What is the importance of MPR in building and supporting brand value?

Question

What will be an ideal response?

Answer 1

A company will not be able to carry out effective MPR if it does not understand the value of its own brands. MPR professionals are the stewards of the narrative generated by a brand's authors and are responsible for creating and sustaining brand value. That value helps to generate a brand culture around a company's products and effect positive growth in a company's sales and profitability. MPR professionals therefore need to manage four components of this value: reputation value, relationship value, experiential value and symbolic value. Reputation value shapes customers' perceptions of the quality of a product in an effort to elevate their confidence in that product. The relationship value deals with earning the trust of customers and communicating that an organization is able to meet customers' needs. Experiential value helps customers make purchase decisions by relating particular product benefits to particular product choices. This value derives from communicating to customers the specific benefits of using a firm's products and reinforcing this experience through word-of-mouth and media coverage. Symbolic value refers to the types of communication that convey the status, lifestyles, preferences and social aspirations of the customer by underscoring a product's associations with quality and service.