Branding. Product & Brand Management\ By Srikanth venkataswamy Branding: Definitions What is...

$: Branding. Product & Brand Management\ By Srikanth venkataswamy Branding: Definitions What is Branding ? The marketing practice of creating a name, symbol.$
Branding

Product & Brand Management\

By Srikanth venkataswamy

Branding: Definitions

What is Branding ?

The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products



Branding: Definitions

• Entire Process involved in creating a unique name and Image for a Product (good or Service) in the Consumers' mind, through Advertising campaign with a Consistent theme.

• Branding aims to Establish a significant and differentiated presence in the Market that attracts and retains loyal Customers.



Brand: Definition

The American Marketing Association (AMA) defines -

a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.



The Benefits Of A Strong Brand Here are just a few benefits you will enjoy when

you create a strong brand: 1. A strong brand influences the buying decision

and shapes the ownership experience. 2. Branding creates trust and an emotional

attachment to your product or company. This attachment then causes your market to make decisions based, at least in part, upon emotion-- not necessarily just for logical or intellectual reasons.

3. A strong brand can command a premium price and maximize the number of units that can be sold at that premium.



The Benefits Of A Strong Brand

4. Branding helps make purchasing decisions easier. In this way, branding delivers a very important benefit.

In a commodity market where features and benefits are virtually indistinguishable,

a strong brand will help your customers trust you and create a set of expectations about your products without even knowing the specifics of product features.



The Benefits Of A Strong Brand5. Branding will help you "fence off" your

customers from the competition and protect your market share while building mind share. Once you have mind share, you customers will automatically think of you first when they think of your product category.

6. A strong brand can make actual product features virtually insignificant.

A solid branding strategy communicates a strong, consistent message about the value of your company.

A strong brand helps you sell value and the intangibles that surround your products.




7. A strong brand signals that you want to build customer loyalty, not just sell product. A strong branding campaign will also signal that you are serious about marketing and that you intend to be around for a while.

A brand impresses your firm's identity upon potential customers, not necessarily to capture an immediate sale but rather to build a lasting impression of you and your products.




8. Branding builds name recognition for your company or product.

9. A brand will help you articulate your company's values and explain why you are competing in your market.

10.People do not purchase based upon features and benefits but get acquitted with the brand

Brand Name Selection Process



Brand Name Selection

• A brand has the power to evoke positive feelings about your product and generate goodwill in the mind of the customer.

• Your brand is your most valuable asset as it creates an emotional connection between you and your customers.

• Your brand name is therefore a critical component of your marketing agenda.



Brand Name: First stepDefining your brand is like a journey of business self-discovery. It

can be difficult, time-consuming and uncomfortable.

First step:It requires, at the very least, that you answer the questions below:

a) What is your company's mission? b) What are the benefits and features of your products or services? c) What do your customers and prospects already think of your

company? d) What qualities do you want them to associate with your company?

Do your . Learn the needs, habits and desires of your current and prospective customers.

And don't rely on what you think they think. Know what they think.

Once you've defined your brand, how do you get the word out?



We can select names from three vantage points.1. Strategic Impact: This is the ability of a new name to

get attention (within a category), generate interest, and deliver a new message.

2. Semantic Value: Too often a name is selected simply by its literal meaning or rejected because of a few personal associations. In our selection process, we look beyond a word’s literal meaning and analyze other possible associations that the name might suggest. Is the name multifaceted? Can it deliver new energy to the category?

3. Phonetic Structure: Does the name look and sound natural or artificial? Does it offer a pleasing, rhythmic quality? Is it constructed to create a balance between vowels and consonants? Is it likely to be memorable because of its stress patterns? Does it help to convey the right tone?



1. Integrate your brand. Branding extends to every aspect of your business--how you answer your phones, what you or your salespeople wear on calls, your e-mail signature, everything.

2. Create a "voice" for your company that reflects your brand. This voice should be applied to all written communication and incorporated in the visual imagery of all materials, online and off. Is your brand friendly? Be conversational. Is it ritzy? Be more formal. You get the gist.

3. Develop a tagline. Write a memorable, meaningful and concise statement that captures the essence of your brand.

4. Design templates and create brand standards for your marketing materials. Use the same color scheme, logo placement, look and feel throughout. You don't need to be fancy, just consistent.



5. Develop a tagline. Write a memorable, meaningful and concise statement that captures the essence of your brand.

6. Design templates and create brand standards for your marketing materials. Use the same color scheme, logo placement, look and feel throughout. You don't need to be fancy, just consistent.

7. Be true to your brand. Customers won't return to you--or refer you to someone else--if you don't deliver on your brand promise.

8. Be consistent. This tip involves all the above and is the most important tip on this list. If you can't do this, your attempts at establishing a brand will fail.



Qualities For A Brand Name:Desirable qualities for a brand name include: (1) It should suggest something about the product’s

benefits and qualities. Examples: Safe pack Pvt ltd , DieHard, Easy-

Off, Craftsman, Sunkist, Spic and Span, Snuggles, Merry Maids, NationsBank.

(2) It should be easy to pronounce, recognize, and remember. Short names help.

Examples: Tide, Aim, Puffs. Rin But longer ones are sometimes effective.: Ex-Love My Carpet” carpet cleaner; “I Can’t

Believe It’s Not Butter” margarine, Better Business Bureau.



(3) The brand name should distinctive. Examples: Taurus, Kodak, Exxon.

(4) The name should translate easily into foreign languages.

Before spending $100 million to change its name to Exxon, Standard Oil of New Jersey tested several names in 54 languages in more than 150 foreign markets. It found that the name Enco, when pronounced in Japanese, referred to a stalled engine.

(5) It should be capable of registration and legal protection. A brand name cannot be registered if it infringes on existing brand names.

Positioning of a Brand



Positioning of a Brand

• Position is that one descriptive sentence or slogan or image the brand is known for.

• That one specific idea that first comes to mind about the product.

• That one characteristic that sets the service apart from competitors.

For the brand Volvo, that one thing is "Safety.



Brand Positioning

Brand Positioning has come to mean the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization

http://en.wikipedia.org/wiki/Product_(business)

http://en.wikipedia.org/wiki/Brand



5 Factors of Brand Positioning The 5 main factors that go into defining a brand

position :1. Brand Attribute : What the brand delivers through features and

benefits to consumers.2. Consumer Expectation: What consumers expect to receive from the

brand.3. Competitor Attributes: What the other brands in the market offer

through features and benefits to consumers.



5 Factors of Brand Positioning

4. Price

An easily quantifiable factor – Your prices vs. your competitors’ prices.

5. Consumer perceptions

The perceived quality and value of your brand in consumer’s minds (i.e., does your brand offer the cheap solution, the good value for the money solution, the high-end, high-price tag solution, etc.?).



5 Factors of Brand Positioning

Take some time to create a thorough picture of the current market and how your brand fits in that market to determine your brand’s current position.

If that’s not the position you want for your brand, take the necessary steps to change it based on the gaps defined when you analyzed the five factors above.

Positioning: Product Differentiation



Product differentiation• Product differentiation focuses on the elements

of a product that makes it different from the competing brands.

• A product can be differentiated on the basis of its physical form, features and product quality, apart from its other attributes such as price.

• The physical form of the product includes its size and shape.

• Product features are the characteristics that allow a product to perform certain functions.



• A firm can differentiate its product by adding or removing certain features from the product.

• Product quality refers to the overall characteristics that enable the product to perform according to the expectations of customers while also satisfying their needs.



• Sometimes, it becomes difficult for the marketer to differentiate on the basis of the product alone.

• Therefore, marketers introduce differentiation based on services offered with the product.

• These services include ease of order, delivery, installation, financial arrangements, customer training, warranties, repair services, maintenance and disposal of the product.



Product positioning

• Products can also be differentiated on the basis of positioning.

• A product's position is the customer's perception about the product's attributes in relation to the attributes of competing brands.

• Product positioning becomes a natural choice when a firm indulges in market segmentation.

• A company should develop a unique selling proposition (USP) for each of its brands.



Errors In Positioning

• Positioning is a challenging task for marketers and any error in positioning or improper planning can hamper the credibility of the company and lead to a loss of the product's position in the market.

• Hence, marketers need to take utmost care while positioning their products.

• Major positioning errors that can occur include under positioning, over positioning, doubtful positioning and confused positioning.



Classic examples:

• Modi Xerox with its collaboration with Rank Xerox as its differentiation s.

• Garden Silk through Design s

• L&T , the engineering firm , recruits engineers with excellent qualification and claims superiority in executing projects s

• DuPont’s leadership in chemical technology lends its product highly differentiated position



Product Differentiation based on Ingredients

Product Differentiation based on ingredients

1. HUL’s Close-up based on gel used Glycerine while others use calcium carbonate . S

2. Properties of Toothpaste and Mouth wash – HUL secured differentiation and Colgate compelled to copy the same .

3. TTK group launched prestige range of frying pans as non-stick cookware…..

4. Dupont Teflon, the best material available for Nonstick property.



Product Differentiation based on Ingredients

• Balsara Promise Toothpaste with Clove oil…. A traditional herbal remedy for tooth/gum complaints .

• Dabur Vatika with herbal ingredients used by woman for hair care -Coconut oil ,Brahmi’ , Lime and Mehandi etc.

• P&G introduced New Ariel Microshine – a new technology Detergent incorporating carezyme far beyond conventional cleaning (1990) in India and gained some market share



Product Differentiation through Functional values

• Videocon computer controlled fridge,450 lts , 6 door with quick freezing corner and Deodorizer at a touch of finger

• Indecor Paints launched ‘Vinycide’ Paints with an insecticides , Innovation with unique formula from Artlin of france , Paint that has already turned interiors in Europe beautiful and insect free Attempt to make hotels and lodging houses the special market for this product

• Roti Chef for making instant Chapatti : Speed and ease of cooking as a differentiation plank



Product Differentiation through Additional feature

• Mega Feature – BPL , Videocon , Onida , Philips Large screen features Godrej – 300 Lt. Sumo refrigerator …. 390 ltr. Double door

• model Aristocrat suitcases with wheels , a unique convenience to users

• Dunlop's Olympus car Tyres claimed that they studied each car separately , for Maruti tyre designed specially for front wheel drive , extra wide tyre for the Premier , Tyre with extra rubber to take care of extra weight for Ambassador



Product Differentiation by Packaging

• Frooti in Tetra pack s

• Brylcream in handy tube s

• Le sancy in see thru pack s

• Harpic Toilet cleaner with an application friendly nozzle s

• Hit for cockroach with sleek nozzle for hidden areass

Product & Brand

Valuation Paper Format

4thsem 2011



The Adoption Process

“Adoption is the decision of an individual to become a regular user of a product” Kotler.

The adoption Process:“the Mental process through which an

individual passes from first hearing about a innovation to final adoption”

Diffusion: Refers to the spread of a new idea from the source of invention or creation to its Ultimate users or adopters



“An innovation refers to any good, service or idea that is perceived by something as new”

Innovation takes time to spread



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Stages in the Adoption Process

Awareness

Interest

Evaluation

Trial

Adoption



Understanding marketing communication

• What we see is the result of a complex social process

• There are many different and divergent targets in this process

• Buying is mostly a problem solving process• Interpretation and creation of meanings is

important in buying decisions• Interpretation and meaning are results of living,

acting, and thinking people• As in every communication the influence of the

marketing communication is only an indirect one• As in every communication process getting

feedback and changing the rolls of speaker and hearer is essential



Consequences for MarketingCommunication

• Supervising the decision process with respect to a communication and/or a marketing goal is crucial

• Marketing needs a integrated model for describing the ongoing interpretation process of the target groups

• Instruments for gaining feedback or even better achieving a hearer roll for the company become success factors

• New media can help to generate these instruments



Brand Rejuvenation• Brand rejuvenation involves adding value to an existing brand by improving product

attributes and enhancing its overall appeal. It is intended to re-focus the attention of consumers on an existing brand. Brand rejuvenation helps overcome the consumer’s boredom in seeing the same product on the shelves year after year. A consumer’s psychological desire for changing is one key factor behind brand rejuvenation.

• Quite often, we see ongoing brands appearing as; ’new’, ‘super’, ‘special’ ‘premium,’ deluxe, ‘extra strong’ and ‘fresh’,. They appear in new shapes, new pack sizes, new containers, new colors and flavors. Basically what happens here is an updating of brands. Corn Products reintroduced Rex jam with pieces of fruit in it and packed them in new containers. Cadbury’s 5 star chocolate bar received a fill up through a new creamier and smoother version.

• Given below points presents some example of brands reappearing with the tag “New”: • * New Burnol: Burnol became ‘New’ and appeared in a new pack.

* New Horlicks : HMM its New Horlicks the New Horlicks claimed more nourishment through additional protein and calcium, eight essential vitamins and iron.* New Nescafe: Nestle rejuvenated Nescafe and brought in the New Nescafe. New Nescafe was made using the new agglomeration coffee process, instead of the fine powder form and the coffee now came in small round goblets.* New Bournvita: To give a push Bournvita, Cadbury’s came out with New Bournvita, with extra glucose in a new packing.* New Vicks Vapour: P&G’s 100 year old Vicks Vaporub has almost become a generic name for cold cure. Still P&G does not keep quiet. New packages appear, new promotion campaigns are launched and improvements in product formulation area also made. In late 1990s, the brand received one such facelift and appeared as New Vicks Vaporub.



Brand Extension• Brand Extension is the use of an established brand name in new product categories. This new

category to which the brand is extended can be related or unrelated to the existing product categories. A renowned/successful brand helps an organization to launch products in new categories more easily. For instance, Nike’s brand core product is shoes. But it is now extended to sunglasses, soccer balls, basketballs, and golf equipments. An existing brand that gives rise to a brand extension is referred to as parent brand. If the customers of the new business have values and aspirations synchronizing/matching those of the core business, and if these values and aspirations are embodied in the brand, it is likely to be accepted by customers in the new business.

• Extending a brand outside its core product category can be beneficial in a sense that it helps evaluating product category opportunities, identifies resource requirements, lowers risk, and measures brand’s relevance and appeal.

• Brand extension may be successful or unsuccessful.• Instances where brand extension has been a success are- • Wipro which was originally into computers has extended into shampoo, powder, and soap. • Mars is no longer a famous bar only, but an ice-cream, chocolate drink and a slab of chocolate. • Instances where brand extension has been a failure are- • In case of new Coke, Coca Cola has forgotten what the core brand was meant to stand for. It

thought that taste was the only factor that consumer cared about. It was wrong. The time and money spent on research on new Coca Cola could not evaluate the deep emotional attachment to the original Coca- Cola.

• Rasna Ltd. - Is among the famous soft drink companies in India. But when it tried to move away from its niche, it hasn’t had much success. When it experimented with fizzy fruit drink “Oranjolt”, the brand bombed even before it could take off. Oranjolt was a fruit drink in which carbonates were used as preservative. It didn’t work out because it was out of synchronization with retail practices. Oranjolt need to be refrigerated and it also faced quality problems. It has a shelf life of three-four weeks, while other soft- drinks assured life of five months.



Line Extensionline extension:Definition• Multiproduct branding strategy whereby a firm

markets one or more new products under an already established and well known brand name.

• The objective is to serve different customer needs or market segments while taking advantage of the widespread name recognition of the original brand.

• For example, maker of a popular perfume may introduce shampoos, bath soaps, body powders, etc., under the perfume's name. Line extension is encouraged by some marketing experts and frowned upon by others. Also called brand extension.

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http://www.businessdictionary.com/definition/strategy.html

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http://www.businessdictionary.com/definition/market-segment.html

http://www.businessdictionary.com/definition/advantage.html

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Product line extension• A Product line extension is the use of an

established product’s brand name for a new item in the same product category.

• Line Extensions occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients, package sizes. This is as opposed to brand extension which is a new product in a totally different product category.Line extension occurs when the company lengthens its product line beyond its current range. The company can extend its product line down-market stretch, up-market stretch, or both ways.



Brand Proliferation

• Brand Proliferation is when a firm puts out new brand names under the same product lines.

For example, Huggies is a firm owned by Kimberley-Clark. Huggies is best known for producing disposable diapers, and has different product lines such as Pull-Ups and Little Swimmers.



Multi-Brand Strategy

Multi-Brand strategy:

Definition

• Entering a new segment with a new brand.

• Helps in striking a right balance with brand extension



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DROP

Test Marketing

Commerali-zation

IdeaScreening

Concept development

& testing

Marketing Strategy

Business Analysis

Product Development

Lay future Plans

The New-Product development Decision Process

Should we send the idea back for

product development?

Would it help to modify the product

or marketing program?

Product Portfolio Strategy - Introduction to the Boston Consulting Matrix

The Business portfolio is the collection of businesses and products that make up the company.

The best Product portfolio is one that fits the company's strengths and helps exploit the most attractive opportunities.

Product Portfolio Strategy Contd….

The company must:

(1) Analyze its current business portfolio and decide which businesses should receive more or less investment, and

(2) Develop growth strategies for adding new products and businesses to the portfolio, whilst at the same time deciding when products and businesses should no longer be retained



The Boston Consulting Group Box ("BCG Box") /matrix

Marcom or IMC

• Marketing Communications (or MarCom or Integrated Marketing Communications) are Messages and related media used to communicate with a Market.

• Marketing communications is the "promotion" part of the "Marketing Mix" or the "four Ps": price, place, promotion, and product.

Marcom includes dealing with•advertising, •branding, •brand language •direct marketing,•graphic design, •marketing, •packaging,•promotion, •publicity, •sponsorship,•public relations,•sales, •sales promotion And online marketing

Goal of an IMCThe primary goal of an IMC program is to support

perceptual values:

Vc = Value to customer

Qp = Quality of product

Qs = Quality of service

I = Image and status

T.c.o = Total cost of ownership

QP + Qs + I

T.C.OVc =

Branding. Product & Brand Management\ By Srikanth venkataswamy Branding: Definitions What is...

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