Branding is the identity of a business. It is reflected in everything the business does from the business logo, and colour scheme right down to the Customer service, purchasing process and any interaction with stakeholders.
Remember for the exam:
Brand Image
Brand image is the general impression of a business that a business has by current or potential customers. It is what comes to mind when customers think of the business.
Coca-cola is known for having a very strong brand image. It is available in over 200 countries and the red and white Coca-Cola logo is recognised by 94% of the world’s population, even in the few countries where it doesn’t operate.
Benefits of a strong brand image:
Brand Loyalty
Brand loyalty refers to how likely customers are to continue purchasing from a business and not switch to competing brands.
Apple is known for having very loyal customers and high brand loyalty. On 16th March 2021, a consumer survey found that Apple’s brand loyalty reached an all-time high of 92% whereas Samsung experienced a huge drop. Apple customers are known for being so loyal that they are sometimes referred to as iSheep by critics.
Benefits of high brand loyalty:
