“A brand is more than a trademark. It is a trustmark. A brand is a covenant between the company and the consumer. A trusted brand is a genuine asset.” This quote is said to be from US brand consultant Larry Light that expresses two things: First, the intangible asset “brand” is of (great) value and second, the value is defined by the bond the brand creates between the consumer and the company. Both parties – company and customer – profit as the brand creates customer loyalty and facilitates consumers’ choice decision by reducing risk (Dall’Olmo Riley and de Chernatony 2000, p.140/141). A company’s brand value is the advantages a brand provides, such as being able to charge a premium and/or the mentioned customer loyalty. This added value is called brand equity (Aaker 1996, p.68).
We shall understand brands as Kapferer (1997, p.6) describe them: as a promise. “A brand is an impression perceived in a client's mind […]. It is the sum of all tangible and intangible elements, which makes the selection unique. A brand is […] all the attributes that come to the consumer's mind when he or she thinks about the brand”. Although brands and branding are often used as interchangeable concepts, branding – the activity – should in this essay be understood according to Keller’s
(2002, p.151) description: as activities to create a (strong) brand.
In this essay, the author explains the value and types of brands, the process of brand-building – for corporate and place brands –, the link of brands to corporate and place identity and the concept of a holistic brand. All is done with focus on the importance of (building) relationships with stakeholders in branding.
Table of Contents
1. INTRODUCTION
2. THE VALUE OF BRANDS
3. DIFFERENT TYPES OF BRANDS
3.1 CORPORATE AND PRODUCT BRANDS
3.2 PLACE BRANDS
4. BRAND BUILDING
4.1 BUILDING CORPORATE BRANDS
4.2 BUILDING PLACE BRANDS
5. SELF- AND OUTSIDE VIEWS OF BRANDS: ADJUSTING DISSONANT PERCEPTIONS
6. CORPORATE IDENTITY AND PLACE IDENTITY
6.1 CORPORATE IDENTITY
6.2 PLACE IDENTITY
7. A HOLISTIC APPROACH FOR CORPORATE AND PLACE BRANDS
8. RELATIONSHIP-BUILDING AND STAKEHOLDERS IN BRANDING
9. CONCLUSION
Objectives and Core Topics
This paper examines the critical role of stakeholder relationships in the context of corporate and place branding. It explores how brands create value and identifies the increasing complexities involved in building brands across different categories, ultimately advocating for a holistic approach to brand management.
- The evolution and multifaceted value of modern brands
- Comparative analysis of product, corporate, and place brand structures
- Challenges in aligning organizational identity with stakeholder perceptions
- The necessity of relationship management in diverse brand environments
- The holistic branding concept as a strategic framework for consistency
Excerpt from the Book
3.2 Place brands
There is no generally accepted definition of what a place brand is and what the process of product branding consists of. As Kavaratzis (2008, p.53) states, the easy definition for place branding is that it is just an adaption of product branding to places. But Hankinson (2001, p.129) argues that places are much more complex than products, too complex in fact to be treated like them.
There are several reasons for this claim of higher complexity: First, while the product brand is invented by marketing personnel and the corporate brand can be derived from values, history, vision, the place brand can hardly be designed and implemented, partly because there are too many outside factors that are beyond control such as contemporary and historical associations individuals make with a city or a nation (O’Shaughnessy and O’Shaughnessy 2000, p.56). Second, places require that many quite complex factors are to be considered, such as geography, tourist attractions, natural resources, residents’ characteristics and infrastructure (Dinnie 2004, p.108). Third, place brands have no actual owner as there are too many interest groups with stakes in that brand (from the government to the tourist office and the employers) and the audience is very diverse (Fan 2006, p.7/8). Fourth, governments are not producers; citizens, visitors and the mobile workforce are not like consumers.
Summary of Chapters
1. INTRODUCTION: Outlines the definition of brands as trustmarks and sets the focus on stakeholder relationships and brand-building processes.
2. THE VALUE OF BRANDS: Discusses why brands are vital assets that provide emotional and economic benefits to both firms and consumers.
3. DIFFERENT TYPES OF BRANDS: Distinguishes between product, corporate, and place brands, noting the increasing complexity in management across these types.
4. BRAND BUILDING: Examines the strategic processes involved in internal and external brand creation for corporations and places.
5. SELF- AND OUTSIDE VIEWS OF BRANDS: ADJUSTING DISSONANT PERCEPTIONS: Analyzes the gap between internal brand intent and external stakeholder perception, suggesting methods for alignment.
6. CORPORATE IDENTITY AND PLACE IDENTITY: Explores how identity concepts form the core of organizations and places, and how they interact with brand constructs.
7. A HOLISTIC APPROACH FOR CORPORATE AND PLACE BRANDS: Advocates for a consistent, DNA-based branding approach that integrates all organizational elements.
8. RELATIONSHIP-BUILDING AND STAKEHOLDERS IN BRANDING: Summarizes the increased management effort required as brand complexity and stakeholder diversity grow.
9. CONCLUSION: Synthesizes the findings, emphasizing that while relationship-building is vital, brands must remain authentic and mirror reality to be successful.
Keywords
Corporate Branding, Place Branding, Stakeholder Management, Brand Equity, Brand Identity, Holistic Branding, Brand Personality, Strategic Marketing, Consumer Perception, Relationship Management, Organizational Identity, Brand Value, Brand Strategy, Stakeholder Engagement
Frequently Asked Questions
What is the primary focus of this paper?
The paper focuses on the essential role of stakeholder relationships in the success of corporate and place branding strategies.
What are the central themes discussed?
Key themes include the evolution of brand value, the structural differences between product and place brands, the complexity of managing stakeholder perceptions, and the implementation of holistic branding.
What is the core research goal?
The author aims to explain the process of brand-building and demonstrate how aligning corporate or place identity with stakeholder expectations is crucial for long-term brand success.
Which scientific methodology is utilized?
The paper follows a descriptive and analytical review of existing academic literature, theories, and concepts regarding brand management and organizational identity.
What is addressed in the main body?
The main body compares product, corporate, and place brands, analyzes internal and external brand building processes, investigates the importance of identity, and discusses the shift toward holistic brand management.
Which keywords characterize this work?
Key terms include Corporate Branding, Place Branding, Stakeholder Management, Holistic Branding, and Brand Identity.
Why is place branding considered more complex than corporate branding?
Place branding is more complex because it lacks a single "owner" or CEO, involves a highly diverse stakeholder group with competing interests, and is often subject to uncontrollable external factors like political events.
How does the author define the "holistic branding" approach?
A holistic approach understands the brand as the "DNA" or personality of the entity, requiring that all actions are consistent and authentic across all stakeholder groups to avoid false promises.
- Citar trabajo
- Master of Arts UZH Stefan Heini (Autor), 2013, Building relationships with stakeholders in corporate branding, Múnich, GRIN Verlag, https://www.grin.com/document/272043
