A brand is a name, word, sign, symbol, design, or a combination of these, intended to identify the goods or services of a company or a group of companies. Another purpose of a brand is to contrast one company from another. The most important skill of professional marketers is the ability to create, maintain, protect, and enhance the brands of their products and services. Branding has become so important that today hardly any company or product is without one. Therefore, brand management is an increasingly important element in marketing. Brand power refers to the relative strength of a company’s brand in the minds of consumers, and can influence consumers’ choice of products. Brands are powerful to the extent that they give high brand loyalty and strong brand associations, name recognition, perceived quality and other assets to a company. A strong brand can be one of a company’s most important assets. High brand power provides a company with many competitive advantages. A powerful brand enjoys a high level of consumer brand awareness and loyalty. Because consumers expect stores to carry the brand, the company has more bargaining power when negotiating with retailers (零售商). And because the brand name brings high credibility, a company with a strong brand can more easily launch new products with the same brand name. Many companies use the advantage of a strong brand power strategically to expand their business. When a company introduces an additional item with a new flavour, form, colour or package size in a given product category and under the same brand name, it is called a line extension. Another strategy is called brand extension. This involves the use of a successful brand name to launch new or modified products in a new category, thereby employing brand recognition in order to increase sales of new products. Brand recognition is certainly important. Because consumers often hold long-standing perceptions about brands, high brand power ensure a company continued sales of its products. 小题1:What does the word “assets” in the 2nd paragraph mean?
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