Inaugural Lecture: Prof. Philip Stern - Myths, reality and the importance of brands

Rather than examine the psychological basis for branding, in this lecture, Professor Philip Stern will explore some of the realities of how consumers buy brands and look at how these patterns compare with the received wisdom in marketing. Brand differentiation and brand loyalty will also be discussed using examples from familiar consumer markets as well from other examples, including prescription pharmaceuticals.

Brands are important economic entities – the top 20 global brands are estimated to be worth more than the GDP of Mexico, South Korea or Switzerland. Companies spend large sums on developing new brands and yet the top 10 global brands have changed very little over the past decade although there are some spectacular successes and failures.

Traditional marketing sees the brand as key to developing a customer offering which is different from the competition. It is claimed that building a successful brand results in loyal consumers who will generate superior profits. The way that brands operate is also often described using theories from consumer psychology.

Rather than examine the psychological basis for branding, in this lecture, Professor Stern will explore some of the realities of how consumers buy brands and look at how these patterns compare with the received wisdom in marketing. Brand differentiation and brand loyalty will be discussed using examples from familiar consumer markets as well from other examples, including prescription pharmaceuticals.

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