BRAND a brand is defined as a name, term, symbol or sign intended to identify the goods and services of one seller or a group of sellers. STRATEGIC RELEVANCE OF BRANDING a brand aims to segment the market. A brand tries to protect your innovation. It tries to create a mental patent in the consumer's mind.
BRAND a brand is defined as a name, term, symbol or sign intended to identify the goods and services of one seller or a group of sellers. STRATEGIC RELEVANCE OF BRANDING a brand aims to segment the market. A brand tries to protect your innovation. It tries to create a mental patent in the consumer's mind.
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BRAND a brand is defined as a name, term, symbol or sign intended to identify the goods and services of one seller or a group of sellers. STRATEGIC RELEVANCE OF BRANDING a brand aims to segment the market. A brand tries to protect your innovation. It tries to create a mental patent in the consumer's mind.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online from Scribd
BRAND “Brandr” a Norwegian word which means to burn. Initially used by farmers to distinguish their livestock. BRAND
A brand is defined as a name, term, symbol
or sign or special design or some combination of these elements that is intended to identify the goods and services of one seller or a group of sellers. BRAND
A brand differentiates the product from that of
a competitor’s. Its an identifier of the seller or maker. It’s a promise of the seller to deliver a specific set of benefits or services to the buyer. WHAT IS BRANDING? It’s the process by which a marketer tries to build a long term relationship with the customers. It can also be viewed as a tool to position a product or service. It influences the customers choice and helps ensure repeat purchase. Branding is a conscious customer satisfaction orientation process. STRATEGIC RELEVANCE OF BRANDING
“Though products may change the
spirit of the brand remains the same”. STRATEGIC RELEVANCE OF BRANDING
3. A brand aims to segment the market.
4. A brand has an enduring value. 5. A brand tries to protect your innovation. 6. A product may die but the brand will sustain. 7. A brand is a living memory. STRATEGIC RELEVANCE OF BRANDING
A brand aims to segment the market.
A brand starts with a big idea! Is not based on what goes on but what goes in. The result is an augmented product which must be indicated to be noticed by potential buyers. STRATEGIC RELEVANCE OF BRANDING
A brand has an enduring value.
A brands presence transforms the product e.g Lux soap has endured over 75 years, Raymond’s since 1925. It ensures a consumer’s personal attachment with the offering e.g. My Nokia, My Levis, My Mercedes. STRATEGIC RELEVANCE OF BRANDING
A brand tries to protect your innovation.
It tries to create a mental patent in the consumer’s mind. E.g. Gillete is known the world over as an innovator in shaving systems. STRATEGIC RELEVANCE OF BRANDING
A product may die but the brand will sustain.
Products are introduced, they live and disappear but the inner core value of the original brand endures. STRATEGIC RELEVANCE OF BRANDING
A brand is a living memory.
The content of the brand grows out of the cumulative memory of various acts, provided they are governed by a set of unifying ideas or guidelines. This is the reason why the brand image varies from generation to generation. CONSTITUENTS OF A BRAND 1. Attributes 2. Benefits 3. Values 4. Culture 5. Personality 6. User CONSTITUENTS OF A BRAND
The most enduring message of a brand are
its VALUES, CULTURE and PERSONALITY.
They define the “ESSENCE” of the brand.
BRAND EQUITY
Brands vary in the amount of power and
value they have in the market place. BRAND EQUITY Aaker’s five levels of customer attitude:
1. The customer will change brands, especially for
Price reasons. No brand loyalty. 2. Customer is satisfied. No reason to change brands. 3. Customer is satisfied and would incur cost by changing brand. 4. Customer values the brand and sees it as a friend. 5. Customer is devoted to the brand. BRAND EQUITY
Brand equity is related to how many
customers are in classes 3-5 in Aaker’s five levels of customer attitude. Degree of brand name recognition, perceived brand quality, strong mental and emotional associations and other assets like patents, trademarks and channel relationships affect brand equity. BRAND EQUITY
Brand equity relates to the price premium the
brand commands times the extra volume it moves over an average brand. It should reflect not only the capitalized value of the incremental profits from the current use of the brand name but also the value of its potential extensions to other products. Competitive advantages of high brand equity . 1. The company will have more leverage in bargaining with distributors and retailers because customers expect them to carry the brand. 2. The company can charge a higher price than its competitors because the brand has higher perceived quality. 3. The company can more easily launch extensions because the brand name carries high credibility 4. The brand offers some defense against price competition. Branding gives the seller several advantages
1. Brand name makes it easier for the seller to
process orders and track down problems 2. Seller’s brand name and trademark provide legal protection of unique product features 3. Branding gives the seller the opportunity to attract a loyal and profitable set of customers. 4. Branding helps the seller segment markets. 5. Strong brands help build corporate image, making it easier to launch new brands and gain acceptance by distributors and consumers.