Brand Naming and Product Life Cycle Review

Types of Brand Names

• Eponymous:

  • Embodies the vision and beliefs of the founders.

  • Examples: Disney, Adidas, Tesla.

• Descriptive:

  • Describes exactly what the company does.

  • Examples: American Airlines, Home Depot.

• Acronymic:

  • Shortened versions of descriptive names.

  • Examples: KFC (Kentucky Fried Chicken), HSBC (Hongkong and Shanghai Banking Corporation).

• Suggestive:

  • Real words or composite words that imply the product's benefits or characteristics.

  • Examples: Uber, Slack, Facebook, Ray-Ban.

• Associative:

  • Reflects imagery and meanings associated with the brand.

  • Example: Amazon (alluding to being the world's largest source of shopping).

• Non-English:

  • Unique-sounding names sourced from other languages that appeal to new markets.

  • Examples: Samsung (Korean), Lego (Danish), Hulu (Japanese).

• Abstract:

  • Names with no intrinsic meaning but effective use of phonetics.

  • Examples: Rolex, Kodak.

What Makes a Good Brand Name (Jonathan Bell)

1. Easy to Pronounce

2. Easy to Recognize

3. Easy to Remember

4. Short and Simple

Steps in Creating an Effective Brand Name

1. Select the type of name you want.

2. Decide on what you want the name to convey.

3. Check that your name is available (trademark checks).

How Brand Names Are Protected

• Patent: Protects inventions and big ideas, ensuring no one else sells the same innovation, safeguarding against copying.

• Trademark: Guards the brand's identity, ensuring the name, logo, and slogan are uniquely yours, crucial for building brand identity and preventing imitation.

Different Types of Logos

Key Design Features

1. Simplicity:

   • Avoid trendy designs; opt for something timeless with broad appeal.

2. Memorable:

   • Fit seamlessly into the brand’s identity considering industry's context.

3. Versatility:

   • Test clarity in various sizes and backgrounds.

4. Relevance:

   • Logos should mirror brand nature and values, resonating with the target audience.

5. Timelessness:

   • Avoid designs that could quickly become outdated.

6. Appropriateness:

   • Ensure it aligns with the brand’s identity and industry.

7. Color Selection:

   • Choose colors to evoke desired emotions while appealing to target demographics.

8. Uniqueness:

   • Distinguish from competitors with a distinct, recognizable logo.

Stages of the Product Life Cycle

1. Introduction

• Initial stage with typically low sales and heavy investment.

• Goals: Establish market presence, gain early adopters, and refine the product based on feedback.

• Profits may be minimal or negative.

2. Growth

• Characterized by rapid sales growth and rising competition.

• Focus on scaling production, expanding distribution, and building customer loyalty.

• Aims for larger market share, often leading to improved profit margins due to decreases in unit costs through economies of scale.

3. Maturity

• Sales growth stabilizes but slows compared to the growth phase.

• Market saturation occurs; most interested customers have adopted the product.

• Competition intensifies; marketing might focus on retaining customers and defending market share while managing costs effectively.

4. Decline

• Sales start to decline due to rising competition or market changes.

• Companies face crucial decisions on whether to maintain the product through price cuts or targeted marketing.

• May involve reducing expenses while maintaining the product in the market if viable.

Unique Selling Propositions (USP)

• Definition: The distinctive factor that sets your product, service, or brand apart from competitors.

• Key Components: Unique, relevant, compelling.

• Importance: Drives differentiation, enhances memorability, fosters customer loyalty.

Kotler's 5 Levels of Product

1. Core Benefit:

   • Fundamental need or benefit sought by the customer (e.g., car for transportation).

2. Generic Product:

   • Tangible product with essential features (e.g., compact car with engine, wheels, seats).

3. Expected Product:

   • Attributes customers normally expect when purchasing (e.g., smartphone with touchscreen, camera, apps).

4. Augmented Product:

   • Additional features that exceed expectations (e.g., car-free maintenance, GPS).

5. Potential Product:

   • Future enhancements or transformations (e.g., self-driving car).