branding elements and strategies. branding decisions a brand is a name, term, symbol, or any other...
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BRANDING ELEMENTS AND STRATEGIES
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BRANDING DECISIONS
A brand is a name, term, symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from competitionBrand Mark
• is the part of the brand that is a symbol or design.
Trade Name
• Identifies the company or a division of a particular corporation
Trade Character
• Brand Mark with human form or characteristics
Trademark
• Brand name, brand mark, trade name, trade character, or combination of these that is legal protected by the government
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IMPORTANCE OF BRANDS IN PRODUCT PLANNING FOR SEVEN REASONSBuilds Loyalty
Satisfies
Easily recognized
Quality
Address new markets
Help when introducing a new product
Establishes image
Brands should
• be memorable• have a positive connotation• convey a certain image
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BRANDING STRATEGYBrands are powerful assets that must be carefully developed/managed.
Brands with strong equity have many competitive advantages:
• High consumer awareness • Strong brand loyalty• Helps when introducing new products• Less susceptible to price competition
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BRAND PREFERENCE
Coke; 46.70%
Pepsi; 44.70%
Other; 8.60%
Coke
Pepsi
Other
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BRAND STRATEGY
Brand Positioning
Brand Name Selection
Brand Sponsorship
Brand Development
Three levels of positioning:
• Product attributes• Least effective
• Benefits• Beliefs and values
• Taps into emotions
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Key Decisions
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BRAND STRATEGY
Brand Positioning
Brand Name Selection
Brand Sponsorship
Brand Development
Good Brand Names:
• Suggest something about the product or its benefits
• Are easy to say, recognize and remember
• Are distinctive• Are extendable• Translate well into other
languages• Can be registered and legally
protected
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Key Decisions
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BRAND STRATEGY
Brand Positioning
Brand Name Selection
Brand Sponsorship
Brand Development
Manufacturer brands
Private (store) brands
• Costly to establish and promote
• Higher profit margins
Licensed brands
• Name and character licensing has grown
Co-branding
• Advantages / disadvantages
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Key Decisions
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BRAND STRATEGY
Brand Positioning
Brand Name Selection
Brand Sponsorship
Brand Development
Line extensions• Minor changes to existing
products
Brand extensions• Successful brand names
help introduce new products
Multi-brands• Multiple product entries in a
product category
New brands• New product category
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Key Decisions
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MORE STRATEGIESBrand Licensing
• Legal authorization by a trademarked brand owner to allow another company to use its brand mark, trade character for a fee.
Mixed-Brand strategy
• offer a combination of manufacturer, private distributor, and generic brands.
Co-Branding
• Combines one or more brands to increase customer loyalty and sales for each individual brand.
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BRAND STRATEGY
Flavors
Colors
Forms
Ingredients
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Line Extensions May Feature Different:
• Package Sizes
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HOW 15 OF THE WORLD'S TOP BRANDS GOT STARTED
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Answer questions on the worksheet