BRAND MANAGEMENT

What is Brand?

A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

Advantages of Brand

Improved perceptions of product performance. Less vulnerability to competitive marketing actions. Larger margins Greater Loyalty Greater trade co-operation and support

Brand Elements
Are those trademarkable devices that identify and differentiate the brand. e.g. Nike name based on goddess of victory , swoosh logo, Jst do it slogan.

Crafting Criteria

Memorable Meaningful Likable Transferable Adaptable Protectible

Brand Personality
Means as the set of human characteristics associated with brand. Brands having distinct personalities generally have 5 factors: 1. Sincerity 2. Excitement 3. Competence 4. Sophistication 5. Ruggedness

Approaches

Ritualistic Brands Symbol Brands Heritage Brands Exclusive Brands Belonging Brands Legendary brands

Brand Association

BRAND PEOPLE THINGS PLACES

People : Endorsers, Employees Things : Events, Causes Places : Country of origin, Channels Other Brands : Alliances, Ingredients, Company, Extensions

Brand Equity
Brand equity is the added value endowed on products and services. It is reflected in the way consumers think, feel & act with respect to the brand. It has following 2 categories: 1. Customer-based equity 2. Price-based equity

BRAND POSITIONING

Positioning -- Identifying optimal location of a brand and its competitors in the mind of consumers or a market segment to maximize potential benefit to the firm Location of the product is such that the consumers/market segments think about the product/service in the desired way

Basic Concepts

Death of one-size-fits-all Mass production Mass customization act of designing the companys offer and image so that it occupies a distinct and valued space in the target customers mind. Key steps: Who is the target customer? Who are the main competitors? How is the brand similar to the competition? How is the brand different from the competition?

Target Market

Market set of actual and potential buyers motivation, ability and opportunity to buy your product Market segmentation Dividing into Homogenous consumer groups Customization vs. Cost tradeoff is Mera wala green profitable Segmentation base: Descriptive Customer Oriented (who is the customer?) Behavioral Product oriented (customers product usage)

Positioning Step 1 : Define & communicate a competitive frame of reference

This helps provide consumers with a frame of reference & avoid confusion in consumers mind. Important when introducing new products ITC- Wills-Fiama, Bingo etc. Well established brands do not need this Coke- beverages, Kellogs, McKinsey etc.

Competitive Frame of reference

Company can straddle 2 or more frames of reference BMW luxury & performance Kellogs taste & health Maggi fast to cook, healthy to eat

Step 2 : Choose Points of Difference

Strong Favorable Unique brand associations Based on Attribute Benefit Develop a USP & a Sustainable Competitive Advantage (SCA) USP Dettol vs.Savlon does not burn Iodex vs. Moov does not leave stains Crocin vs. Vicks Action 500 fast relief

Step 3 : Establish POD

Taste vs. low calories Low price vs. quality Powerful vs. safe Family & Fun Nutritious vs. taste

Separate the attributes Head & Shoulders 2 attributes dandruff removal & sleek, shine and healthy hair Leverage equity of another entity brand ambassadors Sachin Tendulkar & Boost,

Step 4 : Update Positioning over time Laddering

move from low level needs to higher level needs

Involves a progression from attributes to benefits to value creation (Maslows Hierarchy) Cream/lotions moisturizes skin- healthy & glowing skin- beauty & confidence