Please explain what is branding and the connections of key concepts of branding: brand image, brand position, brand equity, brand value, brand loyalty, value gap, premium pricing and profits.
Originally branding was all about identification and distinction of products/ companies, which allowed consumers to know what they are getting. Now, branding is about the consumer's perception of a brand, the intangible aspects of a brand, and it creates a special meaning for the brand.
Brand image: mental picture of idea about a brand that contains both association and emotion.
Brand position: identifies the location a product or brand occupies in the consumer's mind relative to competitors.
Brand equity: the value associated with a brand; the reputation that the brand name or symbol connotes.
Brand value: is the value the brand holds to the consumer and, separately, the corporation. This lies in the power of trust and acceptance to win and maintain consumer acceptance.
Brand loyalty: the attitude (respect or preference) toward a brand, and emotion or liking about a brand, and an action of loyalty. Brings repeat purchases.
Branding and Value Gap: the better known and valued a brand name is, the greater the value gap is. People are willing to pay more for the product because of the brand.
Branding and Premium Pricing: the company is able to increase their prices because of the goodwill of the brand, people are willing to pay more because of the brand, and the values that is claims to provide.
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