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Brand question

Brand question

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    Brand question Brand question Document Transcript

    • 1. Explains the Purpose of Branding? (5 marks)The purpose of branding is to create a powerful and lasting emotionalconnection with customers and other audiences. A brand is a set ofelements or “brand assets” that in combination create a unique,memorable, unmistakable, and valuable relationship between anorganization and its customers. The brand is carried by a set ofcompelling visual, written and vocal tools to represent the business planand intentions of an organization. Branding is the voice and image thatrepresents your business plan to the outside world. What your company,products and services stand for should all be captured in your brandingstrategy, and represented consistently throughout all your brand assetsand in your daily marketing activitiesThe brand image that carries this emotional connection consists of themany manageable elements of branding system, including both visualimage assets and language assets. The process of managing the brand tothe business plan is important not only in “big change situation” wherethe brand redefinition is required, but also in the management of routinemarketing variables and tactics. This does not have to be a “ground-up”situation where there are wholesale changes to the business. Rather it ismore common that specific changes to the changes to the business planare incremental and the work of the brand strategist and designer is tointerpret these changes and revise the branding strategy and resultingbrand assets and define their use in the full range of marketing variables.2. Define the Brand Identity & give an example? (3 marks)Brand Identity includes brand names, logos, positioning, brandassociations, and brand personality, brand toons etc. A good brand namegives a good first impression and evokes positive associations with thebrand. A positioning statement tells what business the company is in, 1
    • what benefits it provides and why it is better than the completion? Brandpersonality adds emotion, culture and myth to brand identity by the useof a famous spokesperson (Bill Cosby-Jello), a character (Pink Panther), ananimal (the Merrill lynch bull) etc.C o mp an y WordVolvo “ S afe ty ”BMW “ Driv ing performance”Mercedes “ Engineering”Federal Express “ Ov ernigh t”Apple compu te rs “ Graphics”Lotus “ S pre adshee ts”Kodak “ F ilm”3. What are the major Tools used for Building Brand Identity?(7 marks )Brand builders use a set of tools to strengthen and project the brandimage; Strong brands typically exhibit an owned word, a slogan, a color, asymbol, and set of stories.Owned WordA strong brand name should trigger another word, a favorable one. Hereis the list of brands that own a word:Slogan 2
    • Many companies successfully added a slogan or tagline to their brandname which is repeated in every ad they use. Here are some well-knownbrands slogans, which people on the street may easily recall or recognize:COMPANY SLOGANBritish Airways “The world’s favorite airline”Ford “Quality is our number one job”LIC “Jeevan ke saath bhi jeevan ke baad bhi”ColorsIt helps for a company or a brand to use a consistent set of color to andin the brand recognition. Caterpillar paints all its constructionequipments yellow. Yellow is the color of Kodak film. IBM uses blue in itspublications, and IBM is called “Big Blues”.Symbols and LogosCompanies would be wise to adapt a symbol or logo to use in theircommunications. Many companies hire a well-known spokesperson,hoping that his or her quality transfer to the brand. Nike uses MichaelJordon who has worldwide recognition and likableness, to advertise itsshoes. Sporting goods manufacturers sign contracts with top athletes toserve as their symbols, even naming the product after them.Cartoons and AnimationsA less expensive approach is to develop a character, animated, to etchthe brand’s image into customer’s mind. The advertising agency LeoBurnett has successfully created a number of memorable animatedcharacters. Here are some well known brand cartoons which people mayrecognize: 3
    • Company Cartoon or AnimationICICI Prudential ChintamaniAmul Butter Utterly Butterly GirlMcDonalds RonaldAll Out mosquito Repellent LouisPillsbury Doughboy7 Up Fido DidoObjectsStill another approach is to choose an object to represent a company orbrand. The travelers’ insurance company uses an umbrella, suggestingthat buying insurance is equivalent to having an umbrella available whenit rains. The prudential insurance company features the rock of Gibraltar,suggesting that buying an insurance is equivalent to “owing a peace ofrock “which is of course, solid ad dependable. Companies have developedmany logos or abstracts, which are easily remembered by people. Eventhe way the brand name is written makes a brand recognizable andmemorable.4. What are metrics to Measuring Brand Effectiveness?(5 marks )There are many metrics to measure the potential of and actualeffectiveness of brands. The simplest way is to apply the concept of whatwe call the 4 D’s of Branding; differentiation, distinctiveness, defendable,digit-able. Distinctiveness: your brand should be distinct when compared to your competitors and to all spoken and visual communications to 4
    • which your target audiences will be exposed. The more unique and distinct your communications, the wider the filed of effective competitive strength it will have. There are simple means to apply to test the distinctiveness of your brand. Differentiation: the brand strategy and brand assets must set you’ re offering apart and clearly articulate the specific positioning intent of your offering. Defendable: you will be investing in creating your brand assets and in all cases your brand must have proprietary strength to keep others from using close approximations. This applies to your trade names and other proprietary words as well as to your logos, symbols and other visual assets. Digit-able: in most businesses there is strong and growing element of electronic communications and commerce that dictate all brand assets be leveraged effectively in tactile and electronics form. This goes for all brand assets.5. Define the Brand? (3 marks) Any individual a brand (in his mind) is a complex combination ofexperiences, beliefs, perceptions and associations that have grown upover time. For example Coca-Cola is a company brand, a product brand,a service brand and a brand with a long history.6. How the customer Perceiving the brand? (7 marks ) 5
    • An individual builds up his perceptions of a brand via a wide range ofcommunications channels. They are as follows:Experience: The most powerful influence is experiential. This is whenthe individual actually has a "Brand experience". The most obvious are: - 1. He visits a McDonald’s restaurant or a Shell petrol station. 2. He buys a Coca-Cola branded product or service. 3. He views a Coca-Cola bottlers facility. 4. He visits a corporate website. 5. He attends an interview at the company. 6. He contacts the company office for information. 7. He meets an employee of the company. 8. He buys a share in the company, etc.Advertising: Over time an individual who lives in a country in which thecompany/brand is active, or travels to one on business or vacation, willbe exposed to their advertising. This advertising may be in a wide rangeof media: 1. TV commercials for products and services 2. Recruitment ads inviting employment applications 3. "Corporate" TV commercials promoting the companys "reputation" 4. Web based advertising 5. An ad for the company’s branded products or services in a wide variety of print media. 6. Billboards on highways 7. Radio 8. Point of sale etc.Media reports and stories: Individuals will be exposed to a wide varietyof reports about companies in the media (print and broadcast) where theeditorial content is only partly influence able by the company (in somecases) or not at all (in most cases). These stories will come from a varietyof primary and secondary sources: - 6
    • 1. Press releases 2. Press conferences 3. Reporting of "events" 4. Investigative journalism 5. Stories passed to the media by third parties (Non governmental organizations etc.)Professional/business interest: For some individuals to interfaceprofessionally, or from a specific business need, with famous companies(or to observe them) is part of their job. They will usually procure theirinformation from a variety of sources and via a variety of channels ofcommunication. These individuals have a special interest in thecompanies and they include: - 1. Financial analysts and journalists with an interest in share performance 2. Existing or potential suppliers of products and services 3. Existing or potential industrial/commercial customers7. How a company Building the Brand? (7marks)The art of marketing is largely art of brand building. When something isnot a brand, it will probably be viewed as a commodity. Then price is thething that counts. When price is the only thing that counts then the lowcost producer wins. But just having a brand is not enough. What does thebrand name mean? What associations, performances and expectationsdoes it evoke? What degree of preferences does it create?Choosing a Brand NameA brand name first must be chosen then its various meanings andpromises must be built up through brand identity work. In choosing abrand name, it must be consistent with the value positioning of the brand.In naming a product or service the company may face many possibilities:it could choose name of the person (Honda, Calvin Klein), location 7
    • (American airlines), quality (Safety stores, Healthy choice), or an artificialname (Exxon, Kodak).Among the desirable qualities of a brand name. Some are: It should suggest something about the product benefits. It should suggest product qualities such action or color It should be easy to pronounce, recognize and remember; short names help a lot to recognize the product to the customers. It should be distinctive. It should not carry poor meanings in other countries and languages etc.Building Positive AssociationsThe best known brand names carry associations. For example, here is alist of words that people say they associate with McDonalds: Kids Fun Happy Meal Ronald Mc. Donald Quality Toys In trying to build a rich set of positive associations for a brand, thebrand builder should consider five dimensions that can communicatemeaning: Attributes: A strong brand should trigger in buyers mind certain attributes. Thus a Mercedes automobile attributes a picture of well-engineered car that is durable, rugged and expensive. If a car brand does not trigger any attribute, then it would be a weak brand. 8
    • Benefits: A strong brand should suggest benefits, not just features. Thus Mercedes triggers the idea of well performing car that is enjoyable to drive and prestigious to own. Company Values: A strong brand should connote values that the company holds. Thus Mercedes is proud of its engineers and engineering innovations and is very organized and efficient in its operations. The fact that it is a German company adds more pictures in the mind of the buyers about the character and the culture of the brand. Personality: A strong brand should exhibit some personality traits. Thus if Mercedes were a person we would think of someone who is middle age, serious, well-organized and somewhat authoritarian. If Mercedes were an animal we might think of lion or its implied personality. Users: A strong brand should suggest the type of people who buy the brand. Thus we would expect Mercedes to draw buyers who are older, affluent and professional.In summary, brands when their very name connotes positive attributes,benefits, company values, personality and users in the buyer’s mind. Thebrand builder’s job is to create a brand identity that builds on thosedimensions.8. Identify the Elements Choosing Brand? (7marks)Brand elements are those trademarks devices that serve to identify anddifferentiate the brand. Most strong brands employ multiple brand 9
    • elements. Nike has distinctive “swoosh” logo, the empowering “Just Do It”slogan and the mythological “Nike” name based on the winged goddessof victory.Brand element can be chosen to build as much as brand equity aspossible. The test of the brand building ability of these elements is whatconsumers think or feel about the product if they only knew about thebrand element. A brand element provides positive contribution to brandequity.Brand Element Choice CriteriaThere are six criteria in choosing brand element. The first three can becharacterized by brand building in terms of how brand equity can bebuild through judicious choice of brand element. The latter three aremore defensive and are concerned with how the brand equity containedin the brand element can be leveraged and preserved in the face ofvarious opportunities and constraints. Memorable: How easily is the brand element recalled? How easily recognized? Is this true at both purchase and consumption? Short brand name like tide, Nike can help. Meaningful: To what extent is brand element credible and suggestive of the corresponding category? Does it suggest something about a product ingredient or a type of person who might use the brand? Likeability: How aesthetically appealing does consumers find the brand element? Is it inherently likeable visually, verbally, and in other ways? Concrete brand names such as Wheel, Sunsilk etc evoke much imagery. 10
    • Transferable: Can a brand element be used to introduce new products in the same or different categories? To what extent does the brand element add to brand equity across geographic boundaries and market segments? Adaptable: How adaptable and updatable is the brand element? Betty corker received 8 makeovers through the years-although she is 75 yrs old, she doesn’t look a day over 35. Protectable: How legally protectable is the brand element? How competitively protectable? Can it be easily copied? It is important that names that become synonymous with product categories such as Kleenex, Xerox, Jell-O, etc retain their trademarks rights and not become generic.Brand elements can play a number of roles. If consumers do not examinemuch information in making their product decisions, brand elementsshould be easily recognized and recalled and inherently descriptive andpersuasive. Memorable or meaningful brand elements can reduce theburden on marketing communications to build awareness and link brandassociations. The different associations that arise from likeability andappeal of the brand elements may also play a critical role in the equity ofbrand.9. What is Brand Equity? (3marks)There is no universally accepted definition of brand equity. The termmeans different things for different companies and products. More overBrand equity can be defined as three distinct elements: The total value of a brand as a separable asset -- when it is sold or included on a balance sheet. 11
    • A measure of the strength of consumers attachment to a brand. A description of the associations and beliefs the consumer has about the brand.10. What are the Branding benefits buyers as well as sellers?(7 marks )To Buyer: 1. Help buyers identify the product that they like/dislike. 2. Identify marketer 3. Helps reduce the time needed for purchase. 4. Helps buyers evaluate quality of products especially if unable to judge products characteristics. 5. Helps reduce buyers’ perceived risk of purchase. 6. Buyer may derive a psychological reward from owning the brand, i.e., Rolex or Mercedes.To Seller: 1. Differentiate product offering from competitors 2. Helps segment market by creating tailored images, i.e., Contact lenses 3. Brand identifies the companies’ products making repeat purchases easier for customers. 4. Reduce price comparisons 5. Brand helps firm introduce a new product that carries the name of one or more of its existing products...half as much as using a new brand, lower co. designs, advertising and promotional costs. Example, BPL telephones. 6. Easier cooperation with intermediaries with well known brands 7. Facilitates promotional efforts. 8. Helps foster brand loyalty helping to stabilize market share. 9. Firms may be able to charge a premium for the brand.11. Define the Labeling? (3 marks)It’s any written, electronic, or graphic communications on the packagingor on a separate but associated label. 12
    • 12. Objectives of the Packaging and package labeling? (5 marks)Packaging and package labeling have several objectives Physical protection – The objects enclosed in the package may require protection from, among other things, mechanical shock, vibration, electrostatic discharge, compression, temperature, etc. Barrier protection – A barrier from oxygen, water vapor, dust, etc., is often required. Permeation is a critical factor in design. Some packages contain desiccants or Oxygen absorbers to help extend shelf life. Modified atmospheres or controlled atmospheres are also maintained in some food packages. Keeping the contents clean, fresh, sterile and safe for the intended shelf life is a primary function. Containment or agglomeration – Small objects are typically grouped together in one package for reasons of efficiency. For example, a single box of 1000 pencils requires less physical handling than 1000 single pencils. Liquids, powders, and granular materials need containment. Information transmission – Packages and labels communicate how to use, transport, recycle, or dispose of the package or product. With pharmaceuticals, food, medical, and chemical products, some types of information are required by governments. Some packages and labels also are used for track and trace purposes. Marketing – The packaging and labels can be used by marketers to encourage potential buyers to purchase the product. Package graphic design and physical design have been important and constantly evolving phenomenon for several decades. Marketing communications and graphic design are applied to the surface of the package and (in many cases) the point of sale display. Security – Packaging can play an important role in reducing the security risks of shipment. Packages can be made with improved tamper resistance to deter tampering and also can have tamper-evident features to help indicate tampering. Packages can be engineered to help reduce the risks of package pilferage: Some package constructions are more resistant to pilferage and some have pilfered indicating seals. Packages may include authentication seals and use security printing to help indicate that the package and contents are not counterfeit. Packages also can include anti-theft devices, such as dye-packs, RFID tags, or electronic article surveillance tags that can be activated or detected by 13
    • devices at exit points and require specialized tools to deactivate. Using packaging in this way is a means of loss prevention. Convenience – Packages can have features that add convenience in distribution, handling, stacking, display, sale, opening, reclosing, use, dispensing, reuse, recycling, and ease of disposal Portion control – Single serving or single dosage packaging has a precise amount of contents to control usage. Bulk commodities (such as salt) can be divided into packages are a more suitable size for individual households. It is also aids the control of inventory: selling sealed one-liter-bottles of milk, rather than having people bring their own bottles to fill themselves.13. Describe the Packaging? (3 marks)Packaging can be described as a coordinated system of preparing goodsfor transport, warehousing, logistics, sale, and end use. Packagingcontains, protects, preserves, transports, informs, and sells14. Various types of packaging? (5 marks)Packaging may be looked at as being of several different types. Forexample a transport package or distribution package can be theshipping container used to ship, store, and handle the product or innerpackages. Some identify a consumer package as one which is directedtoward a consumer or household. Packaging may be described in relationto the type of product being packaged: medical device packaging, bulkchemical packaging, over-the-counter drug packaging, retail foodpackaging, military materiel packaging, pharmaceutical packaging, etc.It is sometimes convenient to categorize packages by layer or function:"primary", "secondary", etc. 1. Primary packaging is the material that first envelops the product and holds it. This usually is the smallest unit of distribution or use and is the package which is in direct contact with the contents. 2. Secondary packaging is outside the primary packaging, perhaps used to group primary packages together. 3. Tertiary packaging is used for bulk handling, warehouse storage and transport shipping. The most common form is a palletized unit load that packs tightly into containers.14. Define the marketing strategy? (3 marks)A marketing strategy is a process or model to allow a company ororganization to focus limited resources on the best opportunities toincrease sales and thereby achieve a sustainable competitive advantage. 14
    • 15. Explain the process of strategy for the new product development?(7 marks) 1. Idea Generation is often called the "fuzzy front end" of the NPD process o Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, companys R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features. o Lots of ideas are being generated about the new product. Out of these ideas many ideas are being implemented. The ideas use to generate in many forms and their generating places are also various. Many reasons are responsible for generation of an idea. o Idea Generation or Brainstorming of new product, service, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step). 2. Idea Screening o The object is to eliminate unsound concepts prior to devoting resources to them. o The screeners should ask several questions: Will the customer in the target market benefit from the product? What is the size and growth forecasts of the market segment/target market? What is the current or expected competitive pressure for the product idea? What are the industry sales and market trends the product idea is based on? Is it technically feasible to manufacture the product? Will the product be profitable when manufactured and delivered to the customer at the target price? 3. Concept Development and Testing o Develop the marketing and engineering details Investigate intellectual property issues and search patent data bases Who is the target market and who is the decision maker in the purchasing process? 15
    • What product features must the product incorporate? What benefits will the product provide? How will consumers react to the product? How will the product be produced most cost effectively? Prove feasibility through virtual computer aided rendering, and rapid prototyping What will it cost to produce it? o Testing the Concept by asking a sample of prospective customers what they think of the idea. Usually via Choice Modeling.4. Business Analysis o Estimate likely selling price based upon competition and customer feedback o Estimate sales volume based upon size of market and such tools as the Fourt-Woodlock equation o Estimate profitability and break-even point5. Beta Testing and Market Testing o Produce a physical prototype or mock-up o Test the product (and its packaging) in typical usage situations o Conduct focus group customer interviews or introduce at trade show o Make adjustments where necessary o Produce an initial run of the product and sell it in a test market area to determine customer acceptance6. Technical Implementation o New program initiation o Finalize Quality management system o Resource estimation o Requirement publication o Publish technical communications such as data sheets o Engineering operations planning o Department scheduling o Supplier collaboration o Logistics plan o Resource plan publication o Program review and monitoring o Contingencies - what-if planning7. Commercialization (often considered post-NPD) o Launch the product o Produce and place advertisements and other promotions o Fill the distribution pipeline with product o Critical path analysis is most useful at this stage8. New Product Pricing o Impact of new product on the entire product portfolio o Value Analysis (internal & external) o Competition and alternative competitive technologies 16
    • o Differing value segments (price, value, and need) o Product Costs (fixed & variable) o Forecast of unit volumes, revenue, and profit16. Explin the strategies in a product life-cycle? (7 marks)Product life-cycle management (or PLCM) is the succession of strategiesused by business management as a product goes through its life-cycle.The condition in which a product is sold (advertising, saturation) changesover time and must be managed as it moves through its succession ofstages.Product life-cycle (PLC) like human beings, products also have an arc.From birth to death, human beings pass through various stages e.g. birth,growth, maturity, decline and death. A similar life-cycle is seen in thecase of products. The product life cycle goes through multiple phases,involves many professional disciplines, and requires many skills, toolsand processes. Product life cycle (PLC) has to do with the life of a productin the market with respect to business/commercial costs and salesmeasures. To say that a product has a life cycle is to assert three things: Products have a limited life, Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller, Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.The four main stages of a products life cycle and the accompanyingcharacteristics are: Stage Characteristics 1. costs are very high 2. slow sales volumes to start1. Market 3. little or no competitionintroduction 4. demand has to be createdstage 5. customers have to be prompted to try the product 6. makes no money at this stage 1. costs reduced due to economies of scale 2. sales volume increases significantly2. Growth stage 3. profitability begins to rise 4. public awareness increases 17
    • 5. competition begins to increase with a few new players in establishing market 6. increased competition leads to price decreases 1. costs are lowered as a result of production volumes increasing and experience curve effects 2. sales volume peaks and market saturation is reached 3. increase in competitors entering the market3. Maturity stage 4. prices tend to drop due to the proliferation of competing products 5. brand differentiation and feature diversification is emphasized to maintain or increase market share 6. Industrial profits go down 1. costs become counter-optimal 2. sales volume decline4. Saturation and 3. prices, profitability diminishdecline stage 4. profit becomes more a challenge of production/distribution efficiency than increased sales 18