A rancher was asked the name of his ranch. He replied, "It's the ABCDEFGHIJKLMNOPQRSTUVWXYZ Ranch." He was then asked how many head of cattle he had and he said, "Not many." "Why not," the rancher was asked. The rancher said, "Because most of them do not survive the branding."


Branding is a complex topic in the world of marketing. Many marketing theorists and researchers hold that branding correctly done can be the key to the success of a company, product or service. While some companies should utilize branding, it is not always a practical solution in every case and does not lend itself to every application. Many companies that try to brand either themselves or their products or services do not do it correctly and, as a result, do not survive the process.


This manuscript will focus on the efforts of retail real estate companies to brand themselves. The process of branding will be explored; why real estate companies feel compelled to brand; and how real estate companies brand themselves.


WHAT IS A BRAND?


A brand is a name, term, sign, symbol, or design or a combination of these intended to identify the products or services of one seller or group of sellers and to differentiate them from those of competitors.1 A brand is a seller's promise to consistently deliver a specific set of features, benefits and services to buyers.2


The art of naming a brand, i.e., a company, the products they manufacture, or the services they provide, is called semonernics. This is a word derived from the Greek - semon (identifier) and semein (to assign).


Branding is the creation of a connection of that name to the company, product, or service.


Charmasson 3 indicates that, "A name is a goodwill ambassador, a herald, a promise, the first thing that a consumer hears about a firm or its product. That first contact often determines the consumer's attitude toward the firm or product that the name identifies." 4


According to Professor John Philip Jones of Syracuse University, a brand is a product that provides functional benefits plus added elements that some consumers value enough to buy.5 The difference between a name and a brand is that while a name is an identifying designation, the brand name adds to that a sense of definition and personality.6


Murphy7 states that a brand is the product or service of a particular supplier, which is differentiated by its name and presentation. He says that a brand is a complex thing. Not only is it the actual product, but it is also the unique property of a specific owner and developed over time so as to embrace a set of values, both tangible and intangible, which meaningfully and appropriately differentiate products which are otherwise very similar.


THE PSYCHOLOGY OF BRANDING


A brand exists in psychological space, in the consumer's mind, according to Randazzo.8 He indicates that a brand is dynamic and malleable. Randazzo says that advertising is the vehicle that allows access to the consumer's mind, wherein a perceptual brand space is established. A brand takes on an almost mythical quality in the mind of the consumer, where the brand serves to engage the very psyche of the individual.


Gregory9 states that corporate image is comprised of "familiarity" - how well relevant audiences know the company - and "favorability" - how well audiences regard the company in terms of specific qualitative attributes. In the end, according to Gregory, the brand is the reputation and the reputation is the brand. Quoting Charles Brymer, CEO of Interbrand Scheter, Gregory posits that, "A product becomes a brand only when it stands for a host of tangible, intangible, and psychological factors. A key point to remember is that the manufacturer does not create brands. They exist only in the eye of the beholder; the customer."10


Gardner11 indicates that marketers do not have the power to build a brand. The actual creation of a brand and brand identity is done in the minds of each individual consumer.


The primary function of a brand is to identify and distinguish a firm from other firms or the firm's products or services from those of competitors. Psychologists call the impression left by a name an "engram."12 This is the impact the name has on the mind independent of the designated person or object. Davidson 13 states that a brand is a constantly changing mental inventory inside the customer's mind. Every facet of the marketing mix influences its image.


Ries and Ries14 state, "We believe in the process of branding. Marketing is building a brand in the mind of the prospect. If you can build a powerful brand, you will have a powerful marketing program. If you can't, then all the advertising, fancy packaging, sales promotion, and public relations in the world won't help you achieve your objective. Today, most products and services are bought, not sold. And, branding greatly facilitates this process. Branding "pre-sells" the product or service to the user. Branding is simply a more efficient way to sell things."15 Ries and Ries indicate that a brand name is nothing more than a word in the mind, albeit a special kind of word.


WHY BRAND?


Branding has a dramatic effect on retail performance, according to Chain Store Age; a news magazine for retail executives, compiled by Arthur Andersen.16 Creating a powerful brand appeal is paramount in today's over stored environment. 17 The successful retailer of the future will focus its brand building activities, both in-store and externally, on a select group of core target shoppers who appreciate and value the brand's attributes. Chain Store Age states that these "best customers" become the true basis of future growth. It has been a long held belief in retail circles that Pareto's so-called "Golden Ratio" applies, i.e., that 80 percent of sales come from 20 percent of customers. It would appear that Chain Store Age is advocating that shopping center companies tap into the core of "best customers."


Even though relationship marketing has been criticized in certain circles, the essence of the concept is inherent in the branding process. Branding is an attempt by a marketer to form a bond or lasting relationship between that certain company, product or service and the consumer.


Fox indicates that a number of companies are beginning to experiment with corporate branding and the motives behind the campaigns vary widely, but all are symptomatic of a newfound enthusiasm for corporate chest beating.18 Fox also states that because of external forces acting on companies from all sectors, the increasing difficulty of carving out a competitive edge and the cost of supporting single brands, corporate branding is a sensible marketing option.


Cebrzynski19 states that of all the techniques available to marketers, branding is the most powerful. He says branding is intended to be a long-term commitment to building and nurturing a loyal customer. According to Cebrzynski, branding is often an emotional appeal, speaking to how consumers want to feel about themselves. Marconi20 states that price with quality equals value and value is why people choose one brand over another. That, he says, and that "feel good" quality. Image, according to Marconi, is a major factor in the buying decision and sometimes it has to do with not only the image to which one aspires, but to one that is sort of a "creed."21


Lindquist22 quotes Martineau23 talking about store image, "It is the way in which the store is defined in the shopper's mind, partly by its functional qualities and partly by an aura of psychological attributes.? Lindquist also states that the brand image consists of everything people associate with the brand. He says that the word "store" could easily be substituted for the word "brand." It could be further argued, in the context of this manuscript, that "shopping center" could also be substituted for the word "brand" to capsulize the efforts of shopping center companies to brand themselves.


Nilson24 states that the role of a brand is to trigger a set of 'stored' values in the minds of customers. Brands are developed to tap into the customers' ability to retain impressions and link them to a visual or oral expression. According to Nilson, brands are built out of key values. These values are tangible benefits and intangible character.