Building a Better Brand
Giant companies know their brands are worth a fortune. The key to marketing your business is finding a timeless position and staying focused
To sum up the article, there are three important things to build a better brand in the article.
1. Keeping focus
As you evaluate your own brand's positioning, don't focus on features that will soon be co-opted by your competitors. Consider the primary benefits your brand provides and what they really add up to. Then examine the extent to which your positioning passes six key tests: relevance, simplicity, differentiation, believability, credibility, and defensibility.
2. Adding value
Most brands are a long way from being worth $21 billion. But all of them are worth something, and the better the branding efforts the more value a brand can add to the products and services to which it's attached.
3. Taking your positions positioning is not really a difficult concept: At root, it's simply the rational and emotional benefits people associate with a brand.
If somebody asked you "Is Nike a better shoe than Reebok?"You might say "Sure" Can you answer the reason? How do you feel when you hear the word'Nike'?Well, I might think of "Just do it"and also if we see soccer game,we can see many players who wear nike products.In the article, there is an example of global brand, Coca-Cola. The Coca-Cola brand is so well established in our minds that we could work backwards from it and come to essentially the same place. As Prof.Lee emphasizes in marketing class, building a nice brand is very important.In practice, it may be more difficult! but we should try to make our brand well.That's why I tried so hard to make my business card well, which expresses my brand. We should know that the importance of brand name. Just think of us, we like Northface ,but we might dislike Redface which seems like a fake. So, I think we as well as Korea should have a brand power! and when
we do real business, we should be aware of it!
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