UNDERSTANDING A BRAND BRAND ATTRIBUTES SERVICE BRANDING

UNDERSTANDING A BRAND
a) b) c) d) a) b) c) A brand is a: Name Symbol or a sign Term Is a combination of all of the above The primary reason why companies build brands is in order to: Distinguish themselves from competitors Earn higher profits Generate more shareholder wealth
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BRAND ATTRIBUTES
The worlds strongest brands have the following attributes:The brand provides the benefits that customer desire. The brand stays relevant The pricing strategy is based on consumers perception of value. The brand is properly positioned The brand is consistent.
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SERVICE BRANDING
a) b) Six components that go into successfully branding a service sector firm:A brand should provide information & communicate efficiently, qualify a product or service, or establish differentiation. There are three types of brand architectures: Single brand : one brand that covers the entire product range. (sony, visa) Tiered brands: with a parent brand supported by sub-brands for each product line. Multiple brands: with each product carrying its own brand distinct from the parent .( P&G)
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c)

SERVICE BRANDING
Developing a brand strategy is to position the brand to effectively communicate the value proposition. Like, Volvo ( safety), Nike (Limitless performance) A company must develop the programs needed to deliver the brand & the brand promise. Brand performances Finally , for a brand to be effective in the market place, the business system must be aligned with the brand promise. ( one cannot imagine a service brand such as infosys without its founder Narayana Murthy)
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Stages in building a successful service brand

Identify external opportunities. Identify internal capabilities. Define the brand and develop brand concept. Consider feasibility of brand. Ensure internal commitment Position and differentiate the brand Structure organisational resources Market testing
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