It is important to understand that a brand is not a mark, a logo or a name but, rather, an "immaterial asset," indispensable to management, that attracts profit to corporations and organizations.
It is no doubt true that nearly every corporation whose top management ranks "enhancing corporate value" as the highest priority of management is deploying a branding strategy.
As defined by Gramco, a brand is:
- The synthesis of all the positive experiences and good impressions accumulating in the memories of a corporation's stakeholders, including its customers
- The cycle of "promise" and "execution" a corporation provides for its customers/stakeholders and the "expectations" and "empathy" the stakeholders develop for the corporation in return
- A landmark (symbol) that helps customers/stakeholders make better selections
- A source of pride for all the corporation's members and others concerned
- An immaterial, intellectual asset that brings profit to a corporation
Benefits of a brand
- Motivation for continued transactions/purchasing
- Differentiation from other companies in the same business
(other products/services of the same kind)
- Price maintenance or premium price acquisition