Solution Guideline

MKT624
Assignment # 1 (Non-Graded)

Brand Name: A name is given to a product to make it distinguished from
competitors product. When we give a name to a product it becomes specific from
being generic. In order to give a name to a brand the characteristics of
memorability, meaningfulness, likeability, transferability, adaptability, and
protectability, should be kept in mind so that the name can be given to a product to
make the product category clear to customers. Name usually should be based on
the category, nature, attributes and functions of the product so that it may fulfill the
purpose of brand identity and brand awareness.
Strategies to position the product in customers mind:
1: Defining and communicating the competitive frame of reference
Who is the target market?
Who are the main competitors?
2: Choosing and establishing point of parity and point of difference
How is the brand similar to the competitors?
How is the brad different from the competitors?
Note: Students are required to apply above given points on the hairfall shampoo
and make it a brand name by taking it out from general product category
describing its features and functions. Students are required to position their chosen
brand name in the minds of the customers by quoting given points.