
      Some analysts see Brands as the major enduring 
      asset of a company, outlasting specific products 
      and facilities
     
      Brands are powerful assets that must be 
      carefully managed and developed
     
      They are more than just names or symbols. They 
      are a key element in the company’s relationship 
      with the consumer
     
      The real value of a strong Brand is its power to 
      capture consumer preference and loyalty. 
      - Kotler
         There are a number of interpretations of the 
         term brand (De Chernatony 2003). They are summarized 
         as follows:
          A brand is simply a logo e.g. McDonald's Golden Arches.
          A brand is a legal instrument, existing in a similar way to a patent or copyright.
          A brand is a company e.g. Coca-Cola.
          A brand is shorthand - not as straightforward. Here a brand that is perceived as 
           having benefits in the mind of the consumer is recognised and acts as a shortcut 
           to circumvent large chunks of information. So when searching for a product or 
           service in less familiar surroundings you will conduct an information search. A 
           recognised brand will help you reach a decision more conveniently.
          A brand is a risk reducer. The brand reassures you when in unfamiliar territory.
          A brand is positioning. It is situated in relation to other brands in the mind of the 
           consumer as better, worse, quicker, slower, etc.
          A brand is a personality, beyond function e.g. Apple's iPod versus just any MP3 
           player.
          A brand is a cluster of values e.g. Google is reliable, ethical, invaluable, 
           innovative and so on.
          A brand is a vision. Here managers aspire to see a brand with a cluster of values. 
           In this context vision is similar to goal or mission.
          A brand is added value, where the consumer sees value in a brand over and 
           above its competition e.g. Audi over Volkswagen, and Volkswagen over Skoda - 
           despite similarities.
     Brand Equity
     
      A powerful Brand has high Brand equity
     
      This is the positive differential effect that 
      knowing the brand name has on customer 
      response to the product or service
     
      One way of measuring equity is the extent to 
      which customers are willing to pay more for the 
      Brand
     
      There is significant competitive advantage with 
      high brand equity; enjoy a high level of consumer 
      awareness, loyalty, more leverage in bargaining 
      with resellers, easier to launch line extensions, 
      strong and profitable customer relationships
    Brand valuation
    
     The process of estimating the total financial 
     value of the Brand
    
     Measuring this value is not straight forward 
     and can be difficult
    
     E.g: coke is valued at $67 billion, Microsoft 
     $57 Billion, IBM $56 Billion. 
  Building Strong Brands