BRANDS: DEFINITION AND IMPORTANCEPRESENTATION 1.GreetingGood morning everyone, welcome to our presentation of group 4. Today our group is here talk about BRANDS: DEFINITION AND IMPORTANCE.2.Introducing the group’s members: There are 5 members in our group3.Introducing the group’s topic: The topic includes 3 parts. The first is definition in many aspect, the main part mentions importance of brands with both of business and customers. The final part deals with example of top 10 famous brands – most valuable brands in the world.4.Introduction about the meaning of brands: What is a brands?According to Phillip Kotler’s opinion – father of modern marketing, brands is defined as a name, term, sign, symbol, design or a combination of them, intended to identify the goods and services person seller or group of sellers and to differentiate them from those of the competitor. In other side Association of Marketing USA to claim: A brand is name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name. In my opinion, I think a brand name helps an organisation differentiate itself from its competitors and brands equal product plus trademark. If product is limited, brands is unlimited. The brand’s meaning of Marketer may be different but clearly shows the importance of brands ( which represent the design of brand identity ) as a competitive amost effectively , maintaining the power of the surviving company and create the basis for longterm development of the
VIETNAM UNIVERSITY OF COMMERCE FINANCE AND BANKING GROUP DISCUSSION ENGLISH TOPIC: BRANDS: DEFINITION AND IMPORTANCE Group: Class: 1575ENTI2411 Teacher: Presentation assessment: List of student ( in the order of presenting) No Name (for student) Comments (for teacher only) Đỗ Hải Hưng Hoàng Phi Khanh Lê Ngọc Kỳ Tống Thu Hương Lê Trần Huy PRESENTATION Mark Greeting Good morning everyone, welcome to our presentation of group Today our group is here talk about BRANDS: DEFINITION AND IMPORTANCE Introducing the group’s members: There are members in our group Introducing the group’s topic: The topic includes parts The first is definition in many aspect, the main part mentions importance of brands with both of business and customers The final part deals with example of top 10 famous brands – most valuable brands in the world Introduction about the meaning of brands: What is a brands? According to Phillip Kotler’s opinion – father of modern marketing, brands is defined as a "name, term, sign, symbol, design or a combination of them, intended to identify the goods and services person seller or group of sellers and to differentiate them from those of the competitor In other side Association of Marketing USA to claim: A brand is name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers The legal term for brand is trademark A brand may identify one item, a family of items, or all items of that seller If used for the firm as a whole, the preferred term is trade name In my opinion, I think a brand name helps an organisation differentiate itself from its competitors and brands equal product plus trademark If product is limited, brands is unlimited The brand’s meaning of Marketer may be different but clearly shows the importance of brands ( which represent the design of brand identity ) as a competitive amost effectively , maintaining the power of the surviving company and create the basis for long-term development of the company THE IMPORTANCE They usually associate the term ‘brand’ with a product that has a unique, consistent and well-recognised character These brands conjure up images in the minds of consumers Large organisations work hard to raise the power and status of their brands and guard them carefully against unlicensed use or unfair imitation Developing a corporate brand is important because a positive brand image will give consumers, and other interested stakeholders, confidence about the full range of products and activities associated with a particular company Business 1.1 Branding promotes and improves recognition If your branding is consistent and easy to recognize, it can help people feel more at ease purchasing your products or services 1.2 Your brand helps set you apart from the competition In today’s global market, it is critical to stand apart from the crowd You are no longer competing on a local stage, your organization now competes in the global economy How you stand out from the thousands or millions of similar organizations around the world? 1.3 Your brand tells people about your business Your full brand experience, from the visual elements like the logo to the way that your phones are answered, tell your customer about the kind of company that you are Are all of these points of entry telling the right story? 1.4 Your brand provides motivation and direction for your staff A clear brand strategy provides the clarity that your staff needs to be successful It tells them how to act, how to win, and how to meet the organization's goals 1.5 A strong brand generates referrals People love to tell others about the brands they like A strong brand is critical to generating referrals or viral traffic People wear brands, eat brands, listen to brands, and they’re constantly telling others about the brands they love On the flip side, you can’t tell someone about a brand you can’t remember 1.6 A strong brands helps customers know what to expect A brand that is consistent and clear puts the customer at ease, because they know exactly what to expect each and every time they experience the brand 1.7 Your brand represents you and your promise to your customer It is important to remember that your brand represents you…you are the brand, your staff is the brand, your marketing materials are the brand What they say about you, and what they say about what you’re going to deliver (promise) to the customer? 1.8 Your brand helps you create clarity and stay focused It’s very easy to wander around from idea to idea with nothing to guide you…it doesn't take long to be a long way from your original goals or plans A clear brand strategy helps you stay focused on your mission and vision as an organization Your brand can help you be strategic and will guide your marketing efforts saving time and money 1.9 Your brand helps you connect with your customers emotionally A good brand connects with people at an emotional level, they feel good when they buy the brand Purchasing is an emotional experience and having a strong brand helps people feel good at an emotional level when they engage with the company 1.10 A strong brand provides your business value A strong brand will provide value to your organization well beyond your physical assets Think about the brands that you purchase from (CocaCola, Wrangler, Apple, Ford, Chick-Fil-A, QuikTrip)… are these companies really worth their equipment, their products, their warehouses, or factories? No, these companies are worth much more than their physical assets…their brand has created a value that far exceeds their physical value 1.11 Branding Creates Trust A professional appearance builds credibility and trust People are more likely to purchase from a business that appears polished and legitimate Emotional reactions are hardwired into our brains, and those reactions are very real influencers 1.12 Branding Supports Advertising Advertising is another component of your brand Both the medium chosen and demographic targeted for advertisements builds a brand Too narrow an advertising focus, and a company risks being “pigeon holed” and losing their ability to expand into new markets Too broad a focus, and the company fails to create a definable impression of the company in the minds of would be customers 1.13 Branding Builds Financial Value Companies who publicly trade on a stock exchange are valued at many times the actual hard assets of the company Much of this value is due to the branding of the company A strong brand usually guarantees future business Whether a company is in the position to borrow funds for expansion or rolling out to an IPO, being perceived as more valuable will make the process advantageous for the owner of the company The greater a company’s devotion to build its brand value, the better the financial return from its efforts 1.14 Branding Inspires Employees Many employees need more than just work— they need something to work toward When employees understand your mission and reason for being, they are more likely to feel that same pride and work in the same direction to achieve the goals you have set Having a strong brand is like turning the company logo into a flag the rest of the company can rally around 1.15 Branding Generates New Customers Branding enables your company to get referral business Would it be possible for you to tell a friend about the new shoes you love if you couldn’t remember the brand? A large reason ‘brand’ is the word used for this concept is that the goal is an indelible impression As the most profitable advertising source, word of mouth referrals are only possible in a situation where your company has delivered a memorable experience with your customer Customers In simple words a brand helps them in identifying the seller or the maker A brand is primarily important to the consumer as it conveys up to six levels of meaning, namely it brings to mind certain 'attributes' of the product, these attributes must be translated into 'benefits' The brand signifies the 'value' of the product, it may represent a culture of the organization, it projects a certain personality of the organization and most importantly a brand suggests the kind of consumer who buys or uses the product Brands provide consumers with important functions They identify the source of the product and allow consumers to look at specific manufacturers more responsibly Most importantly brands take special meaning to consumers From an economic perspective brands help consumers in lowering their search costs for products "Consumers offer their trust and loyalty with the implicit understanding that the brand will behave in certain ways and provide them utility through consistent product performance and appropriate pricing, promotion and distribution programs and actions" Brands provide a number of functions to firms Fundamentally they serve the purpose of identification They help in organizing a firm's inventory and also help with the company accounts To sum it all up to an organization brands represent valuable legal property which can influence consumer behavior and buying patterns CONCLUSION Reviewing all main points 10 We have just talked about the definition and the importance of brands Ending the presentation We have finished our presentation Do you have any questions for my group? All comments are welcome 11 ... mentions importance of brands with both of business and customers The final part deals with example of top 10 famous brands – most valuable brands in the world Introduction about the meaning of brands:. .. here talk about BRANDS: DEFINITION AND IMPORTANCE Introducing the group’s members: There are members in our group Introducing the group’s topic: The topic includes parts The first is definition in... competitors and brands equal product plus trademark If product is limited, brands is unlimited The brand’s meaning of Marketer may be different but clearly shows the importance of brands ( which