A brand is a name, term, design, symbol or other feature that distinguishes one seller's product from those of others.
CHARACTERISTICS OF GOOD BRAND NAME :
1. Different :They hold a clear and defendable point of difference in the market.
2. Authentic : Are relatable and authentic in their relationships.
3. Attractive :They are aspirational and draw others towards them.
4. Dependable:They deliver their promise time after time after time.
5. Clear:They are simple, clear and deliver a well defined message.
6. Loved:They are loved by their own people and those that seek to interact with them.
7. Worthy:They have worth. Good brands build value back into the organisation.
8. Accountable :They can be held accountable. They can be measured to demonstrate and improve performance.
BRAND DEFINITION
- The American Marketing Association defines a brand as “A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name.”
BRAND ELEMENTS
1. Name
- The word or words used to identify a company, product, service, or concept.
- It must be :Descriptive - function (Japan Airlines) , Compounds - combo (Redbull), Classical - Latin based (Meritor) , Arbitrary - no apparent tie (Apple), Fanciful - coined (Avanade)
2. Logo:
The visual trademark that identifies a brand.
It must be : Simple , Distinctive , Versatile , Appropriate.
Logo design
- It is an important area of graphic design, and one of the most difficult to perfect.
- The logo (ideogram) is the image embodying an organization. Because logos are meant to represent companies' brands or corporate identities and foster their immediate customer recognition, it is counter productive to frequently redesign logos.
Logo color
- It is a key element in logo design and plays an important role in brand differentiation.
- It is considered important to brand recognition and logo design, it shouldn't conflict with logo functionality, and it needs to be remembered that color connotations and associations are not consistent across all social and cultural groups.
- For example, in the United States, red, white, and blue are often used in logos for companies that want to project patriotic feelings but other countries will have different sets of colors that evoke national pride.
Logo design process :
- Designing a good logo may require involvement from the marketing team and the design agency (if the process is outsourced), or graphic design contest platform (if it is crowd sourced).
- It requires a clear idea about the concept and values of the brand as well as understanding of the consumer or target group.
- Broad steps in the logo design process might be formulating the concept, doing an initial design, finalizing the logo concept, deciding the theme colors and format involved.
3. Tagline or catchphrase:
- Advertising slogans are short, memorable groups of words used in advertising campaigns.
- The advertising phrases or taglines are means of drawing attention to one distinctive feature (an aspect of a product).
- The purpose is to emphasize a phrase that an entity wishes to be remembered by;Particularly, for marketing a specific corporate image; Or, connection to a business product or consumer base.
BRAND DECISIONS
To acquire, retain, and grow
customers, companies need to know how customers make brand decisions.
The brand decision can be
primarily cognitive or experiential depending on the product category and
situation.
Brand decision-making is partly
rational and partly emotional, so brands must speak to both the head and the
heart.
THE DECISIONS :
1. Individual branding vs family branding:
Individual branding
- Also called individual product branding, flanker brands or multi branding, is the marketing strategy of giving each product in a portfolio its own unique brand name.
- The advantage of individual branding is that each product has an image and identity that is unique. This facilitates the positioning of each product, by allowing a firm to position its brands differently.
- Examples of individual product branding include Procter & Gamble, which markets multiple brands such as Pampers, and Unilever, which markets individual brands such as Dove. Mobile phone companies often use flanker brands to offer the same service plans to different markets. For example, Bell Mobility Virgin Mobile brand as a flanker to market to young urbanites.
Family branding,
- Corporate branding, and umbrella branding is in which the products in a product line are given a single overarching brand name.
- All products use the same means of identification and have no additional brand names or symbols attached.
- Umbrella branding does not mean that the whole product portfolio of a firm will fall under one brand name as company can go for different approaches of branding for different product lines.
2. Brand Extension
- Brand extension or brand stretching is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. The new product is called a spin-off. Organizations use this strategy to increase and leverage brand equity .
3. Brand Positioning
Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. It is ensures that all brand activity has a common aim; is guided, directed and delivered by the brand’s benefits/reasons to buy; and it focusses at all points of contact with the consumer.
STEPS IN BRAND DECISION:
Step 1: Problem and Opportunity
Recognition.
Step 2: Information Search.
Step 3: Evaluation of Choices.
Step 4: Behaviour and Action.
Step 5: Review of Buying Decision .
3 Approaches to make brand decision :
1. Cognitive Model :
Recognise problem or opportunity >> Search for information >> Evaluate choices >> Make buying decision >> Review.
2. Experimental model :
Recognise problem or opportunity >>Evaluate feelings of benefits and choices >> Make buying decision >> Review.
3.Habit / Repeat Model :
Recognise problem or opportunity >> Make buying decision >> Review.
IMPORTANCE OF BRANDING :
- Branding is a great way to promote this recognition because people are busy and tend to adhere to familiarity.
- If consumers recognize a brand that they have previously used and they remember being satisfied with it, then they are more likely to choose that product or service again.
- Delivers the message clearly.
- Confirms your credibility.
- Connects your target prospects emotionally.
- Motivates the buyer.
- Concretes User Loyalty.
ADVANTAGES OF BRANDING
I. Advantages to Producers
(i) Brand name helps in advertising in an easier way.
(ii) Brand name establishes the permanent identity of the product.
(iii) Brand name promotes repurchasing.
(iv) Competition becomes easier with the help of brand loyalty.
II. Advantages to Consumers
(i) Shopping consumes lesser time as branded products can be easily identified.
(ii) The quality of branded product undoubtedly is better.
(iii) Prices of branded products are fixed by the companies themselves and there are no frequent changes.
(iv) The branded products own the responsibility for its usefulness.
