Hello. Welcome to the segment "What is a brand". In this segment we will learn what a brand is. I will explain the brand relationship, the important concept of perceptual mapping and we will learn about the role played by brands in Noon Nopi, which we learned in the previous segment. It is the essence of marketing, so then let's begin. Ok, what is a brand? I do not like long definitions, but this one is fine. Because it captures the broad nature of the brand and also establishes the role of brand. If we look at a brand like Starbucks, we know that it has a name, which is naturally Starbucks, we also know that it has other elements of execution such as the logo of the familiar mermaid, as well as which brand it is. There are many things that eventually create a brand and its image. But more fundamental than that, it is why we qualify. And this definition, developed by the AMA and mentioned by many textbooks, explains the two key roles of brands. One is to identify and the other is to differentiate. The role of identifying a product is really the current origin of the word brand or branding in English. If you're like me, you must have seen many movies from the Far West where there is this scene where the cowboy marks his cattle. And that is to identify which cattle belongs to whom. And that role still holds today where brands mean property, because companies want you to own the brand, they want you to live and die for the brand. But of course, we see that the role of brands has evolved beyond this. And I like to think of brands as being a great ship, a boat. Let's say a big bow, where companies can lend and record many positive actions in the minds of consumers. That's what I said. That's why brands act as locations in the perceptual maps of people. It's like a map even though it's not a kind of physical space. We locate these marks through the mental space in the same way. And on the subject of maps, there is a famous legend about the island of California. The legend says that when the spanish explorers discovered California for the first time, they had to cross what they thought was this great ocean. It turned out that it was actually the Gulf of Mexico. But they thought that the gulf was an ocean, and therefore they called this land, the island of California. How amusing! What is more curious is that that first false impression stayed for many, many more years later. That is the power of a brand. It can help itself but it can hurt itself, and as a company you have to establish the first impression correctly. Okay, then, why are brands so important? We learned that a brand is more than just a name, and that it uses this location or approach to create preferential demand for your product. That is why people finally remember, and if it is well made, you can really develop a personality for your brand, and have a long and lasting relationship, again through the brand. And finally, a brand can become very very valuable for the company, by means of which a company such as Coca Cola or Apple are evaluated in tens of billions of dollars, and increasingly we see Asian companies reaching that list of elite companies. Companies like Samsung, from my country, Korea. As we see with Samsung, brands here in Asia are changing. In fact, they started without having brands. In the 60s and 70s, they were subcontractors for famous brands in the west, brands such as Nike and General Electric. But they realized that they had to create a name that had power, that had identity. And a name that could finally become more, more valuable. More and more companies are realizing that a brand can be the focus to formulate global and lasting marketing strategies. Okay, in the international context, what are some of the Key questions you can ask in terms of marketing? Well, you can, of course, ask whether the concept of brand is transferable to other markets. And if not good, then that Noon Nopi has to be united. And as we learned, a brand, especially in what it refers to to its execution format, it can be very varied, and that Noon Nopi can be reached through several brand elements. Let's think about this in the context of Starbucks. And I'm sure many of you know that the concept of the Starbucks' brand is the third place. And what it means is that Starbucks is not workplace, it's not home, It is a place where you can escape and just relax. Does that work outside of, let's say, the United States? Of course. Also here in Asia. So that does not have to change. But from the point of view of the many brand elements, some of them have to be localized. And the answer is again yes, The places in Asia where Starbucks have come so far, they localized not only the inner store, which is part of the brand, but also the outer store. Like here in Korea or in China as well. Just like writing the signs in the local language. I think it's a very good brand. In short, in the segment we learned that the brand is more than just a name. That the objective of a brand is essential for marketing, which helps us differentiate. We also learned that Asia is relatively new for brands. But it is catching up very fast. Brand management across Europe and Asia is being transferred and modernized. And finally, we learned that through brands, companies can adjust their Noon Nopi, either in terms of concept or in terms of its element for new markets.