What is Perceived Quality? Perceived quality can be defined as the customer's perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives. Perceived quality is, first, a perception by customers. Brand Personality The brand personality is the chosen character that best communicates the brand proposition to the target audience. It is not the personality of the target audience, it is the personality that is most likely to draw their attention, interest them, and encourage them to take action and buy the brand. Brand Positioning A well-crafted brand positioning has three primary components: 1) A definition of the target market you wish to pursue; 2) A definition of the business your company is in or the industry or category it competes in; and 3) A statement of your point of difference and key benefits. The language of a well-crafted positioning usually takes this general form: To (target market), Brand X is the (definition of business) that provides you with (stated point of difference/key benefit). Types of Brand Extension Each extension affects the brand and its equity in one of four different ways. First, certain extensions exploit the brand capital. The product sells, thanks to the brand's contribution. This is the case when the product concerned scarcely differs from existing market competition: a typical case is Kodak batteries, or Rossignol's entry in the tennis market, adding rackets to its skis. The brand has not fully exercised its transforming role, but succors the product with its aura and its perceived risk-reducing consumer awareness. Brand Asset Management The purpose in this phase is to understand customer perceptions and perspectives about your brand relative to the competition and opportunities for growth. This phase asks the following questions: a) Among current and target customers, what does our brand really stand for today? What are its strengths and weaknesses? How does our brand compare to competitive brands? Creating Brand Promise A brand is a promise. It tells consumers what you promise to do for them. That's why every organization, whether online or off-line, should start its brand development process by answering the question "We promise to deliver what to you?" Victoria's Secret promises consumers that they will get quality fashions that make them (or recipients) feel and look good. It goes on to promise that they will receive what they order in a reasonable time, and if for some reason they are not satisfied, consumers can return items and receive refunds (both in stores and through catalog and online outlets). Customer Loyalty and Brand Management While admittedly observational in nature, it can be argued that marketing as a science has largely focused on brand-centric objectives. This preoccupation has only recently been challenged by the popularization of customer-centric agendas introduced by customer satisfaction audits and customer needs/requirements studies. Brand Loyalty Brand loyalty, long a central construct in marketing, is a measure of the attachment that a customer has to a brand. It reflects how likely a customer will be to switch to another brand, especially when that brand makes a change, either in price or in product features. Strategic Brand Management Many corporations have forgotten why they have brands. A great deal of attention is devoted to the branding process per se, bringing in the participation of designers, graphic artists, and advertising agencies. This activity becomes an end in itself, receiving most of the focus of attention. Role of CEO in Brand Management The CEO needs to ensure that the organization is armed with the appropriate foundation for effective brand building. Regardless of where your company is starting, the CEO's checklist can serve as a snapshot of where you are trying to head: brand-driven success. It itemizes the critical capabilities required to brand-enable your organization and leverage your brand to realize your corporate vision.