Building relationships with stakeholders in corporate branding

Seminar paper from the year 2013 in the subject Business economics - Investment and Finance grade: 2.3 University of Leicester (School of Management) course: Elective: Communications & Branding language: English abstract: 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.