“A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” (American Marketing Association. "Branding is the process of giving a meaning to a specific organization, company, products or services by creating and shaping a brand in consumers’ minds".
Brand equity is the value a company achieves from
its name recognition compared to a basic
equivalent. Brand equity is formed by three components: (a)
consumer perception about the products and services of a brand, (b)
negative or positive effects due to the
perception of customers about the brand, and (c) the resulting value in the form of increased profit or loss.
The term brand personality is a set of human features that are attributed to a brand name. Brand equity will be increased by having a consistent set of traits that a specific consumer segment enjoys. Brand personality is a qualitative value-add that a brand achieves in addition to its functional benefits. Example: Nike's slogan "Just Do It", is a mission statement that offers human features like inspiration, innovation, excitement, passion, and energy. TATA is a brand that became successful to develop a brand personality of sincerity and trustworthiness.
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Dimensions of Brand Personality
The dimensions of brand personality are:
- Sincerity: Wholesomeness, Trustworthiness, Honesty, Authenticity, Cheerfulness
- Excitement: Passion, Adventurousness, Enthusiasm, Boldness, Imagination, and Daring.
- Competence,: Intelligence, Dependability, Success, Principled and Conscientious
- Sophistication: Elegance, Composure, Worldliness, Confidence, and Tact
- Ruggedness: Toughness, Athletic, Sturdy, Outdoorsy and Reliable
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