BRANDING

BRANDING: 

Dr Mallika Srivastava Marketing Management I BRANDING

What is Brand Identity?: 

What is Brand Identity? A promise that gets kept consistently Defines your organization It creates a personality and a life for your products/services A unique and consistent look, feel, tone and voice for all communications Conveys-at a-glance the distinctive attributes of your organization Over time, it builds awareness of and an attitude towards your organization

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Strengthens the impact of all messages Paves the way for new customer relationships Provides employees with a greater sense of commitment It’s essential to your success in the marketplace No business is too small and no product too generic to develop a brand identity

Define Brand: 

Define Brand A name, term, sign, symbol, or design (or some combination thereof) used to identify the products of one firm and to differentiate them from competitive offerings Something used to show customers that one product is different than the products of another manufacturer

Role and Significance of Brands: 

Role and Significance of 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

Characteristics of Strong. Successful Brands: 

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

Defining Brand Equity: 

Defining Brand Equity Brand Equity is the added value endowed on products and services. It may be reflected in the way consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands for the firm. Consumers Knowledge about the Brand. Brand Knowledge consists of all the thoughts, feelings, images, experiences, beliefs…that becomes associated with brand Customer based brand Equity Positive customer based brand equity Negative customer based brand equity

Brand Equity as a Bridge: 

Brand Equity as a Bridge Brand equity provides marketers with a vital strategic “bridge” from their past to their future. The quality of the investment in brand building is the critical factor, not necessarily the quantity, beyond some minimal threshold amount. Example 7Up –decline in sales in 1990’s

Building Brand Equity: 

Building Brand Equity The initial choices for the brand elements or identities making up the brand The product and service and all accompanying marketing activities and supporting marketing programs Other Associations indirectly transferred to the brand by linking it to some other entity( a person, place , or thing)

Key Brand Elements: 

Key Brand 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.) Brand Tone- 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.

Brand Building Decisions: 

Brand Building Decisions Brand Positioning Attributes Benefits Beliefs and Values Brand Name Selection Selection Protection Brand Sponsorship Manufacturer’s Brand Private Brand Licensing Co-branding Brand Development Line extensions Brand Extensions Multibrands New Brands

Brand Positioning: 

Brand Positioning Marketers can position brands at any three levels: Product Attributes Benefit Strong beliefs and Values

Brand Name Selection: 

Brand Name Selection Words, letters, or symbols that make up a name used to identify and distinguish the firm’s offerings from those of its competitors. Desirable qualities for a brand name: It should suggest something about the products benefits and qualities It should be easy to pronounce, recognize, and remember The brand name should be distinctive It should be extendable The name should be able to translate easily into foreign languages. It should be capable of registration and legal protection

Brand Name: 

Brand Name Individual brand Blanket Family Brand Family brand for specific products Company trade name followed by product name

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Manufacturer’s Brand or National Brand Products that carry the names of the manufacturer Kelloggs , Apple…. Private Brands A brand created not owned by a reseller of a product or service Products that carry the names of the seller and not the manufacturer

Brand Sponsorship: 

Brand Sponsorship Sponsorship options Manufacturer’s Brand (or National Brand) Private Brand(Store brand or distributor brand Licensed Brand Co Brand

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Licensing Some companies license names or symbols previously created by other manufacturers, names of well-known celebrities, or characters from popular movies and books. For a fee, any of these can provide an instant and proven brand name.

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Co Branding Two companies join to create a new product carrying both their brands. The practice of using the established brand names of two different companies on the same product. Examples: Coke and McDonalds

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Advantages of CoBranding Combined Brand creates broader consumer appeal and greater brand equity It also allows the company to expand its existing brand into a category it might otherwise have difficulty entering alone Example Sun Trust and Wal Mart

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Limitations of Co-branding Involves complex legal contracts and licenses Coordinate their advertising, sales, promotion, and other marketing activities Each partner must trust each other

Brand Development: 

Brand Development Brand Development Strategies New Brands Line Extension Brand Extension MultiBrands Product Category Brand Name Existing New Existing New

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Line Extensions: Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category Brand Extensions Extending an existing brand name to new product categories Multibrands Companies often introduce additional brands in the same category. It offers a way to establish different features and appeal to different buying motives New Brands When existing brand name is waning Enters a new product category

Branding: 

A brand is 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

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Branding terms Brand name - 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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Benefits of branding

Packaging: 

Serves a functional purpose and a means of promotional communication about the product or brand. A container or wrapping in which a product is offered for sale. Effective and thoughtful packaging can increase sales . Packaging

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Factors contributed to the growing use of packaging as a marketing tool: Self Service Consumer affluence Company and Brand Image Innovation Opportunity

Labelling: 

Labels perform several functions: Identifies the product or brand Grade the product It might describe the product It might promote the product Labelling