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- [Instructor] Hello, and
welcome to the video lecture

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of this week, which is about the brand

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and how do you build, and how to sustain

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the brand associated with
your business or organization.

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Here's a rundown of what we'll be doing.

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We're gonna first define a
brand, why it's important.

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Talk about the building blocks,

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the elements of a brand,

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and the goal of a brand,

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which is to have value in and
of itself, or brand equity.

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Here's the homework that
is associated this week.

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So first, what do you want
your brand to be known for?

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What is the promise that
you wanted to express,

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and how does it reinforce the position

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that you've been developing?

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And next, what brand elements

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will you use?

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So you see this list of them.

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Which of these, and I would choose

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something like three to five,

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are the essential building
blocks of your brand,

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and how will that help
to define your brand?

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Here is what our textbook
author defines it as.

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It's the name, signs, symbol,

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or a combination of these things

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which identify the product or service

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and differentiate them
from the competition.

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Here are a number of well-known brands.

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These are logos, and a logo
is not exactly a brand,

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it's actually one of the brand elements.

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But it's often the most
recognizable part of a brand.

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Others might define it as the
public face of your business.

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But my favorite way of
thinking about it is,

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it's your promise.

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It's what you want to be
promising to your customers.

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It's the embodiment of value.

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It's what makes you, you.

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It's what makes you great.

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And as we'll see,

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it has something of value
for you and your customer.

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It's a powerful asset.

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Something that you have to manage.

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And every firm has one,

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every firm should have one.

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And, it's really
something that you need to

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develop and nurture, and take care of,

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and strengthen over time.

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Here is a graphic.

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This graphic describes some
of the parts of a brand,

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and just for a visual representation.

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Why is a brand important?

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First of all, it has benefits for you,

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for the firm, for your
business organization.

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It differentiates you.

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It tells you what is great,

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what is special, what is novel about you?

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It embodies your business model,

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your core values, the mission.

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And it can help to draw
and retain customers.

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And in many cases, a strong brand

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also has the advantage of

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giving you access to suppliers

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and channels

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that, all else equal,

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a supplier wants to sell to a business,

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that they think is very well-established.

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And distributors or market channels,

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hopefully for obvious reasons,

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are much more likely to sell a product

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that has a strong brand

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that already has a market,

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that already has a loyal customer base.

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So that rather than them doing a favor

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of moving your product,

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you're actually bringing them business

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by bringing your customer base to them.

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And for many of the same reasons,

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a strong brand can give
you access to capital.

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An investor is gonna be more
likely to invest in you.

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A bank is gonna be more likely
to sell, or give you a loan

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if you have a strong brand.

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If you already have a strong
presence in the marketplace

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and have established yourself

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as a business that's around the long term.

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It also has

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value to the

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customer.

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It decreases risk, increases trust.

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It makes them feel safe.

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It lets them know what
are they getting into.

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So if it's a promise,
then they can rely on

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when they buy your thing,
your good or service,

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that they know what they're going to get.

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It's reliable, and they understand it.

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That it's a clear understanding,
where they feel safe

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of, "I can buy this because I know

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that I'm gonna get what I am expecting."

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Here are a list of brand elements.

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And I'm going to go
through each one of these.

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So these you can think of
as the building blocks,

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or the components of a brand.

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So I'll go through each one.

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First is the name, which is basically

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just the name of the company

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that the words that are
used to identify it.

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The logo, which we saw earlier, is

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the graphic representation.

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A Tagline.

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So for those of you

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who can remember from the past,

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The Quicker Picker Upper is Bounty.

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"Can you hear me now?"
was one for Verizon.

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You can think about what is
one for McDonald's right now.

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Graphics are shapes,

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which help to

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identify it.

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Shapes are also very close to graphics.

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So those are very close, but like,

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the Coke bottle, the Volkswagen beetle.

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I guess, in this case it's
the shape of the product

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rather than of the logo or graphics.

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Colors and sounds.

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Here are examples.

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Certain groups of products are known

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for its distinctive colors or sounds.

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Scents, tastes, and movement.

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So let's go through and on the next slide,

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I'm going to invite you to
think about other examples.

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And we'll do this in class as well.

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So if you want to pause it here,

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and jot down or think
about other examples.

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So here are a few that I thought of.

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Heinz

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57 got that name because of the large,

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the number of products they sell.

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The Apple logo.

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We'll talk about what Motel 6's line are.

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The Nike swoosh.

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The shape of Reese's peanut butter cups.

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What color is UPS known for.

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You know, a jingle goes into the sound.

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So the ESPN Sportscenter sound.

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Anybody who drives by
Al's on Williston Road

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on the way to the airport

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knows that they have a
very distinctive smell.

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Certain products have
very distinctive taste.

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I think Frank's RedHot sauce

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doesn't really taste like anything else.

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And I had a harder time with movements,

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but in the Red Bull ads,
that sort of movement

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of the wings,

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Red Bull gives you wings.

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So that's also a tagline.

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The way that

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the wings move seems like

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it's a distinctive part of the brand.

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So here are the characteristics.

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So it should communicate
the distinctive value.

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It should reinforce the intended position.

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So it should be a good
fit for the position,

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and clearly articulate that.

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And it should be consistent and unifying.

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So we'll discuss this in
class, but think about now.

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Do you think Apple is going to release

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like, a really cheap phone
or really cheap watch?

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So something that's way down

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on the commodity end of the scale,

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low price, sort of
bargain basement product.

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Would they do that?

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Why or why not?

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And if they did do it, what might be

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a strategy that they would use?

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So think about that, and
we'll discuss it in class.

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Think about as well,

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what would be an off-brand

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product or service

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that your business

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would choose not to do?

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So what's the thing that
would just not be a good fit,

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that wouldn't reinforce your position,

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that wouldn't be consistent
with what you already do.

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So maybe

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UVM, who I think we've made our name

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as being green and sustainable,

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having a class on fossil fuel extraction

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or how to externalize costs,

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like that would not be

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a product that we would hopefully offer

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because it would really go against

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and, in a way, taint our existing brand,

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and our existing products.

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So a good brand should build brand equity.

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It should be easily understood.

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So again, this is a clear promise

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and they know what they're
getting themselves into.

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And it can be sustained over time.

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So a good brand, if you invest in it,

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if you tell a good story,
if you have a clear promise

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that this should stand the test of time.

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This is the end of part one.

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Please go to part two now.

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Thank you.