BRANDS

WHAT IS BRAND?

BRAND

• BRAND IS NOT ANY PRODUCT

• BRAND IS NOT A LOGO

SO WHAT IS 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. (NOKIA, )

OR• A brand is personification of a product, service or

even entire company like any person a brand has a physical body

WHAT ARE THE OBJECTIVE?

• Identify the various characteristics of products.

• Learn how companies build and manage product lines and mixes.

• Understand how companies make better brand decisions.

• Comprehend how packaging and labeling can be used as marketing tools.

IMPORTANCE OF BRAND

• Having a good brand is not only for multi national companies but can be critical for even the smallest business.

• If a brand works it can convince customers and can raise the expectations connected with a business, product or service. Creating a extra Value from your products or services.

TYPES OF BRANDING

• Umbrella brands and sub branding• Co branding• Multiple brandings• Family brands and line extensions• Individual brands• Brand bundling

HOW TO BUILD A BRAND ?

KEY OF SUCCESSFUL BRAND?

• Find the right advertising/branding agency

• Top management must be committed to this

effort

• Assign one point person to work with the agency

• Do not make decisions by committee

• Keep brand consistent internally and externally

• Give the brand time to work

• Create a brand style guide and give to every employee

• Refresh/update brand after a few years

PROS OF BRANDING

• Increase the scale• Identification of operation • Quality standard is maintained • Brand loyalty • Enhancement of image• Protection from competition• Facilitating market segmentation• Building brand equity and brand

loyalty

Product Vs. Brand

Diet Coke vs. Diet Pepsi in Blind Taste Test Prefer Pepsi Sample 51%

Prefer Coke 47% No preference 2%

Diet Coke vs. Diet Pepsi in Identified Taste Test

(brand names revealed)

Prefer Pepsi Sample 23% Prefer Coke 65%

No Preference 12%

CONS OF BRANDING

• Costly and expensive • Burden of responsibility • Chances of brand failure

SELCETING A BRAND NAME

Brand name selecting process may you find trivial but it is not. Some brand names are so good that contribute to the success of product.

Brand name can be of birds or animals, family, colors country or city name

BRAND STRATEGY

•Fulfilling Brand Contract•Communicating Brand Position•Measuring ROBI•Developing Brand Vision•Establishing Brand Position

Brand VisionBrand Vision

A clear articulation of the strategic,

financial, and brand goals that

management has created for the brand

A first step to strategic screens as to

where the brand can and cannot go

A brand's positioning is A brand's positioning is the place in consumers' minds that

you want your brand to own—the

benefit you want them to think of when

they think of your brand.

A strong brand position means the brand has a unique, credible, sustainable, and valued place in customers' minds

BRANDS POSITIONING

A Brand Contract is A Brand Contract is a list of all promises the brand makes to customers. Such a contract is executed internally, but it is defined and validated externally by the marketplace

BRAND CONTRACT

Starbucks' Implicit Brand ContractStarbucks' Implicit Brand Contract

•Provide the highest quality coffee available on the market today•Offer customers a wide variety of coffee options as well as com plementary food and beverage items•Have an atmosphere that is warm, friendly, homelike, and appropriate for having a conversation with a good friend or reading a bookabout

Successful Brand-Based Successful Brand-Based CommunicationsCommunications

•Use all communication strategies to help achieve your corporate strategy and brand vision.•Let your brand positioning largely determine the right communications strategy to execute.•Use an integrated marketing communications strategy to get maximum return from all dollar investments.

Some Metrics to Measure Some Metrics to Measure Return on Brand Investment Return on Brand Investment (ROBI)(ROBI)

•Brand name knowledge, Brand name knowledge, awareness, recognition, recallawareness, recognition, recall: measures strength of the brand as reflected by customer's ability to identify the brand under varying conditions

•Contract fulfillmentContract fulfillment: measures the degree to which your brand is upholding its Brand Contract

Acquired customersAcquired customers: counts customers claiming they have come to your company based on the strength of the brandCustomer loyaltyCustomer loyalty: measures the degree to which customers continue to purchase your brand and how long that loyalty has lasted

Financial valueFinancial value: reports the financial value of your brand in the marketplace Price premiumPrice premium: finds the percentage of price premium your brand is able to command over private-label brands, as well as key competitor brands