Challenges in New Product Development
Product development refers to the entire process of conceptualizing ideas, designing, developing and eventually introducing a new product or service in the market so that it not only outshines competitors but also earn huge revenues for the organization. Launch of a new product definitely raises the expectations of end-users who look forward to something which […]
Strategy Formulation vs Strategy Implementation
Following are the main differences between Strategy Formulation and Strategy Implementation- Strategy Formulation Strategy Implementation Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action. In short, Strategy […]
Organization’s Vision and Global Strategy
The most important and widest degree of business objective is termed as the vision of the organization. This is a declaration of large ambition. It concerns with the position that the organization expects to achieve in the future. The vision is related to the strategic intent of the organization. It is an effort by managers […]
What is Consumer Behaviour – Meaning, Concepts, PPT
Before understanding consumer behaviour let us first go through few more terminologies: Who is a Consumer? Any individual who purchases goods and services from the market for his/her end-use is called a consumer. In simpler words a consumer is one who consumes goods and services available in the market. Example – Tom might purchase a […]
Resource Based View – The VRIN Characteristics
Introduction The resource-based view (RBV) is a way of viewing the firm and in turn of approaching strategy. Fundamentally, this theory formulates the firm to be a bundle of resources. It is these resources and the way that they are combined, which make firms different from one another. It is considered as taking an inside-out […]
Brand image is the current view of the customers about a brand. It can be defined as a unique bundle of associations within the minds of target customers. It signifies what the brand presently stands for. It is a set of beliefs held about a specific brand.
In short, it is nothing but the consumers’ perception about the product. It is the manner in which a specific brand is positioned in the market. Brand image conveys emotional value and not just a mental image.
Brand image is nothing but an organization’s character. It is an accumulation of contact and observation by people external to an organization. It should highlight an organization’s mission and vision to all.
The main elements of positive brand image are-: unique logo reflecting organization’s image, slogan describing organization’s business in brief and brand identifier supporting the key values.
Brand image is the overall impression in consumers’ mind that is formed from all sources. Consumers develop various associations with the brand. Based on these associations, they form brand image.
An image is formed about the brand on the basis of subjective perceptions of associations bundle that the consumers have about the brand. Volvo is associated with safety. Toyota is associated with reliability.
The idea behind brand image is that the consumer is not purchasing just the product/service but also the image associated with that product/service. Brand images should be positive, unique and instant.
Brand image can be strengthened using brand communications like advertising, packaging, word of mouth publicity, other promotional tools, etc.
Brand image develops and conveys the product’s character in a unique manner different from its competitor’s image. The brand image consists of various associations in consumers’ mind - attributes, benefits and attributes.
Brand attributes are the functional and mental connections with the brand that the customers have. They can be specific or conceptual. Benefits are the rationale for the purchase decision.
There are three types of benefits:
Brand attributes are consumers overall assessment of a brand.
Brand image has not to be created, but is automatically formed. The brand image includes products’ appeal, ease of use, functionality, fame, and overall value. Brand image is actually brand content.
When the consumers purchase the product, they are also purchasing it’s image. Brand image is the objective and mental feedback of the consumers when they purchase a product. Positive brand image is exceeding the customers expectations. Positive brand image enhances the goodwill and brand value of an organization.
To sum up, “Brand image” is the customer’s net extract from the brand.
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