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Brand Management

Brand Management

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Published by Mukesh Kumar
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Published by: Mukesh Kumar on Aug 06, 2011
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09/23/2012

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Brand ManagementBrand
According to American Marketing Association, A brand is defined as ³a name, term, sign,symbol or special design or some combination of these elements that is intended to identify thegoods or services of one seller or a group of sellers. A brand differentiates these products fromthose of competitors.´
Role of Brands
In a world where products,markets, and industry boundaries are in flux, a well-managed brandcan be a prime source of strategic direction and competitive advantage. Today branding is such astrong force that anything from salt tolemonjuice and water is branded. The following are theroles of branding which serve many purposes1) A brand identifies the seller or maker.2) A brand protects both the consumer and the producer from competitors who would attempt to provide products that appear to be identical.3) A brand reduces the primacy of price upon the purchase decision.4) It accentuates the bases of differentiation.5) A brand is essentially a sellers promise to consistently deliver a specific set of features, benefits and services to the buyers.6) A brand gives the seller theopportunityto attract a loyal and profitable set of customers.Brand loyalty gives sellers some protection from competition and greater controlin planningtheir marketing programs.7) Strong brands help build the corporate image, making it easier to launch and gain acceptance bydistributorsand customers.8) Managing a positive brand image createsopportunitiesto introduce new products that build on brand equity. It helps to attract and retain goodemployeesand it improves the stockholders
 
Brand Characteristics 
The world is rapidly shrinking with the advent of faster communication, transportation andfinancial flows. Products developed in one country ± Mont Blanc pens, McDonalds, BMW¶s ± are finding enthusiastic acceptance in other countries.A German businessman may wear an Armani suit to meet an English friend at an Indianrestaurant who later returns home to drink Russian vodka and watch an American soap on aKorean television.There are different aspects or levels of a brand, may it be of a product or service which attractcustomers to build an image and an idea about that product or service. There may be variousviewpoints through which a person may perceive the brand in a particular way.
Let¶s take Mercedes Benz for example:
 
Attributes:
Mercedes suggests expensive, well-built, well-engineered, durable, high prestige,high value, fast and so on. The company may use one or more of the attributes to advertise thecar. For years, Mercedes advertised ³Engineered like no other car in the world´. This taglineserved as a positioning platform for the car¶s other attributes.
Benefits:
Customers are not buying attributes, they are buying benefits. Attributes need to betranslated into emotional and functional benefit, ³I am safe in case of an accident´.
Values:
The brand also says something about the producer¶s values. Thus Mercedes stands for high performance, safety, prestige and so on. The brand marketer must figure out the specificgroups of car buyers who are seeking these values.
Culture:
The brand may represent a certain culture. The Mercedes represents German culture:organized, efficient, high quality.
Personality:
The brand can also project a certain personality. If the brand were a person, ananimal, or an object, what would come to mind? Mercedes may suggest a no-nonsense boss(person), a reigning lion (animal), or an austere palace (object). Sometimes it might take on the personality of an actual well-known person or spokesperson.
User:
The brand suggests the kind of consumer who buys or uses the product. We would besurprised to see a 20-year-old secretary driving a Mercedes. We would accept instead to see a 55
 
year-old top executive behind the wheel. The users will be those who respect the product¶svalues, culture and personality.
Brand Name -:
Company has to choose its brand name strategically. Each can have a separate brand name, or one family name can be extended to all the products.Phillips follows the family brand name strategy; previously Bajaj followed family brand namestrategy, whereas Hindustan Lever brands follow the individual brand strategy.Basically, brand name use to distinguish one product from its competitors products. It¶s also useto the ownership.
Family Brand
A family name used for a number of products in the same line. It is also called a blanket brand.Example-: Phillips electronic, Cadbury, amul (amul milk, amul chocolate etc)
Benefits-:
it is cost effective in as much as it reduces product launch costs and also the promotional expenses incurred on a continuing basis.The success of one brand when well promoted gives a push to the entire product line.Management of trade channel is also become easier.If product fails it will also effect on the image of other brands.
Individual Brand
A brand name use for a single product within a product line.
How to select a good brand name
A good brand name should possess as many of the following characteristics as possible.
1.
 
It should be indicative-:
A well-chosen name or symbol should be indicative of quality, or may be associated withsuperiority or a great personality. The name Mcdonald is sugguested happy meal, quality product at affordable price.Similarly as, the name VIP Classic for travel- wares is suggestive of a superior quality for a distinct class of people. Promise is suggestive of an assurance of health.

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