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Master of Business Administration (MBA) HINDUSTAN INSTITUTE OF MANAGEMENT AND COMPUTER STUDIES FARAH, MATHURA U.P.
– INTRODUCTION – DEFINITION – LIFE CYCLE OF A BRAND – POSITIVE IMPACT – NEGATIVE ASPECTS – DIMENSIONS OF EFFECTIVE BRANDING – WAY OF BRANDING THE PRODUCT
• • “Branding is the process by which companies distinguish their product offerings from the competition. Brands are created by creating a distinctive name, packaging and design.” Brand signifies reputation and symbolic meaning attached to a brand. Branding is an integral part of the overall marketing strategy. For the consumers a brand name is a means of identification of products as well as means of differentiation of the branded products from its rivals. Customers (particularly consumers) view a brand as an important part of a product and branding can add value to a product. A brand can provide a guarantee of reliability and quality, in fact.
BRANDA name or symbol used to identify the source of goods or services, and to differentiate them from those of others.
Clyde C. Tuggle Coca-Cola, Senior Vice President Worldwide Public Affairs & Communications
BRANDINGBranding is a plan for earning product reputation and for making sure that the world knows about it and believes in it too. Branding protects a seller's products against those marketed by competitors and imitators and helps consumers identify the quality, consistency, and imagery of a preferred source. Customers (particularly consumers) view a brand as an important part of a product and branding can add value to a product.
• BRAND RECOGNITION- They know your name but don’t prefer it over competition. • BRAND PREFERENCE- They pick your brand based on previous experience with it. • BRAND INSISTANCE- Won’ accept alternatives eq. monopoly status. • Generification- your brand becomes synonymous with the category . You may be cannibalized by your own success.
LIFE CYCLE OF A BRAND
POSITIVE IMPACT OF BRANDING
• Recognition And Loyalty The main benefit of branding is that customers are much more likely to remember your business. A strong brand name and logo/image helps to keep your company image in the mind of your potential customers. Image of Size A strong brand will project an image of a large and established business to your potential customers. Like The Coca Cola Company uses the brand name Coca Cola and BBC is the brand name for the British Broadcasting Corporation. Image of Quality A strong brand projects an image of quality in your business, many people see the brand as a part of a product or service that helps to show its quality and value. Image of Experience and Reliability A strong brand creates an image of an established business that has been around for long enough to become well known.
SOME NEGATIVE ASPECTS OF BRANDING
• • • • Cost If you wish to create and maintain a strong brand presence, it can involve a lot of design and marketing costs. Impersonal One of the main problems with many branded businesses is that they lose their personal image. Fixed Image Every brand has a certain image to potential customers, and part of that image is about what products or services you sell. Timescale The process of creating a brand will usually take a long period of time. As well as creating a brand and updating your signs and equipment you need to expose it to your potential customers.
EFFECTIVE BRANDING INCLUDES
Effective branding includes basically four dimensions EXAMPLE OF ‘Airtel’ • The Functional Dimension Airtel says, "Your world of communication just got simpler." Even the simplest of the consumer can use the products and services. The Social Dimension Airtel is a recognized brand to be associated with. It is associated with high level of social value. The Spiritual Dimension "Building telecom, building relationships." Airtel encourages everyone to be more involved in building relationships and spread the happiness. The Mental Dimension Airtel gives me the opportunity to "Express Myself."
WAY OF BRANDING A PRODUCT
– Associate your brand with a key customer promise – Keep in mind precisely whom you are targeting – Differentiate your brand – Keep your brand focused – Repeat, repeat, repeat your message
Branding is a promise made to the customer that will deliver values beyond expectation. Branding can be rational or irrational. Customers buy brand not only for the intrinsic values associated with it but also because the brand has surprised them in the past with newer and more novel experiences. Effective branding promotes loyalty to your business and your products and service. When creating a brand, you must be careful not to lose the image of personal service. Every branding must show the correct image that you want your customers to see.