Branding is one of the most important aspects of any business, large or small, retail. An effective brand strategy gives you a major edge in increasingly competitive markets.
A successful brand is an identifiable product, service, person or place, augmented in such a way that the buyer or user perceives relevant, unique added values which match their needs most closely. Furthermore, its success results from being able to sustain those added values in the face of competition.
A brand name is a term, symbol or design that distinguishes one seller’s product from another. The strategic considerations for naming a brand are:
The brand name should fit the overall marketing objectives of the firm
An estimate of the internal and external forces such as critical success factor (also known as the unique selling proposition)
As with marketing objectives, the overall intentions of the brand need to be specified
Brand strategy alternatives.
The other ways of achieving the brands’ objectives and the other factors involved in its success have a bearing on the choice of brand name.
Brands should have some or all the following characteristics:
1). Should be shocking or eye-catching
2). They should connect to the products positioning in relation to the consumer’s perception
3). They should contain a visual image with which the consumer can connect to and reminds them of the product
4). They should communicate the use or purpose or advantages of the product
5). They should encourage the development of a nickname Telephone/directory friendly Semiotics (symbolism conveyed by objects or words)
Brands are important symbols often using more than one sign system to create meaning; the brand name, the logo, the color and the design of the packaging all contribute.
How then do you “brand” a product?
A brand is a perceptual entity that is rooted but reflects the perceptions and idiosyncrasies of consumers
A) Branding is endowing products and services with the power of a brand.
B) Branding is all about creating differences between products.
C)Marketers need to teach consumers “who” the product is,“what” the product does, and “why” consumers should care.
D)Branding involves creating mental structures and helping consumers organize their knowledge about products and services in a way that clarifies their decision-making and provides value to the firm.
E) For branding strategies to be successful and brand value to be created, consumers must be convinced there are meaningful differences among brands in the product or service category.
F). Marketers can apply branding virtually anywhere a consumer has a choice.
G) A brand can be a product, service, store, person, place, an organization, or an idea.
Defining Brand Equity
Brand equity is the added value endowed to products and services.
A)It may be reflected in the way consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands.
B)Marketers and researchers use various perspectives to study brand equity.
C)Customer-based brand equity is thus the differential effect brand knowledge has on consumer response to the marketing of that brand.
D)A brand has positive customer-based brand equity when consumers react more favorably to a product and the way it is marketed when the brand is identified, than when it is not identified.
E)A brand has negative customer-based brand equity if consumers react less favorably to marketing activity for the brand under the same circumstances.