Branding Concepts in Business to Business Markets
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Transcript of Branding Concepts in Business to Business Markets
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Business-to-Business Marketing Branding Concepts – Term Paper
BBM, NMP Term III
Group 4Argha Ray - 15 Chakra Dhar Kundu - 22 Khushal Malik - 28 Sanjay Kumar Prasad – 45
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Branding as a Concept:• “A 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.”
American Marketing Association
• Consistency of presentation that becomes the identity of a company. (Paul Hague)
• Cultural Uniformity.
• More than a symbol or logo; but an imagery and association.
• Personality beyond the product.
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Branding in Industrial Markets:• Concept not well developed in B2B.
• Shorthand for product quality, reliability of delivery and value for money.
• Often linked with Corporate Brand as a whole.
• Experienced but not acknowledged.
• Brand essence as centerpiece of differentiation.
• Brand Essence : The core characteristics that defines a brand e.g. “Nike is Inspirational”.
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Bull’s Eye of Brand Essence:
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B2B Branding Ladder:Gradual change in focus that brands undergo over a period of time, in order to achieve a better connect with the customers. (Kevin Lane Keller)
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Brands drive B2B Markets:
Kevin Randall lists reasons on why brands bring a distinctive value proposition in business markets.
Cut through Clutter: Morass of MarketTap emotional drivers: Powerful Irrational ImpulseDeliver promise: Unified, Consistent and Satisfying Experience
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Building Blocks of Brands: Conceptual Model of Esch, Langner, Schmitt and Geus for B2C.
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A few Definitions: • Brand Awareness: It refers to customers' ability to recall and
recognize the brand under different conditions and link to the brand name e.g. Photocopying reminds of Xerox.
• Brand Image: It is a symbolic construct created within the minds of people e.g. Mercedes is an image of luxury.
• Brand Satisfaction: Exchange relationship with brand depending on utilitarian benefits e.g. Worth the money to spend an year at MDI.
• Brand Trust: It is the intrinsic 'believability' that any entity evokes converting simple awareness to strong commitment e.g. MDI will assist in placements.
• Brand Attachment: Long lasting bond and interdependence between brand and customer e.g. James Bond always drives a Aston Martin.
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Hypothesis and Correlations:
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Model:
The cross symbols above signifies hypothesis rejection
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Brand Awareness in B2B:
Homburg, Klarmann and Schmitt extend the branding concepts by studying the particular concept of Brand Awareness in B2B.
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Hypothesis and Correlations:
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Strong Industrial Brands:
• “No One Ever Got Fired for Buying IBM”
• “Intel Inside”
• “GE’s imagination at work”
• “Caterpillar’s One Voice”
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Conclusion:
• Branding as applicable to B2C can also be extrapolated into B2B.
• The extrapolation has to be nuanced and shaded with inherent intricacies that characterize industrial markets on the paradigms of organizational risks and personal risks of buyers.