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Essay / Branding Essay - 1243
LITERATURE REVIEWAccording to Hsieh, Pan and Setiono (2004), “successful branding allows consumers to identify the needs that the brand satisfies and to differentiate the brand from its competitors, and therefore increases the likelihood that consumers will purchase the brand". A company or its products and services, which consistently enjoy a favorable image among the public, would certainly gain a better market position, a sustainable competitive advantage and would increase their market share or performance (Park, Jaworski, & MacInnis, 1986 Additionally, several empirical findings have confirmed that a favorable image (brand, store/retail) will lead to loyalty (e.g. Koo, 2003; Kandampully and Suhartanto, 2000; Brand image is made up of various associations in the minds of consumers. Brand attributes are the functional links. and mental with the brand that customers maintain. These may be specific or conceptual benefits that justify the purchasing decision. There are three types of benefits: functional benefits, what do you do better (than others), emotional benefits - how do you make me feel better (than others), and rational benefits/support - why is this that I believe you (more than the others). Brand attributes are consumers' overall evaluation of a brand. Branding does not have to be created, but is formed automatically. Branding includes product appeal, ease of use, functionality, reputation and overall value. Branding is actually branded content. When consumers buy the product, they also buy its image. Brand image is the objective and mental feedback consumers receive when they purchase a product. Positive branding exceeds customer expectations. Positive branding builds goodwill and brand value of an