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Branding
Branding is important for distinguishing products and establishing status. A brand represents the value delivered to customers and builds loyalty. Strong brands are integrated within organizations and drive shareholder value. Key branding elements include the name, position, promise, personality, tone, story and associations. Branding strategies include product, line, range and umbrella branding. Brand management involves marketing programs to build and maintain brand equity through product, price, distribution and communications. New challenges for brands include consumer simplification needs, increased competition and complex portfolios.
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Branding
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- 2. A brandis any name, design, style, words or symbols, singly or in combination that distinguish one product from another in the eyes of the customer. Brands are used by people to establish their status far more than religion or political party. • An important element of the tangible product. • In consumer markets can link items within a product line. • Can help in the development of a new product. • Creates and communicates a three dimensional character of a product that is not easily duplicated by competitors. Branding
- 3. Role and Significanceof Brands A major asset of the Firm They are valuable, renewable and lasting assets, capable of working for their firms for generations. Example Coca Cola, Microsoft, IBM, Mc Donalds…. Brand Represents the value Delivered to the customers Brand is a valuable asset to the firm Builds customer patronage and trust Secures customers life time loyalty It becomes his sole choice Brand offers Strategic Leverage to the firm
- 4. Characteristics of Strong.Successful Brands The brand drives shareholders value It is fully integrated part of the organization as a whole, aligned around multiple touch points It can be valued in financial terms It can be bought and sold as an asset Customers are willing to pay a substantial and consistent price premium for it Customers associate strongly with a brand Customers are loyal to a brand It is fiercely and proactively protected by the company
- 5. Key Branding Elements •Brand Name-name, tagline, logo • Brand Position-description of your organization • Brand Promise-The single most important thing your organization promises to deliver every time • Brand Personality-what you want your brand to be known for (fun, serious,magical,forceful,imaginative, etc.) • BrandTone-edgy, humorous, conservative, subtle • Brand Story-Your organizational history and how it adds value to the brand, highlights how your products and services grew from that background and how your methodology impacts what you offer • Brand Associations-colors, taglines, images, fonts, uniforms, signage, equipment, etc.
- 6. Branding Building Decisions BrandPositioning Attributes Benefits Beliefs andValues Brand Name Selection Selection Protection Brand Sponsorship Manufacturer’s Brand Private Brand Licensing Co-branding Brand Development Line extensions Brand Extensions Multibrands New Brands
- 7. Branding terms • Brandname - word or illustration that distinguishes one seller’s goods from another. • Trade name - the legal name of an organisation, which may or may not relate directly to the branding of its products. • Trade mark - brand name, symbol, or logo which is registered and protected for the owner’s sole use. • Brand mark - the element of the visual brand identity that does not consist of words but design and symbols.
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- 9. Branding Strategies ProductBranding Strategy Focusing on product concept e.g. HLL P&G,ITC Line Branding strategy,focussing on complimentary benefits or features e.g. Lakme Range Branding Strategy, Expanding your expertise like Dabur , Himalaya Umbrella Branding strategy. All products are positioned under one single brand. E.g tat Birla etc. Double branding strategy; Combination of umbrella branding and product branding e.g Tata Indica,Bajaj Pulsar,etc. 9
- 10. Brand Management Brandmanagement is the act of designing and implementing marketing programs to build and maintain brand equity. Product Price Distribution Communications
- 11. The Role ofa Brand or Product Manager Prepare Marketing Plan Develop Copy, Programs, and Campaigns Stimulate Sales and Distribution Market Intelligence Product Improvements
- 12. 12 New Branding Challenges Brands are important as ever Consumer need for simplification Consumer need for risk reduction Brand management is as difficult as ever consumers Increased competition Decreased effectiveness of traditional marketing tools and emergence of new marketing tools Complex brand and product portfolios
- 13. CONCLUSION: I CONCLUDETHATTHIS BRANDING IS ALSO A IMPORTANT FACTORTOA COMPANY FORTHEIR PRODUCT IDENTIFICATIONANDTO SHOW UNIQUE NESS FROM COMPETATOR PRODUCTS.
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