Building relationships with stakeholders in corporate branding
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Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 2.3, University of Leicester (School of Management), course: Elective: Communications & Branding, language: English, abstract: "A brand is more than a trademark. It is a trustmark. A brand is a covenant between the company and the consumer. A trusted brand is a genuine asset." This quote is said to be from US brand consultant Larry Light that expresses two things: First, the intangible asset "brand" is of (great) value and second, the value is defined by the bond the brand creates between the co...
Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 2.3, University of Leicester (School of Management), course: Elective: Communications & Branding, language: English, abstract: "A brand is more than a trademark. It is a trustmark. A brand is a covenant between the company and the consumer. A trusted brand is a genuine asset." This quote is said to be from US brand consultant Larry Light that expresses two things: First, the intangible asset "brand" is of (great) value and second, the value is defined by the bond the brand creates between the consumer and the company. Both parties - company and customer - profit as the brand creates customer loyalty and facilitates consumers' choice decision by reducing risk (Dall'Olmo Riley and de Chernatony 2000, p.140/141). A company's brand value is the advantages a brand provides, such as being able to charge a premium and/or the mentioned customer loyalty. This added value is called brand equity (Aaker 1996, p.68). We shall understand brands as Kapferer (1997, p.6) describe them: as a promise. "A brand is an impression perceived in a client's mind [...]. It is the sum of all tangible and intangible elements, which makes the selection unique. A brand is [...] all the attributes that come to the consumer's mind when he or she thinks about the brand". Although brands and branding are often used as interchangeable concepts, branding - the activity - should in this essay be understood according to Keller's (2002, p.151) description: as activities to create a (strong) brand. In this essay, the author explains the value and types of brands, the process of brand-building - for corporate and place brands -, the link of brands to corporate and place identity and the concept of a holistic brand. All is done with focus on the importance of (building) relationships with stakeholders in branding.
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