strategic thinking. Kogan page publishers.
• Wenyu, D., Lim, K.H., Chenting, S., Nan Z., Nan, C. (2010). Brand positioning strategy using search engine marketing. Mis Quarterly, 261-279.

Footnotes

Author: Magdalena Stanaszek