Complete the following exercise to list all the elements that you think make up a brand.
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A brand is a lot of things but in total encompasses your company’s whole identity. It is what a company means to customers, and it is the entire experience they have with that company. If a brand has a meaning of value to a customer, they will pay more for your brand over competitors.
How does your list compare to this one?
A brand forms an important part of the buyer decision process as customers buy products or services that appeal to their beliefs, values or ideals.
Jot down in the notes section, any points that you feel are important to your business or any ideas which might be useful for you.
Purpose, value and meaning are incredibly important for any contemporary brand and more customers are choosing products or services based on what a brand means to them, particularly younger people.
If you have around 30 mins to spare, make yourself a cuppa and settle down to listen to this McKinsey Podcast which looks at what impact Gen Z and millennials are having on brands in the modern age of shopping.
Click here to start listening (link to https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping
Use this text box to write the elements which make up a brand – when you have finished, click the submit button to see our model answer:
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.