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M. LOSEE, Marketing, Snitily Carr, 300 S. 68th Street Place, Lincoln, NE 68510 “Branding” is one of the most pervasive buzzwords in the business world today. To most people, a brand simply represents the name and logo associated with a product. While important, these elements are only a small part of the overall brand equation. Successful companies understand that a brand is comprised of the sum total of many factors, not just the packaging. Furthermore, they understand that a brand is ultimately not even owned by them, but by their customers. The brand is the collection of knowledge, opinions, experiences, and associations that a customer has about your product or service. Perception really is reality and, if a strong brand is to be created, it needs more than a slogan and savvy marketing. It needs the coordinated effort of every facet of your organization, including product development. So why all the fuss about brands? It's simple—a strong brand allows you to command premium pricing. It deters competitors from entering the market and discourages your customers from switching brands based on price. It helps provide you with a sustainable advantage vs. having to compete on features, which are quickly duplicated or exceeded by competitors. It allows you to introduce new product lines without having to educate consumers about the brand and what it stands for. It is vital that everyone in your organization understands their role in building the brand, from product development to marketing and sales. Remember—every employee, every message, and every consumer experience with your product either builds equity in the brand or weakens your position. Which kind of company are you?
Session 48, The marketing function: Why should I care?
2005 IFT Annual Meeting, July 15-20 - New Orleans, Louisiana |