Principles of Marketing : Introduction to Branding

Flashcards based on lecture notes about Introduction to Branding.

Brand

A symbol of the product; A comprehensive term conveying the positioning of the product in the marketplace; A unique signature of the product and a symbol of the creative process of product development; The value of the expectations or service perceived by the consumer.

Trademark

The brand name of the company which has been registered under the Trade Marks Act. It has legal status and is the exclusive property of the company.

Brand Name Selection

The brand needs to convey a particular meaning to consumers, easy to remember, recall and pronounce; should be precise and appealing to the consumer and must communicate what the product stands for in the market place.

Logo

The symbol of the brand represented as a picture. Along with the brand name, the logo helps to identify the brand. It is a creative symbol which reinforces the visual imagery of the brand in the minds of the consumer.

Individual Brand Name

Each product of the company has a unique or individual brand name. There is no relationship between the brands, as each brand is promoted differently and independently.

Family Brand Name

Different products of the same company are marketed together under the same family name. Normally, this method is followed for related products. Convenient for introducing new products in an existing line up and helps to reduce the cost of promotion of individual products.

Company Name Branding

The Company’s reputation is used as a brand so as to enhance the image of the product. This is done only when the product is in line with the corporate image.

Umbrella Brand

Denotes the grouping of different products under a single brand. Also, the same product might have different name in various markets.

Middlemen’s Brand/Private Label

The manufacturer chooses not to brand the product and delegates this task to the retailers or distributors. This is used by small and medium businesses which do not have a distribution network.

Corporate Image

Branding helps in providing a positive corporate image of the organization, if the product is promoted positively.

Market Control

Branding helps the firm to establish control at the marketplace as it aids in repeat sales and creates the market for the product.

USP (Unique Selling Proposition)

Branding provides the product with its USP and establishes the competitive advantage of the product.

Brand Equity

The intrinsic value of the brand, expressed in the value of money that the customer is willing to pay for choosing the brand over its competition. It can also be defined as the set of customer behavior that allows the brand to earn better profits.