The following content is used only for ALR310 WEEK TWO.
Tangible and Intangible Elements of a Brand
Basically, brands represent intangible promises that to some extent appear to be tangible. The possibility of the promises appearing to be tangible is brought by the fact that these promises are guided by recognizable signs. In detail, the intangible elements of a brand are usually associated with specific, personalities, promises, emotion and positioning. On the other hand, tangible elements of a brand consist of identified symbols that represent the brand such as graphics, logos, colors and any sound that is associated with the specified brand. Technically, brands are established with the intention of building trust and assuring customers of their trust in the business.
Elements of a Brand Identity
Brand identity is usually made up of three main elements which consist of personality, story, and consistency. To begin with personality, it is made up of the different facets belonging to a particular brand. Collectively, these facets are larger than the sum of separate elements of the brand. In this regard, a brand is personalized just like celebrity or sports personalities do.
As for a brands story, it usually exemplifies the specific tale of the particular brand based on intertwined public perception. It is advisable that the creators of the brand should come up with a captivating story of the brand that attracts the target audience. When it comes to consistency of the brand, customers are attracted by brands that they can be able to relate with and know what to expect from it. Regardless of the fluctuating prices of different products or services that are provided by a specific brand, customers are mainly attracted by the aspect of dependability which is what they pay for.
Application of Elements of a Brand Identity in Developing a Point of Differentiation
The aforementioned elements of brand identity can be utilized in guiding the branding process. As such, this will entail defining the identity of the product with regard to the specified brand. The identification process will entail essential information such as the mission and vision that the brand wish to communicate through the product, the core identity concepts and the promise that the product delivers to its target market. Furthermore, other aspects of the product will be considered during the byline and the tagline procedures that facilitate communication in various activities that relate to marketing of the specified products. On the other hand, the core identity concepts could be utilized in communicating the set of occasions that the company or organization intends to pass to the consumers.
Normally, the ability to differentiate a product from the competitive offerings lies on the unique qualities that the product presents. These qualities are based on a myriad of features such as the level of quality, packaging, after sale services, installation or usage issues and the relation of the brand to the group of consumers. Based on the factors mentioned above the ability of utilizing branding elements in differentiating the product necessitates for lateral thinking in some areas. In this regard, providing enough information about my product will be crucial in not only differentiating the product but increasing the degree of persuasion on the consumer’s side. As a matter of fact, the consumer will be having all the required information before he or she makes a decision on the product.
One of the brands that I admire is the Mercedes. Apart from the company’s opulence in terms of experience in manufacturing assorted variety of luxury cars, it has consistently emerged as an outstanding brands all over the world. As such, procures undertaken by the company and overall management of the brand clearly depicts most of the necessary brand elements. For instance, the company is guided by a vision and a mission that communicates core belief and essence of the brand. In fact, the vision of the company tend to communicate the philosophy of Mercedes organization as a brand. Most importantly, the vision and mission provides clarity to the consumers in terms of the path and destination that the business is taking towards development of the brand.
On the other hand, the ability of Mercedes as a brand to consistently launch different products gives it a story that consumers can relate with it as a brand. Furthermore, the consistency aspect forms a crucial part of the branding elements that expands customer’s information on Mercedes as a brand. In a nutshell, the brand story defines the history of the company, how it began, the challenges that the company faced and how it emerged to become a renowned leader in the automotive industry as well as preserving and enhancing the brand heritage.
Behavioral Bonding and its Importance
It is undeniable that the behavior of a brand tend to dictate whether it will lead other similar brands or not. In this regard, brand behavior is major ingredient of the kind of results that a particular company or brand realizes within a specified amount of time. Notably, the behavior of a brand maintains to be just a strategy regardless of how inspired or smart it might appear to be. When it comes to behavioral bonding, it usually entails the mechanisms at which the brand deploys when reaching out to people and the perception or response that people have towards the brand. Most importantly, the brand strategy is usually ignited or refuted by the brand moments. Through the brand strategy consumers can bond with the behavioral aspect of the brand. Its importance is usually realized when the consumers are positively bonded to the brand. As such, they tend to promote the reputation, awareness as well as overall image of the brand.
Historically, Sunbeam Bakery has been one of the renowned franchised brands that deals different types of confectioneries. One of their popular product is Sunbeam sliced bread. Throughout the years Sunbeam bread has managed to offer a competitive edge within the American Market. Technically, the brand has both direct and indirect competitors. Some of the direct competitors of the brand include Dave’s Killer Bread and Thomas Bread. On the other hand, indirect competitors include bread brands such as Arnold, Bimbo and Oroweat.
Some of the key benefits and positioning utilized by the competitors include pricing and advertising modules. As such, the competitors have slightly adjusted their prices with regard to the quality of bread that they are offering in such a way that tend to introduce the aspect of elasticity. For instance, when the price of Sunbeam sliced bread goes up, consumers might opt for alternative breads from the competitors whose prices might be slightly lower.
Subsequently, the position of Sunbeam relative to the competition is unpredictable due to the emergence of many other competitors and fluctuation in consumer preferences. Moreover, it is difficult to find the exact data on competitor advertising and promotional budgets. However, clues on advertising and promotion could be obtained from the strategies that they are using to implement related processes. Last but not least, the competitors are utilizing different forms of media in their advertising and promotional activities ranging from paid commercials, print adverts as well as promotional materials.
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THI BAO CHAU TRAN.