principles of marketing branding. tangible intangible brand name name given to a product consists...
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PRINCIPLES OF MARKETING
Branding
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Tangible Intangible
Brand Name Name given to a product Consists of words, numbers, or
letters that can be spoken Logo
Picture, design, or graphic image associated with a brand
Trade character—human characteristics
Slogan Phrase or sentence that
summarizes some essential aspect of the product
AKA tag line, jingle
ImagePersonalityAbility to influence
customers to buy
Example:http://www.youtube.
com/watch?v=VdeD6SrQuL0
Brands Have Two Parts
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Corporate Brand Product Brand
Represents the whole company
Example: Nike is a corporate brand
Brand of a specific product
Example: Air Jordan is the brand of a specific Nike product
Level of Brands
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Types of Brands
Manufacturer Created by a manufacturer for its own products AKA national brands or regional brands Examples: Cover Girl, Lay’s Potato Chips, Wrangler Sold through wholesalers, and ultimately to retailers,
such as department storesExample: Jeans such as Diesel, Lee, Levi,
Guess, Baby Phat are available at retailers such as Sears, Macy’s, or J. C. Penney, but not Abercrombie jeans
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Private brand
Definition: Resellers include retail stores, distributors, and wholesalers
Resellers often develop their own productsPrivate brand is a brand owned by a resellerAKA store brands, distributor brands, dealer
brands, or private label brandsExample: Abercrombie & Fitch carries
private brand jeans only available at their stores
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Generic Brand
Product that is not brandedUsually packaged in black and white
packagesProduct category is the only label on the
packageGenerally lower in priceExamples: baking soda, paper towels,
canned fruits, and many medicines
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Branding and the Customer
Identifies the product Name, logo, slogan, and packaging Coke is the “real thing” in a red and silver can with a
wave Pepsi is for a “new generation” in the blue and red can
with a circleProvides assurance of qualityProvides assurance of consistency
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Quality
Customers vary in the level of quality they want in various products
Example: inexpensive ballpoint pens sell for under a dollar each and work well for a student; however, a successful executive might prefer an elegant fountain pen with platinum trim—the Montblanc brand sales for over $300
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Consistency
The product is the same whenever and wherever you buy it
McDonald’s hamburger is the exact same each time you get it, even at a different location
If you stay in a Hilton hotel anywhere in the United States, you know that you will be getting clean, comfortable, reasonably priced accomodations
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Goals of Branding
Create Unique Brand Identity Some benefit of the product that sets it apart from
other similar products Benefit is the need-satisfying ability of a product Customers buy benefits, not features Product benefits in three categories
Functional benefits meet physical and safety needs Emotional benefits meet acceptance and esteem needs Self-expressive benefits meet esteem and self-
actualization needs Visual symbols is another aspect of a brand
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What is the metaphor in the symbol?
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Goals of Branding
Develop a Positive Brand Image Developed over time by promotion and by customer
experience with the product Positioning consists of the actions marketers take to
create a certain image of a product in the minds of customers
Brand position is the image that a brand has in the mind of the customer
Consumers like companies that are socially responsible
“Naming rights” for new sports stadiums and other public places is very popular right now
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Goals of Branding
Brand Loyalty Definition: a situation in which the customer will buy
only a certain brand of a product; repeat purchases mean more profits
Research shows that it is less expensive to keep current customers than to find new customers
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Protecting a Brand
Brands are only valuable if your competitors cannot copy it
U.S. Patent and Trademark Office will register brands
Trademark is another term for brand; refers to the word, phrase, symbol, or design that identifies and distinguishes the source of goods
Service mark is the same as a trademark, identifying the source of a service
Symbols to use: ® © ™ ℠
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YOU as a Brand
Many of the most famous and popular brand names are the names of people who developed the brands Ford Ritz-Carlton Jennifer Lopez