Brand.
American Marketing Association
• A name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers.
What Is a Brand?
• Philip Kotler and Gary Armstrong:• A brand is defined as ‘a name, term, sign symbol
or a combination of these, that identifies the maker or seller of the product’
David Ogilvy:
• “the intangible sum of a product’s attributes: its name, packaging, and price, its history, its reputation, and the way it’s advertised.”
BRAND• A brand is any label that carries meaning and
associations. A great brand does more: It lends coloration and resonance to a product or service.
Brand management
• Tangible elements• Intangible elements
Why Brand?
• To differentiate itself from its competitors. • Customers often build up a relationship with a
brand that they trust and will regularly purchase products from that brand.
• To evaluate the identical products differently• To organize inventory and accounting records• Offers the firm legal protection
Possible to brand:• A physical good• A service• A store• A person • A place• An organisation
A brand is a complex symbol. It can convey up to six levels of meaning.
• Attributes: The brand and the product for which it is the symbol that have attributes. A brand has to convey its attributes.
• Benefits: Customers buy a brand or product for benefits and not for its attributes. A brand has convey meaning in terms of benefits.
• Values: The brand also says something about the producer's values.
• Culture: The brand may represent a certain culture.• Personality: The brand can also project a certain personality.• User: The brand suggests the kind of consumer who buys or
uses the product
Brand management
• Brand management is a communication function that includes analysis and planning on how that brand is positioned in the market, which target public the brand is targeted at, and maintaining a desired reputation of the brand.
Brand Equity
• Added value endowed on products and services• Does not develop instantaneously
Brand Equity
• The value of a brand. • Carefully nurtured and marketed
consumers feel real value and trust towards that brand.
Brand elements• Trade mark able devices that identify and
differentiate the brand• Provide positive contribution to brand equity
Brand Elements Choice Criteria• Memorable • Meaningful• Likable• Transferable• Adaptable • Protectable
DEVISING A BRANDING STRATEGY• While introducing a new product:Develop new brand elements for the new productsApply some of its existing brand elementsUse a combination of new and existing brand
elements
• Brand Extension : when a firm uses an established brand to introduce a new product.
• MARUTHI SWIFT AUTOMOBILE, ICICI PRUDENTIAL LIFE INSURANCE
• Line extension: parent brand covers a new product within a product category it currently serves with new flavors ,colors ,forms etc
• LIFEBUOY CARE,LIFEBUOY NATURE ,LIFEBUOY TOTAL• Category extension: the parent brand is used to
enter a different product category from the one it currently serves
• HONDA AUTOMOBILES ,MOTOR CYCLES,LAWN MOVERS,MARINE ENGINES
BRANDING DECISIONS• Individual names• Blanket family names• Separate family names for all products• Corporate name combined with individual product
names.
Individual names
• Several individual brands in several product categories
EG : PROCTER & GAMBLE
Blanket family names
• Companies use blanket family names in diverse product categories.
• Lower development costs
Separate family names for all products
• Separate family names for various products of the company
Corporate name combined with individual product names.
• Combination of corporate name and individual name
Marketing Advantages Of Strong Brands• Improved perception of product performance• Greater loyalty• Less vulnerability to competitive marketing actions• Less vulnerability to marketing crisis• Larger margins• More inelastic consumer responses to price decreases• More inelastic consumer responses to price increases• Greater trade cooperation and support• Possible licensing opportunities• Additional brand extension opportunities• Increased marketing communication effectiveness