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Branding Basics

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some basics on branding

some basics on branding

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  • 1. PRODUCT BRANDING 20/04/2014 Branding
  • 2. What is a Brand • A Basic Decision in marketing products is Branding • In Branding an organisation uses a name, phrase, design, symbols or combination of these to identify its products and disntinguish them from those of competitors • A Brand Name is any “Word”, “Device”: design, sound , shape or colour or combination • A “Trade Name” is a commercial, legal name under which a company does business • A “Trade Mark” : identifies that a firm has a legally registered its brand name or trade name so that the firm has its exclusive use, thereby preventing others from using it 20/04/2014 Branding
  • 3. What is a Brand • A brand takes the form of a symbolic construct created by a marketer to represent a collection of information about a product or group of products. This symbolic construct typically consists of a name, identifying mark, logo, visual images or symbols, or mental concepts which distinguishes the product or service. • A brand often carries connotations of a product's "promise 20/04/2014 Branding
  • 4. Value Of Branding 20/04/2014 Branding • Branding policy is important not only for manufacturers but also for Retailers and consumers • Retailers value Branding because consumers shop at stores that carry their desired brand • Consumers value branding as it allows them to be Efficient shoppers • For manufacturers : allows for brand extension : the practice of using a current brand name to enter a completely different product class
  • 5. What is a Brand 20/04/2014 Branding A BRAND IS A COMPLEX SYMBOL THAT CONVEYS SIX LEVELS OF MEANING  ATTRIBUTES : A BRAND BRINGS TO MIND CERTAIN ATTRIBUTES  BENEFITS : ATTRIBUTES MUST BE TRANSLATED INTO FUNCTIONAL AND EMOTIONAL BENEFITS.  VALUES : BRAND SAYS SOMETHING ABOUT THE PRODUCERS VALUES  MERCEDES STANDS FOR HIGH PERFORMANCE, PRESTIGE
  • 6. What is a Brand 20/04/2014 Branding  CULTURE : BRAND MAY REPRESENT A CERTAIN CULTURE  PERSONALITY : PROJECTS A CERTAIN PERSONALITY  USER : SUGGESTS THE KIND OF CONSUMER WHO BUYS AND USES THE PRODUCT. IT SEEKS TO INCREASE THE PERCEIVED VALUE TO THE CUSTOMER AND THEREBY INCREASE THE “BRAND EQUITY”
  • 7. Brand Equity 20/04/2014 Branding • The value of a company's brand equity can be calculated by comparing the expected future revenue from the branded product with the expected future revenue from an equivalent non-branded product. • This value can comprise both tangible, functional attributes (eg. TWICE the cleaning power or HALF the fat) and intangible emotional attributes (eg. The brand for people with style and good taste).
  • 8. Characteristics of a good brand name 20/04/2014 Branding • be legally protectable • be easy to pronounce • be easy to remember • be easy to recognize • attract attention • suggest product benefits (eg.:Easy off) or suggest usage • suggest the company or product image • distinguish the product's positioning
  • 9. Brand types 20/04/2014 Branding • Premium brand typically costs more than other products. • Economy brand is a brand targeted to a high price elasticity market segment. • Fighting brand is a brand created specificlly to counter a competitive threat • Family Branding : When one brand name is used for several related products, this is referred to as family branding. – Family branding is a marketing strategy that involves selling several related products under one brand name.
  • 10. Brand types 20/04/2014 Branding • Corporate branding : refers to the practice of using a company's name as a product brand name. • It is an attempt to leverage corporate brand equity to create product brand recognition. – Eg : Disney: includes the word "Disney" in the name of many of its products; – Pepsi, and Coca-Cola. • Corporate branding can result in significant economies of scope since one advertising campaign can be used for several products. • It also facilitates new product acceptance because potential buyers are already familiar with the name. • A corporate branding strategy is generally only useful when the company is already well known with a very positive image in the target market.
  • 11. Benefits of Branding 20/04/2014 Branding • Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with present and future purchases of the same product. • This may increase sales by making a comparison with competing products more favorable. • It also enables the manufacturer to charge more for the product. • The value of the brand is determined by the amount of profit it generates for the manufacturer. • This results from a combination of increased sales and increased price.