Introduction India is the fastest growing free market democracy in the world. India has the largest knowledge workforce in the world and with more and more people moving to the higher income strata, India is a market that the world cannot ignore. The opening up of the Indian economy has given a level playing field for foreign brands against Indian brands. Several multinational companies have begun to focus their attention on Indian markets. Global brands are threatening the existence of several Indian brands. These brands have strong presence in the minds of the customers globally and have performed consistently for a long time.
What Is Brand? Are you sure you know? We’re continually amazed at how many people simply answer, “a company’s name” or “a corporate logo.” Let me show you how branding can be understood—as easy as pie. Just like we know people by their names, we know hundreds of brands by name. But, like people too, the more you know about a brand, the more it seems to have its own individual personality. But while we know people by their names, we don’t say they “are” their names. Here’s where we get to what branding really is. Branding is the sum total of a company’s identity—from its name and logo to every piece of communication, internal or external—to every encounter every customer or potential customer has with it.
Concept of Brand Brand is the personality that identifies a product, service or company (name, term, sign, symbol, or design, or combination of them) and how it relates to key constituencies: customers, staff, partners, investors etc. Some people distinguish the psychological aspect, brand associations like thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand, of a brand from the experiential aspect.
Branding -a differentperspective Branding can be rational or irrational. Customers buy brand not only for the intrinsic values associated with it but also because the brand has surprised them in the past with newer and more novel experiences. Branding is a promise made to the customer that will deliver values beyond expectation. Branding strategy hence should also involve continuously communicating to the customer of the novel experiences that he/she has had with the brand.
Elements of Brand Brand elements Brands are communicated through various elements: Name: The word or words used to identify the company, product, service, concept Logo: The visual trademark that identifies the brand Tagline or Catchphrase: "The Quicker Picker Upper" is associated with Bounty; "Can you hear me now" is an important part of the Verizon brand. Shapes: The distinctive shape of the Coca-Cola bottle or the Volkswagen Beetle are trademarked elements of those brands. Graphics: The dynamic ribbon is also a trademarked part of Coca- Colas brand. Colour: Owens-Corning is the only brand of fibreglass insulation that can be pink. Sounds: A unique tune or set of notes can "denote" a brand: NBCs chimes are one of the most famous examples. Movement: Lamborghini has trademarked the upward motion of its car doors. Smells: Scents, such as the rose-jasmine-musk of Chanel No. 5 is trademarked. Taste: KFC has trademarked its special recipe of 11 herbs and spices for fried chicken
Global brand and Local brand Global brand --A global brand is one which is perceived to reflect the same set of values around the world. Global brands transcend their origins and create strong enduring relationships with consumers across countries and cultures. They are brands sold in international markets. Examples of global brands include Facebook, Apple, Pepsi, McDonalds, Mastercard, Gap, Sony and Nike. These brands are used to sell the same product across multiple markets and could be considered successful to the extent that the associated products are easily recognizable by the diverse set of consumers. Local brand --A brand that is sold and marketed (distributed and promoted) in a relatively small and restricted geographical area. A local brand is a brand that can be found in only one country or region. It may be called a regional brand if the area encompasses more than one metropolitan market. It may also be a brand that is developed for a specific national market, however an interesting thing about local brand is that the local branding
Benefits of Global Brand Economies of scale (production and distribution) Lower marketing costs Laying the groundwork for future extensions worldwide Maintaining consistent brand imagery Quicker identification and integration of innovations (discovered worldwide) Preempting international competitors from entering domestic markets or locking you out of other geographic markets Increasing international media reach (especially with the explosion of the Internet) is an enabler Increases in international business and tourism are also enablers
Benefits of Local Brand Local brand offers greater selection and higher equility Scope for expansion Meeting the local needs of the people and tastes Strong community ties Cultural identity Local operational or logistical advantages
Five reasons local brands have the home-fieldadvantageFew brands establish dominating positions in multiple countries. Moreover,weve observed that brands that are distributed across multiple countries tendto have weaker overall relationships with consumers than brands that stickclose to home. The chart above is based on an analysis of over 10,000 brands measured as part of BrandZ™. The data suggests that brands that compete in more countries tend to have weaker "Bonding" scores overall. For most brands, much of their strength and equity comes from their original home markets. This should not be surprising because few of todays global brands were originally designed to travel. Most of them originated long before the imperative to go global took hold. We can
Brand strategy As I see it, a company’s brand strategy describes how the brand intends to create customers and advance them beyond the reach of competitors. Specifically, it sets forth the creative, social and moral steps that the brand will take to create the customers that will drive the business forward. A brand strategy will position customers as a key part of the company’s competitive edge—and keep moving that edge. The customer wins through progressively added value, and the company wins through customers who won’t settle for second best. In brand strategy we don’t focus on “positioning the brand.” We focus on positioning the customer—to win. In other words, the brand wins through the customer.
Brand strategy contd…. Brand positioning:- Marketers need to position their brands and target customer’s mind. Positioning refers to the act of designing the company’s offerings and image in such a way that it occupies a distinctive places in the minds of target customers. The strongest brand go beyond attribute or benefit positioning.They are positioned on strong beliefs and values.
Brand strategy contd …. Brand name selection:- A good name can greatly add to products success. Desirable qualities of brand name include It should suggest something about the products benefits and qualities. It should be easy to pronounce,recognize and remember. The brand name should be distinctive. It should be extendable. The brand name should translate easily into foreign language. It should be capable of registration and legal protection.
Brand strategy contd…. Brand sponsorship:- A manufacturer has four sponsership.The product may be launched as :-• national brand• private brand• licensed brand and• co-brand
Brand stategy contd… Brand development:- A company has four chances when it comes to developing brands. It can introduce :• Line extensions• Brand extensions• Multi brands• New brands
Let’s discuss Brand development and strategies of two famous brand Allen Solly Levi’s
Brand –Allen Solly Brand is the most valuable asset of the company. It is the driving force behind the business. In order to plan and implement a brand strategy, the current state of the business must first be analyzed to uncover the needs and issues that are unique to the industry. It’s only by gaining this understanding, and comparing it with your vision, that the brand strategy can be revealed. Allen solly Came in India in 1990. Launched the concept of Friday Dressing. Introduced women wear in corporate world. Known as most dominating brand.
Brand Levi’s Levis Fashions a New Strategy A dynamic new team looks to stamp innovation on an old brand. Hanson, who, along with his designer muse, was brought back from Europe to Levis San Francisco headquarters last year to reverse the seriously sagging fortunes of the companys brand in America. "It has a bold, confident statue that doesnt say, Levis is back. It says, Levis is leading."
CONCLUSION In today’s world brand has a major role in the markets of developing economy. Good brand act as a king pin in the business. So company must manage their brand. Brand positioning must be continuously communicated to consumers. Above all,however,a powerful brand forms the basis for building strong and profitable customer relationships .Brand are powerful assets that must be carefully developed and managed.