Corporate Governance and Expectations from the Management
The field of corporate governance exists in a symbiotic relationship between the management and the board of directors. It is impossible to talk about corporate governance without taking into account the roles and duties of the board of directors and the expectations from the management. To explain this fully, it would be useful to consider […]
Strategic Management – Meaning and Important Concepts
Strategic Management – An Introduction Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its […]
Increase Knowledge Base with E Business Model
E business model implementation brings with it several key results and benefits. First and foremost a successful implementation should meet with the Organisational goals that were set during the implementation phase. Increased customer awareness, capability to handle huge volume of customer orders, build customer relationship etc are some of the well known benefits that accrue […]
Managing Integrated Marketing Communication
Integrated marketing communication is an approach to promote products and services (brand promotion) where various modes of marketing are integrated so that similar message goes to the customers. According to integrated marketing communication, all aspects of marketing communication work together to promote brands more effectively among end-users and also for better results. Brands are promoted […]
Factors Affecting Buying Decision of the Customers at the Store
There are several factors which affect the buying decision of the customers. Let us go through them one by one: Store Display and Presentation of Products The store display plays an important role in influencing the buying decision of the customers. It is the display of the store which attracts passing individuals into the store. […]
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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