What are Offshore Tax Havens and their Uses and Misuses ?
What are Offshore Tax Havens ? In recent years, there has been a lot of media interest in Offshore Tax Havens or countries where the global companies can base their offices as well as route their investments into emerging markets from offshore subsidiaries. To define offshore tax havens, they are countries where there is no […]
Designing and Implementing Branding Strategies
Customer based brand equity is created when brand knowledge comprising of brand awareness and brand image are at highest level in customer mind. Brand awareness level is raised in customer by first understanding consumer taste, preference and present level of awareness. This analysis leads to designing of marketing programs and outcomes of those programs are […]
Services Marketing – Definition and its Importance
Stated simply, Services Marketing refers to the marketing of services as against tangible products. As already discussed, services are inherently intangible, are consumed simultaneously at the time of their production, cannot be stored, saved or resold once they have been used and service offerings are unique and cannot be exactly repeated even by the same […]
Brand Management – Meaning and Important Concepts
Brand management is the process of developing, maintaining, and improving a business’ identity, reputation, and overall perception among its target audience. It involves creating a cohesive brand image that resonates with customers and differentiates your business from competitors. When managing your business’ brand, you have to consider the look of your logo, the tone of […]
Identifying Market Segments and Selecting Target Markets
Market for product is big and diverse making it difficult for companies to be able to satisfy every customer. Companies need to identify a certain set of customer within a market and work towards satisfying them. This set of identification is market segment. Companies further need to understand the intricacy of how this segment behaves […]
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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