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Brand strategy

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  • 1. 1 Branding Strategy MKT 301 Principles of Marketing Rationale for Branding What Businesses Get marketplace power, possible over long term What Customers Get easy and efficient identification of product benefits better differentiation among competitive brands financial returns; leading brands sell better
  • 2. 2 Outcomes of Effective Branding 1. Brand Position Comments Product “Position”: The perception a target audience holds about a product or brand, relative to its competitors. A successfully positioned product emphasizes differences with key competitors (who you select). Marketers base product positions not on competitors’ product attributes, but on competitors’ claims. Positioning draws from the organization of memory into “memory schema,” or systems of classifying stored concepts. Outcomes of Effective Branding 1. Brand Position 2. Brand Equity The value enhancement of a product provided by its brand name. What a brand provides beyond the benefits of actually using or consuming the product. Comments Brand equity has several components: performance social image trustworthiness identification substitutability
  • 3. 3 Outcomes of Effective Branding 1. Brand Position 2. Brand Equity 3. Brand Loyalty A cognitive commitment to repeatedly buying a particular brand over time. Comments True loyalty is more than repeated brand purchases. Loyalty is related but distinct from equity. Loyalty is the “holy grail” of marketing. Branding Policies 1. Individual Branding Naming a single product with a single brand name. Example: Proctor & Gamble Soaps Safeguard IvoryCamay Zest P&G
  • 4. 4 Branding Policies 1. Individual Branding Naming a single product with a single brand name. Comments Policy followed by many consumer products manufacturers. Permits more distinct targeting to well-defined groups. Permits greater positioning flexibility. Does not allow use of strong parent brand, but individual brands can become parent brands. Branding Policies Example: 1. Individual Branding 2. Brand Extensions Ivory Brand Ivory Bar Soap Ivory Body Wash Ivory Dish Soap Ivory Snow Ivory
  • 5. 5 Branding Policies 1. Individual Branding 2. Brand Extensions Creating product enhancements in the same product category and with the same brand name as the original. Comments Allows use of a strong overall brand name. Not for companies following diversification of product line. Almost no positioning flexibility. All products rely on same brand position. Branding Policies 1. Individual Branding 2. Brand Extensions 3. Family Brands Creating a line of products in multiple categories with the same overall brand. A&H Baking Soda A&H Toothpaste A&H Antiperspirant A&H Cat Litter Arm & Hammer
  • 6. 6 Branding Policies 1. Individual Branding 2. Brand Extensions 3. Family Brands Creating a line of products in multiple categories with the same overall brand. Comments Permits extensive use of a strong brand in a diversified product line. In consumer markets, risks dilution of brand equity. Branding Policies 1. Individual Branding 2. Brand Extensions 3. Family Brands 4. Co-branding Displaying brands of component parts or ingredients. Comments Common examples: Intel on computers Splenda on sugar free products Allows one brand to capitalize on equity of another brand.

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