The purpose of branding in marketing is to establish trust within your consumers and create loyalty. Your brand not only gives your buyers a way to remember you, but it also creates an identity for your business and sets you apart from competitors.
The purpose of branding in marketing is to establish trust within your consumers and create loyalty. Your brand not only gives your buyers a way to remember you, but it also creates an identity for your business and sets you apart from competitors.
The purpose of branding in marketing is to establish trust within your consumers and create loyalty. Your brand not only gives your buyers a way to remember you, but it also creates an identity for your business and sets you apart from competitors.
The purpose of branding in marketing is to establish trust within your consumers and create loyalty. Your brand not only gives your buyers a way to remember you, but it also creates an identity for your business and sets you apart from competitors.
BRANDING Family and Consumer Life Skills OBJECTIVES: Identify the commonly used branding strategy
Explain each branding approach used
in marketing strategy Brand • Refers to the name, design, color, symbol, quality, features, or combination of these elements that make the product separate and distinct from similar products of the competitors. Example of Branding BRANDING Branding Strategy • Starts with the formulation of a brand name for the first single product that the business intends to make.
• The situation becomes more complicated when the
business starts to offer an additional product.
• Though most entrepreneurial endeavors engaged in
manufacturing start in a single product, they eventually add a new product line in response to new entrepreneurial opportunities. Branding Strategies: 1. Umbrella brand approach 2. House brand approach 3. Line extension approach 4. Product extension approach UMBRELLA BRAND APPROACH • The umbrella brand approach of branding names, all products of the business carry the same brand name. The various product lines are not differentiated from each other from the perspective of the brand name.
• For example, Honda Motors produces motorcycles,
cars, agricultural machines, grass cutters, and lawn mowers. Each product line has different types of models. HOUSE BRAND APPROACH • In the house brand approach, every product of the same business has a separate brand name the distinguishes it from the rest of the company’s products.
• For example, Procter & Gamble Philippines, Inc.
has applied the house brand approach in providing brand names to its various product lines. LINE EXTENSION APPROACH • In the line extension approach, the existing product has been modified or altered resulting in a new product or more products without eliminating the original product. The new additional product must be within the same category.
• For example, the Bear Brand milk products now
include the following variations: sweetened condensed milk filled milk, powdered milk, full cream evaporated milk, pasteurized milk, and low- fat milk. PRODUCT EXTENSION APPROACH • In the product extension approach, a new product carries the brand name in a new category. The new or added product appears to be totally different from the old or existing product line.
• For example, General Electric Company, popular known
as GE, provides one brand name to all of its products under the different categories, such as refrigerators, freezers, ranges, ovens, dishwashers, air conditioners, washers and dryers, housewares, industrial products, and light and power products. Each category offers various models of products.