Branding involves giving a product or service a name, symbol, or design to identify it and differentiate it from competitors. Key characteristics of a good brand include attributes, benefits, values, culture, and an implied target user. Branding benefits companies by making products easy to identify, assuring quality, reducing price comparisons, and increasing customer loyalty. Companies choose whether and how to brand products based on their ability to promote the brand and maintain consistent quality. Common branding strategies include individual product names, family names, separate family names, line extensions, brand extensions, multibranding, new brands, and cobranded offers between companies.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online from Scribd
Branding involves giving a product or service a name, symbol, or design to identify it and differentiate it from competitors. Key characteristics of a good brand include attributes, benefits, values, culture, and an implied target user. Branding benefits companies by making products easy to identify, assuring quality, reducing price comparisons, and increasing customer loyalty. Companies choose whether and how to brand products based on their ability to promote the brand and maintain consistent quality. Common branding strategies include individual product names, family names, separate family names, line extensions, brand extensions, multibranding, new brands, and cobranded offers between companies.
Branding involves giving a product or service a name, symbol, or design to identify it and differentiate it from competitors. Key characteristics of a good brand include attributes, benefits, values, culture, and an implied target user. Branding benefits companies by making products easy to identify, assuring quality, reducing price comparisons, and increasing customer loyalty. Companies choose whether and how to brand products based on their ability to promote the brand and maintain consistent quality. Common branding strategies include individual product names, family names, separate family names, line extensions, brand extensions, multibranding, new brands, and cobranded offers between companies.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online from Scribd
Branding involves giving a product or service a name, symbol, or design to identify it and differentiate it from competitors. Key characteristics of a good brand include attributes, benefits, values, culture, and an implied target user. Branding benefits companies by making products easy to identify, assuring quality, reducing price comparisons, and increasing customer loyalty. Companies choose whether and how to brand products based on their ability to promote the brand and maintain consistent quality. Common branding strategies include individual product names, family names, separate family names, line extensions, brand extensions, multibranding, new brands, and cobranded offers between companies.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online from Scribd
Brand is a name, term, sign, symbol or design or
a combination of them intended to identify the goods & services of one seller from those of competitors. Thus it is a seller’s promise to deliver a specific set of features, benefits & services consistently to the buyers. The characteristics of a good brand are: 1. Attributes – a brand brings with it certain attributes; eg: expensive (Loreal), durable (Ceat), etc. 2. Benefits – attributes are transformed into functional benefits (wont have to buy another tyre-Ceat) & emotional benefits (makes one feel important-Loreal). 3. Values – brand conveys producer’s values-good after sales service. 2 Characteristics & Reasons
4. Culture – brand may represent certain
culture ,eg: Harley Davidson (ruggedness) represents American culture. 5. Personality – brand may represent a certain personality, eg: Pulsar, SX4 (manly personality). 6. User – it suggests the consumer who buys & uses the product, eg: a top executive is expected to buy a Mercedes car & not a teenager. Reasons for branding:
1. Easy to identify goods & services.
2. Assure consumers that they will get consistent quality. 3. Reduces pricing comparisons. 4. Increases customer loyalty. 3 Reasons not to brand
Two responsibilities come with branding:
1. Promoting the brand 2. Maintaining a consistent quality. 3. Companies do not brand when they are unwilling or unable to assume these responsibilities. Some products are not branded because they cannot be differentiated from other firms’ products; eg: cotton, nails. Brand Equity: how many customers in the last two
stages.; i.e. how many people will go to buy the
product in another retail if not available in one.
A w a re n e ss A cce p ta b ility Pre fe re n ce Lo ya lty
4 Brand naming
Strategies that can be followed:
1.Individual names-company’s name is not ties with the product so if the product fails the company’s image is not hurt. Eg: Timex of Titan. 2.Blanket family names-no need to spend heavily on advertising. Eg: Tata Indica of Tata. 3.Separate family names-different names for different product lines & not one blanket name. Eg: HUL products. 4.Company name with individual product name. Eg: Kellogg's corn flakes. 5 Brand naming & strategies Characteristics of a good name –
1. Suggest the product benefits- Duraguard cement of
Lafarge. 2. Suggest product qualities such as action-Fevi kwick. 3. Easy to pronounce-short names like Tide. 4. Distinctive-Kodak. Branding strategies : 1. Line extension – introducing additional items in the same product category under the same brand name with new flavour, form, package etc.eg: lifebuoy total, surf excel blue. 2. Brand extension – using the existing brand name to launch new products in other categories. Eg: Yamaha musical instruments, Yamaha automobiles. 6 Strategies 3. Multibrands – introducing additional brands in the same product category but not by the same brand name to appeal to different buying motives. Eg: Brooke Bond & Lipton both are brands of HUL. 4. New Brands – when a company launches new products in a new category it may find that none of its current brand names are suitable. Then it comes up with a new brand name. Eg: when HUL launched its water purifier it used the name Pureit & not any of its previous names. 5. Cobrands – when two or more well known brands are combined into an offer. Each brand expects the other will strengthen the purchase & help in reaching a new audience. Eg: Air Deccan & Café Coffee Day have gone into cobranding. Cafe Coffee Day has become the single point vendor to supply a range of food and beverages to the passengers on Air Deccan flights. 7