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BRAND

Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors.

Over time, this image becomes associated with a level of credibility, quality, and satisfaction in the consumer's mind (see positioning).

IMPORTANCE OF BRANDING

• AWARENESS

• RECOGNITION

• COMPETITIVE EDGE

• HELPS PEOPLE RECOGNIZE AND RECALL

• MOTIVATION & DIRECTION FOR STAFF

• CREATES REFERRALS

• HELPS CUSTOMERS KNOW WHAT TO EXPECT

• REPRESENTS BUSINESS

• PROMISE CUSTOMERS OF QUALITY

• CREATES CALRITY & STAY FOCUSED

• CONNECT CUSTOMERS EMOTIONALLY

• BUSINESS VALUE

TYPES OF BRAND

PRODUCT BRAND

E-PRODUCT

MEDIA PRODUCT

SERVICE PRODUCT

NOT FOR PROFIT PRODUCT

NATION PRODUCT

GOVERNMENT PRODUCT

GLOBAL PRODUCT

ORGANIZATION PRODUCT

CHALLENGES IN BRANDING

• Shift from advertising to promotions

• Adapting new marketing methods

• Good distribution channel

• Information & interaction are all real time

• More sophisticated consumers

• Adapt to the changes in technology

• Competition

ADVERTISING

Advertising is bringing a product (or service) to the attention of potential and current customers. Advertising is focused on one particular product or service. Thus, an advertising plan for one product might be very different than that for another product. Advertising is typically done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, etc.

BRAND EQUITY

MEANING OF BRAND EQUITY

* Brands Power

* Goodwill

* Name Recognition

* Earned over time

*Higher sales volume

* Higher profit margins

* Against Competing Brands

3 MAIN POINTS OF BRAND EQUITY

• Tangible & intangible value

• +ve & -ve effects

• Consumer catalysts

5 STAGES OF BRAND EXPERIENCE

1• Brand Awareness

2• Brand Recognition

3• Brand Trial

4 • Brand Preference

5• Brand Loyalty

 

WHAT IS A PRODUCT

• ANYTHING

• OFFERED IN MARKET

• ATTENTION

• ACQUISTION

• USE

• CONSUMPTION

• SATISFY WANT OR NEED

TYPES OF CONSUMER PRODUCTS

• CONVENIENCE PRODUCTS

• SHOPPING PRODUCTS

• SPECIALITY PRODUCTS

• UNSOUGHT PRODUCTS

CHARACTERISTICS OF SERVICE

• INTANGIBILITY

• INSEPERABILITY

• INCONSISTENCY

• INVENTORY