Brands

Companies make products, but consumers make brands

• Products can be copied and replaced, but brands are unique

• Products can become obsolete, but brands can be timeless

• Products are instantly meaningful but brands become meaningful over time

• Branding Strategies

  • Multiproduct branding strategy

    • Corporate or family branding

    • One name for all products

    • Capitalize on brand equity

  • Multibranding strategy

    • Each product has a distinct name

    • Align with segmentation

  • Private branding strategy

    • Manufacturer sells products under retailer's brand name

  • Mixed branding strategy

    • One brand uses multiple names for their products

• Brand positioning

  • Product attributes: Quality, selection, style, features

  • Benefits: What the product delivers, what job the product does

  • Emotion-based positioning

    • High level of involvement

    • Hard to differentiate

    • Tradition/heritage

    • Personalization

    • Unique/limited edition

• Brand naming

  • Suggest something about a product’s benefits/qualities

  • Fit the company or product image

  • Easy to pronounce and remember

  • Distinctive, memorable, and positive

  • Simple and emotional

  • Extendable

  • Translate easily into foreign languages

  • Legal protection

• Packaging

  • Functional benefits: Storage, convenience, protection, quality

  • Communication benefits: Directions on use, ingredients, source, and legal requirements

  • Perceptual benefits: How the packaging makes you feel about the product

• Brand Equity: Differential effect that knowing the brand name has on consumer response to the product/marketing

  • Created through developing positive brand awareness, establishing meaning, eliciting a proper customer response, and creating a consumer-brand connection

  • Leads to brand value, or the total financial value of the brand

• Why want brand strength

  • Consumer-related benefits: Brand recognition, loyalty, etc

  • Business-related benefits