Branding Elements and Strategies

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 competition Brand 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

Importance of brands in product planning for seven reasons Builds 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

Branding Strategy High consumer awareness Strong brand loyalty Brands 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

Brand Preference

Key Decisions Brand Strategy Three levels of positioning: Product attributes Least effective Benefits Beliefs and values Taps into emotions Brand Positioning Brand Name Selection Brand Sponsorship Brand Development

Key Decisions Brand Strategy 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 Brand Positioning Brand Name Selection Brand Sponsorship Brand Development

Key Decisions Brand Strategy 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 Brand Positioning Brand Name Selection Brand Sponsorship Brand Development

Key Decisions Brand Strategy 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 Brand Positioning Brand Name Selection Brand Sponsorship Brand Development

More Strategies Brand 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.

Line Extensions May Feature Different: Brand Strategy Line Extensions May Feature Different: Flavors Colors Forms Ingredients Package Sizes

How 15 of the world's top brands got started Read Article with a partner Answer questions on the worksheet