Components of brand
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| Components of brand |
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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[1].
Main components of brand
Main components of brand can be distinguished[2] :
- 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[3].
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
