Assumptions in Pension Fund Accounting
Accounting for pension funds is considered to be much more complex than standard accounting. This is because a lot of the payments being made in the pension funds are to be done in the distant future. Hence, as an accountant, provisions have to be made to account for these expenses as well as incomes that […]
Outdoor Advertising – Billboards, Buses, Cabs, Subways and Walls
Outdoor advertising communicates the message to the general public through highway billboards, transit posters and so on. Outdoor advertising is a very important form of advertising as the ads are huge and are visible to one and all. The important part of the advertising is that the message to be delivered should be crisp and […]
Relationship Networks – Customer and Supplier Networks
Selling and Marketing is no longer the same what it used to be few decades ago. Traditional methods of sales and promotions have long been relegated to history. Technology, Internet as well as globalization have redefined every aspect of Marketing and Sales. Organizations have realised the importance of being in tune with the markets and […]
Types of Management Training Programs
Training programs play a crucial role in honing skills of employees, making them responsible, productive, efficient and well rounded managers. Let us go through various types of management training programs: Employees need to be trained on how to interact with their fellow workers and superiors. Not many people know how to behave at the workplace. […]
Shapes of Data and Characteristics of Shape
The shape of the data determines the type of tools that can be used to draw conclusions from it. Here is how to graphically plot out the data to find its shape: Step 1: Plot Data into Categories To begin with, the data must be divided into equal categories. The categories must have equal intervals […]
Brands are different from products in a way that brands are “what the consumers buy”, while products are “what concern/companies make”. Brand is an accumulation of emotional and functional associations.
Brand is a promise that the product will perform as per customer’s expectations. It shapes customer’s expectations about the product. Brands usually have a trademark which protects them from use by others. A brand gives particular information about the organization, good or service, differentiating it from others in marketplace.
Brand carries an assurance about the characteristics that make the product or service unique. A strong brand is a means of making people aware of what the company represents and what are it’s offerings.
To a consumer, brand means and signifies:
Brands simplify consumers purchase decision. Over a period of time, consumers discover the brands which satisfy their need. If the consumers recognize a particular brand and have knowledge about it, they make quick purchase decision and save lot of time. Also, they save search costs for product.
Consumers remain committed and loyal to a brand as long as they believe and have an implicit understanding that the brand will continue meeting their expectations and perform in the desired manner consistently.
As long as the consumers get benefits and satisfaction from consumption of the product, they will more likely continue to buy that brand. Brands also play a crucial role in signifying certain product features to consumers.
To a seller, brand means and signifies:
A brand, in short, can be defined as a seller’s promise to provide consistently a unique set of characteristics, advantages, and services to the buyers/consumers. It is a name, term, sign, symbol or a combination of all these planned to differentiate the goods/services of one seller or group of sellers from those of competitors.
Some examples of well known brands are Mc Donald’s’, Mercedes-Benz, Sony, Coca Cola, Kingfisher, etc.
A brand connects the four crucial elements of an enterprise – Customers, Employees, Management and Shareholders.
Brand is nothing but an assortment of memories in customers mind. Brand represents values, ideas and even personality. It is a set of functional, emotional and rational associations and benefits which have occupied target market’s mind.
Associations are nothing but the images and symbols associated with the brand or brand benefits, such as, The Nike Swoosh, The Nokia sound, etc. Benefits are the basis for purchase decision.
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