Branding name given to a well known product or company a method of differentiating products can create a USP and/or ESP.

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Presentation transcript:

Branding name given to a well known product or company a method of differentiating products can create a USP and/or ESP

How to develop a Brand Business often strive to create a brand This means they will have to consider all 4ps The brand should represent the product, it should say something about it The image, the logo, packaging, promotion techniques, price and channel of distribution

WHY create a brand? Instant recognition Creates trust (easier to launch new products, the customer knows what to expect) Allows business to target different market segments Encourages loyalty (brand loyalty) Often associated with high quality Allows you to charge a premium price

Brands Cost money After spending on the development of the image, logo etc the brand must be supported with promotional techniques (eg use of celebrities – this is expensive) £1b

PROBLEMS with branded products Any bad publicity in a branded company affects all products Costs associated with protecting the brand (Burberry)

WHAT is a branded product? Traditionally one which was recognisable, often exclusive and expensive Not now: Own brands – supermarkets once regarded as the “cheaper, poorer quality option” now supermarkets offer a range of “own brands” to allow them to target different market segments