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34. Brand

 A brand is an offering from a known source. A brand name such as Apple carries many different kinds of associations in people’s minds that make up its image: creative, innovative, easy-to-use, fun, cool, iPod, iPhone, and iPad to name just a few.

A brand is, therefore, more than a product, because it can have dimensions that differentiate it in some way from other products designed to satisfy the same need. These differences may be rational and tangible—related to product performance of the brand—or more symbolic, emotional, and intangible—related to what the brand represents.

Extending our previous example, a branded product may be a physical good like Kellogg’s Corn Flakes cereal, Prince tennis racquets, or Ford Mustang automobiles; a service such as Delta Airlines, Bank of America, or Allstate insurance; a digital good or service such as Match.com, Spotify, or iTunes. 

It could be an online or offline store like Amazon, Bloomingdale’s department store, Body Shop specialty store, or Safeway supermarket; a person such as Oprah Winfrey, Taylor Swift, or Tom Hanks; a place like the city of London, state of California, or country of Australia; an organization such as the American Red Cross, American Automobile Association, or the Rolling Stones; or an idea like corporate responsibility, free trade, or freedom of speech.

All companies strive to build a brand image with as many strong, favorable, and unique brand associations as possible. Some brands create competitive advantages with product performance. For example, brands such as Gillette, Merck, and others have been leaders in their product categories for decades, due, in part, to continual innovation. Steady investments in research and development have produced leading-edge products, and sophisticated mass marketing practices have ensured rapid adoption of new technologies in the consumer market. A number of media organizations rank firms on their ability to innovate. 

Other brands create competitive advantages through non-product-related means. For example, Coca-Cola, Chanel No. 5, and others have been leaders in their product categories for decades by understanding consumer motivations and desires and creating relevant and appealing images surrounding their products. Often, these intangible image associations may be the only way to distinguish different brands in a product category.

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