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Brand Research: Value, Equity and Price Premium
Summary of White Paper #3
One of the more important, but least understood, aspects of a product or service is the concept of brand. Branding, which can occur at both the corporate and product levels, often evokes not only rational assessments but also emotional reactions. Perceptions of brand can range from an initial proxy of product quality to purveyors of lifestyle or even extensions of one’s personality. While brand may create a variety of perceptions among consumers, usually one or more brand beliefs will be common among the public. Though development of the brand perception can be left to happenstance, wise corporations manage and nurture the development of a positive brand image.
Research into brand is needed since strong brands lead to many positive benefits for corporations, including: loyalty, price premiums, tenacity and forgiveness to name a few. Strong brands can add much value to the firm, and the strength of the brand can often transcend factors which may otherwise negatively impact the firm.
One of the more important, but least understood, aspects of a product or service is the concept of brand. Branding, which can occur at both the corporate and product levels, often evokes not only rational assessments but also emotional reactions. Perceptions of brand can range from an initial proxy of product quality to purveyors of lifestyle or even extensions of one’s personality. While brand may create a variety of perceptions among consumers, usually one or more brand beliefs will be common among the public. Though development of the brand perception can be left to happenstance, wise corporations manage and nurture the development of a positive brand image.
Research into brand is needed since strong brands lead to many positive benefits for corporations, including: loyalty, price premiums, tenacity and forgiveness to name a few. Strong brands can add much value to the firm, and the strength of the brand can often transcend factors which may otherwise negatively impact the firm.