1. Brand Intro

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Transcript of 1. Brand Intro

Brand Management

What is a Brand? A brand is a name, term, sign, symbol, or design which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

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What is a Brand? A slogan? A typeface? A sound? An image? A logo? A personality? A jingle?

What is a Brand? A brand is a promise. It is both functional and emotional. It is the art and science of creating mind space and shelf space.

What is a product? A product is any offering by a company to a market that serves to satisfy customer needs and wants. It can be an object, service, idea,etc.

A brand is therefore more than a product, as it can have dimensions that differentiate it in some way from other products designed to satisfy the same need.

"Our brand is a mark of trust." Walter, Chairman and CEO,of Cardinal Health

Brand Decisions A brand communicates the following six levels of meanings Attributes Benefits Values Culture Personality User

Brand Elements Choice Criteria: General ConsiderationsMemorableEasily Recognized Easily Recalled

MeaningfulCredible & Suggestive Rich Visual & Verbal Imagery

AppealingFun & Interesting Aesthetics9

Brand Elements Choice Criteria: General Considerations (continue) Adaptable Flexible & Updateable

Protectable Legally Competitively

Transferable Within & Across Product Categories Across Geographical Boundaries & Cultures10

Why do brand matter? To consumersIdentification of sources of product Assignment of responsibility to product maker. Risk reducer Search cost reducer Symbolic device Signal of quality Promise or bond with product or maker

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Why do brand matter? To ManufacturerMeans of identification to simplifying handling and tracing. Means of legally protecting unique feature. Signal of quality Means of endowing products with unique associations. Sources of competitive advantage Sources of financial returns.

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Branding Challenges & Opportunities Knowledgeable consumers. Brand Proliferation Media Fragmentation Increased competition Increased costs of introducing new product or supporting existing product. Greater accountability13

Can anything be branded? Physical goods Services Retailers On-line product On-line service People Organization Sports, Arts, Entertainment Geographic location Ideas14

Brand Elements A variety of brand elements can be chosen that inherently enhance brand awareness or facilitate the formation of strong, favorable, and unique brand associations: Brand Name Logo Symbol Character Packaging Slogan

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Branding Branding involves decisions that establish an identity for a product with the goal of distinguishing it from competitors offerings. In markets where competition is fierce and where customers may select from among many competitive products, creating an identity through branding is essential. It is particularly important in helping position the product While consumer products companies have long recognized the value of branding, it has only been within the last 10-15 years that organizations selling component products in the business-to-business market have begun to focus on brand building strategies. The most well-known company to brand components is Intel with its now famous "Intel Inside" slogan. Intels success has led many other b-to-b companies and even non-profits to incorporate branding within their overall marketing strategy.

Advantages of Brands A strong brand offers many advantages for marketers including: Brands provide multiple sensory stimuli to enhance customer recognition. Customers who are frequent and enthusiastic purchasers of a particular brand are likely to become Brand Loyal. Well-developed and promoted brands make product positioning efforts more effective. This benefit = brand association provides a significant advantage for the brand that the customer associates with the benefit sought. Firms that establish a successful brand can extend the brand by adding new products under the same family brand. Such branding may allow companies to introduce new products more easily since the brand is already recognized within the market. Strong brands can lead to financial advantages through the concept of Brand Equity in which the brand itself becomes valuable.

Reducing the Risks in Product Decisions Consumers may perceive many different types of risks in buying and consuming a product: Functional riskThe product does not perform up to expectations. Physical riskThe product poses a threat to the physical well-being or health of the user or others. Financial riskThe product is not worth the price paid. Social riskThe product results in embarrassment from others. Time riskThe failure of the product results in an opportunity cost of finding another satisfactory product.

Can everything be branded? Ultimately a brand is something that resides in the minds of consumers. The key to branding is that consumers perceive differences among brands in a product category. Even commodities can be branded: Coffee (Nescafe), bath soap (Lux), flour (Ashirwad), salt (Tata),pickles and even water (Bisleri)

An Example of Branding a Commodity De Beers Group added the phrase A Diamond Is Forever

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What is branded? Physical goods Services Retailers and distributors Online products and services People and organizations Sports, arts, and entertainment Geographic locations Ideas and causes

BRANDS ARE LIKE PEOPLEThey have: A name A personality / human characteristics A reputation People can have feelings towards them

Trust is to Business, as Trademark is to BrandBrand Equity built on the foundation of a protected Trademark Brand/Trademark can: (a) be disposed off separately from other company assets (Free-standing Institutions); and (b) give rights that can be legally protected

A brand is a name, term, design, or symbol (or combination) that identifies a business or organization and its products.

Brands can include a number of elements: Brand name the word, group of words, letters, or numbers representing a brand that can be spoken. Ex: Mountain Dew, PT Cruiser, SnackWells Also called a product brand

Trade name identifies the company or a division of a particular corporation the legal name a company uses when it does business. Ex: Kelloggs, Dell, Xerox Also called a corporate brand.

Brand mark the part of the brand that is a symbol or brand name it may include distinctive coloring or lettering. It usually is not spoken

Trade character a brand mark with human form or characteristics. Ex: Jolly Green Giant, Pillsbury Doughboy, Kelloggs Tony the Tiger

Trademark a brand name, brand mark, trade name, trade character, or a combination of these that is given legal protection by the federal government Trademarks are followed by a registered trademark symbol

Brand/TrademarkTrademark: Legal concept Brand: Marketing concept Registration of a trademark adds value as it protects its other inherent assets Brand profile and positioning may vary over time, but trademark protection remains the same

WHAT IS A TRADEMARK? Any sign, or any combination of signs, capable of distinguishing the goods or services of one undertaking from those of other undertakings, shall be capable of constituting a trademark. Words including personal names, letters, numerals, figurative elements (logos), combination of colors, sounds, smells, etc Visually perceptible; 2D or 3D (shape) Graphic representation

Any Distinctive Words, Letters, Numerals, Pictures, Shapes, Colors, Logotypes, Labels In some countries: Sounds, Smells and Threedimensional marks Examples: