Concept of Branding
In management context , branding is a symbolic representation of information associated with a product or service . a brand particularly consists of a name , logo , other visible features including colour combinations , fonts , images , symbol, etc . A brand raises a number expectation In the minds of the individuals in relation to particular goods service.
These individuals may be employees working with the brand , suppliers, vendors and their Associates, distributors and lastly consumers.
According to American Marketing Association, “Brand is the name, term, sign, symbol for design, or combination of them which is intended to Identify the goods or services of one seller for a group of sellers and to differentiate them from those of competitors.”
The term branding is a very broad concept. it comprises the entire effort in creating a unique space in the mind of consumers for the product of the company, from consistent advertising and the promotion of campaigns.
It can also be considered as the Art of creating a brand. The very first motive of branding is to attract the and retain potential consumers through developing and maintaining a unique position in the market. In this, the means of identification of the company is recognised and established. branding includes the given name to the product as parents name a baby.
the branding process consists of an advertising campaign based on a consistent concept which forms a distinct identity and image of the product in Minds of consumers or customers. organisations develop and maintain Unique Identification in the market product branding.
It helps in fascinating and retaining loyal customers. the act of naming a family member is quite similar to branding. Here producers have children in the form of products and services similar to parents having their own children. as the biological parents are anxious to understand the personality traits of their children, similarly, producers are anxious to find out the nature, and scope of their products not on the names but based on the launch of the product. Therefore, a managerial process of deciding a particular name for the given product is called “Branding”
Its More than a Name
Brand creation is more than just giving a name to product. a brand is essentially a promise that company makes to customers. it is a promise to work satisfaction of their needs and assuring world class product and service quality. three questions” who”, “ what” , “ why” are very crucial for the successful branding of any product. marketers should introduce who the product is, what does it do, and why should consumers know about it.
Basic Branding Concepts
The brand name is often interchangeably with “brand”, although it is more correctly used to specifically denote written all spoken linguistic elements of a brand. In this context a “brand name” constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products aur services. A brand owner main to seek to protect proprietary rights in relation to a brand name through trademark registration.
How the brand owner wants the consumer to perceive the brand_and by extension the branded company, bridge the gap between the brand image and the brand identity. Brand identity is fundamental to consumer recognition and symbolises the brand’s differentiation from competitors. Brand identity may be defined as simply the outward expression of the brand, such as name and visual appearance.
It is a statement from the brand owner two customers, which identifies what consumers should expect from all interactions with the brand. Interactions may include employees, representation, actual service or product quality or performance, communication, etc. The brand promise is often strongly associated with the brand owner’s name and logo.
It measures the total value of the brand to the brand owner, and reflect the extend off the brand franchise. Brand value, especially in the case of consumer product brands, may arise out of consumer loyalty. Brand value may also arise in teams of staff retention benefits (e.g., the ability of the company to attract and retain skilled and/or talented employees offering competitive salaries).
The percentage of population or target market who are aware of the existence of a given brand or company. There are two types of awareness:
It measures the percentage of people who spontaneously mention the particular brand when asked to name brands in a certain category.
It measures the percentage of people who recognise a brand from a particular category when shown a list.
Organisational structures and names the brands within its portfolio. there are three main types of brand architecture systems:
Where the corporate name is used on all products and services offered by the company. For example Sony uses its corporate name for all product categories.
Where all sub brands are linked to the corporate brand by means of either verbal or visual endorsement. for example Tata Indica, Tata Safari.
Where the corporate brands operate neroli e as a holding company, and each product or service is individually branded for its target market. for example, HUL using Lux for soap, Clinic Plus for shampoo etc.
The feelings, beliefs and knowledge that consumers your customers have about the brand. These associations are derived as a result of experiences and must be consistent with the brand positioning and the basis of differentiation. for example LIC.
the degree to which a customer is committed to a given brand in that they are likely to repurchase or reuse in the future. The level of commitment indicates the degree to which a brand’s customer franchise is protected from competitors.
The share of a brand owning business’s cash flow that can be attributed to the brand alone.
The brand’s promise expressed in the simplest, most single-minded terms. for example, Volvo is equal to safety and Volvo is for health care or heart care.
The means by which brand is created in the market of a stakeholder. Some experiences are controlled such as the retail environment, advertising, product or services, website, etc.
Some are under controlled like journalistic comment and word of mouth. a strong brand arises from consistent experiences, which combine to form a clear, differentiated overall brand experience.
Leveraging the values of the brand to take the brand into new markets/ sectors.
The outward expression of a brand, including its name and visual appearance. The brand’s Identity is its fundamental means of consumer recognition and symbolizes the brand differentiation from competitors.
The customer net “out-take” from the brand. For users this is based on practical experience of product or service concerned and how well this makes expectations; for non-users it is based almost entirely upon uniformed Impressions, attitudes, and beliefs.
Owner for the use of a brand to another company. Usually, a licensing fee or royalty rate will be agreed for the use of the brand.
The distinctive position that a brand adopts in its competitive environment to ensure your individuals and its target market can tell the brand apart from others. positioning in volts The careful manipulation of every element of the marketing mix.
Plan for the systematic development of a brand to enable it to meet its agreed objectives. the strategy should be rooted in the brand’s vision and driven by the principles of differentiation and sustained consumer appeal.
The brand strategies should influence the total operation of business to ensure consistent brand behaviors and brand experiences.
The process of identifying and measuring the economic benefit – brand value- that derives from brand ownership.
The use of two or more brand names in support of a new product, service aur venture.
Generally a product or service name that is supported by Master brand other dominantly for example Tesco metro aur lightly and Nestle KitKat.
A strategy in which every product in a company’s range has its own brand name which functions independently, unsupported by either the company’s corporate brand or its other product brands. aur branding resource-intensive strategy, since each brand must be commercially promoted and legally protected. Many manufacturers of consumer goods use this strategy. Livers and Procter & Gamble detergents are good examples of power brands.
A brand, which is synonymous with a particular product offering. for example cheerios.
When a brand owner revisits the brand with the purpose of updating or revising based on internal or or external circumstances. Re often necessary an M & A or if its identity/ marketplace.
Re introducing a product into a specific market. the term implies that the company has previously marketed the product but stopped marketing at. relaunched products have usually undergone one or more changes. it may, e.g main., Be technically modified, re-branded, disturbed through different channels or re-positioned.
Communication activity to give an existing product a new position in customers’ minds and so expanding or otherwise altering its potential market. Many potentially valuable products lead to secure existence because they were launched or positioned in an inadequate Manna. It is almost always possible to enhance the value of such products by repositioning them.
A product consisting predominantly of intangible values. “ Our service is something that you can buy and sell, button not drop on your Foot” (The economist). In this sense, a service is something that you do for somebody , d.o.a. promise that you make to them.
A product or service brand that had its own name and visual identity to differentiate it from the parent brand.
Mass marketing simultaneously standardized marketing to a very large target market Thor mass media. Other names for this are market aggregation and undifferentiated marketing.
A brand name that dominates all products or services in a range or across a business. Sometimes used with sub brands, sometimes used with Alpha or numeric signifiers. Example, Audi, Sony, Nescafe and LG are all used as master brands.