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Branding is the foundation of marketing and is inseparable from business strategy.As such, a brand is a combination of attributes, communicated through a name, or a symbol, that influences a thought-process in the mind of an audience and creates value. As branding is deeply anchored in psycho-sociology, it takes into account both tangible and intangible attributes, e.g., functional and emotional benefits.Brand name is one of the brand elements which helps the customers to identify and differentiate one product from.. Brand names are not necessarily associated with the product. For instance, brand names can be based on places (Air India, British Airways), animals or birds (Dove soap, Puma), people (Louise Phillips, Allen Solly). In some instances, the company name is used for all products (General Electric, LG).
Features of a Good Brand Name
A good brand name should have following characteristics: 1. 2. 3. 4. 5. 6. 7. 8. 9. It should be unique / distinctive (for instance- Kodak, Mustang) It should be extendable. It should be easy to pronounce, identified and memorized. (For instance-Tide) It should give an idea about product’s qualities and benefits (For instance- Swift, Quickfix, Lipguard). It should be easily convertible into foreign languages. It should be capable of legal protection and registration. It should suggest product/service category (For instance Newsweek). It should indicate concrete qualities (For instance Firebird). It should not portray bad/wrong meanings in other categories. (For instance NOVA is a poor name for a car to be sold in Spanish country, because in Spanish it means “doesn’t go
Process of Selecting a renowned and successful Brand Name
1. Define the objectives of branding in terms of six criterions - descriptive, suggestive, compound, classical, arbitrary and fanciful. It Is essential to recognize the role of brand within the corporate branding strategy and the relation of brand to other brand and products. It is also essential to understand the role of brand within entire marketing program as well as a detailed description of niche market must be considered. Generation of multiple names - Any potential source of names can be used; organization, management and employees, current or potential customers, agencies and professional consultants. Screening of names on the basis of branding objectives and marketing considerations so as to have a more synchronized list - The brand names must not have connotations, should be easily pronounceable, should meet the legal requirements etc. Gathering more extensive details on each of the finalized names - There should be extensive international legal search done. These searches are at times done on a sequential basis because of the expense involved. Conducting consumer research - Consumer research is often conducted so as to confirm management expectations as to the remembrance and meaningfulness of the brand names. The features of the product, its price and promotion may be shown to the consumers so that they understand the purpose of the brand name and the manner in which it will be used. Consumers can be shown actual 3-D packages as well as animated advertising or boards. Several samples of consumers must be surveyed depending on the niche market involved. On the basis of the above steps, management can finalize the brand name that maximizes the organization’s branding and marketing objectives and then formally register the brand name.
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Brand Attributes portray a company’s brand characteristics. They signify the basic nature of brand. Brand attributes are a bundle of features that highlight the physical and personality aspects of the brand. Attributes are developed through images, actions, or presumptions. Brand attributes help in creating brand identity.
A strong brand should be different and unique. 3. people will not buy it. For instance .A strong brand should be positioned so that it makes a place in target audience mind and they prefer it over other brands. value . Appealing. 8.A consistent brand signifies what the brand stands for and builds customers trust in brand.A strong brand should be attractive. brand personality indicates emotional associations of the brand. Customers should be attracted by the promise you make and by the value you deliver. If brand image is comprehensive brand according to consumers’ opinion. 2.This is a scenario in which the customers have a confused opinion of the brand. A consistent brand is where the company communicates message in a way that does not deviate from the core brand proposition.This is a scenario in which the customers have too limited a awareness of the brand. For example. Consistency. Relevancy. 3.This is a scenario in which customers do not accept the claims of a brand. Credibility.This is a scenario in which the customer’s have a blurred and unclear idea of the brand.A strong brand should do what it promises. . while brand image denote the tangible (physical and functional) benefits and attributes of a brand.and intellectualism.Allen Solley brand speaks the personality and makes the individual who wears it stand apart from the crowd.A strong brand must have following attributes: 1. it is called brand personality. else inspite of your product being unique. Under positioning. such as- 1. When brand image or brand identity is expressed in terms of human traits. Brand personality must be differentiated from brand image. Over positioning. 4. Brand positioning must make sure that: • • • • • • • Is it unique/distinctive vs.Nike transcendent Jersey Polo Shirt.can it be delivered constantly across all points of contact with the consumer ? Is it helpful for organization to achieve its financial goals ? Is it able to support and boost up the organization There are various positioning errors. 6. It should not fail to deliver what it promises. Do not exaggerate as customers want to believe in the promises you make to them.A strong brand makes a business competitive. Inspirational. Proper positioning. 4. in sense that. Example of sustainable brand is Marks and Spencer’s. Confused positioning. . Uniqueness. appropriate and original products ? Is it sustainable .A strong brand should transcend/ inspire the category it is famous for. It must meet people’s expectations and should perform the 2. competitors ? Is it significant and encouraging to the niche market ? Is it appropriate to all major geographic markets and businesses ? Is the proposition validated with unique. A good job must be done to persuade consumers to buy the product. A sustainable brand drives an organization towards innovation and success. It should set you apart from other competitors in market. Infosys represents uniqueness. The way you communicate your brand to the audience/ customers should be realistic. Sustainable. brand personality is that aspect of comprehensive brand which generates it’s emotional character and associations in consumers’ mind. way they want it to. 5. Double Positioning.A strong brand must be relevant. 7.
It signifies “what you have got”. Image is looking back. Brand image represents “others view” 7 It is enduring. Image is passive. 5 Brand identity symbolizes firms’ reality. 3 The general meaning of brand identity is “who you really are?” The general meaning of brand image is “How market perceives you?” 4 It’s nature is that it is substance oriented or strategic. Brand image symbolizes perception of consumers 6 Brand identity represents “your desire”. . 9 Identity is active.Brand Identity Brand Image 1 Brand identity develops from the source or the company. 8 Identity is looking ahead. Brand image is perceived by the receiver or the consumer. 10 It signifies “where you want to be”. It’s nature is that it is appearance oriented or tactical. Brand message is untied by the consumer in the form of brand image. It is superficial. 2 Brand message is tied together in terms of brand identity.
Brand associations are the attributes of brand which come into consumers mind when the brand is talked about.The Nike Swoosh. While choosing a brand name. Brand association can also be defined as the degree to which a specific product/service is recognized within it’s product/service class/category. Product class/category to which the brand belongs. etc Brand promise is what you say to the customer and what is to be delivered. but are images and symbols associated with a brand or a brand benefit. It is total consumers’ perception about the brand Brand Associations are not benefits. For instance . There are three major mistakes that the business leaders make while executing and developing the brand promise: The first mistake is when you refuse to recognize the customer expectations that are created in customers mind before it comes in contact with that particular brand. Film Stars as with “Lux”. Celebrity/big entity association. Associations are not “reasons-to-buy” but provide acquaintance and differentiation that’s not replicable. it is essential that the name chosen should reinforce an important attribute or benefit association that forms it’s product positioning. Brand association is anything which is deep seated in customer’s mind about the brand. Most popular brand associations are with the owners of brand.Bill Gates and Microsoft. For example.11 It is total promise that a company makes to consumers. Word of mouth publicity. For example. If you are not able to deliver the brand promise you will not be able to meet the expectations that have been created in the customers mind. Products and schemes offered by competitors.Power book. It is relating perceived qualities of a brand to a known entity. The customers are very easily able to realize your brand promise by the business you are dealing with. and superior engineering. Price at which the brand is sold. such as . BMW is associated with sophistication. signature tune Ting-ting-ta-ding with Britannia. Blue colour with Pepsi.Hyatt Hotel is associated with luxury and comfort. fun driving. POP ( Point of purchase) displays. This is one of the major reason. For example. If you are not able to meet the expectations of the customer. Reliance and Dhirubhai Ambani. For instance. etc. Nokia sound. your business will either flounder or die. Brand associations are formed on the following basis: • • • • • • • • • Customers contact with the organization and it’s employees. why one should work for every smallest detail. Brand should be associated with something positive so that the customers relate your brand to being positive. Quality of the product. if you have a gourmet restaurant then the customers will have a image in their mind that it will different from the local restaurant. Advertisements. the image of a gourmet restaurant does not . It is related with the implicit and explicit meanings which a consumer relates/associates with a specific brand name.
having such a department in today's world where one is both experienced and knowledgeable when it comes to helping others can be a rare find. Delivering the best of themselves is their brand promise. logo and lettering and present same to a marketing research review panel or the like. Therefore. You easily hire anyone who applies and don’t even put some efforts to train them gives a really terrible experience to the customers. Therefore. only those who strongly believe in the products and services offered by the company are going to be good at selling same. Generally. if one can define the brand name. Any small inconvenience which will force the customer to say that “you are not completely service oriented” and encourages the customer to some other brand. a customers asks do you accept credit card? Do you accept all credit cards or only master card and visa? If you don’t accept these cards. one . benefiting both the organizations selling the branded product or service and the dealers buying same. One of the most important steps in selling any product or service is the belief one holds in relation to the item.” still stands true to some extent. Therefore. A very important step in marketing a brand is to identify the target audience before creating the logo and lettering in relation to marketing. Another step is to build a brand that maintains loyalty with its customer base and has a strong customer service department. If your goal is to be a business leader you will invest time to train the staff. Do you want to become winner at working? Then. Often these brands include both logo and lettering and can do a long way in advertising such products or services. Therefore. The second major mistake is to implement a system which gives a negative experience to the customer. For. such products or services require the establishment of a brand or company name. Although branding generally identifies the company and philosophies behind same. They are authentic. it can also be representative of those working for such a company. at times almost seems as if the process of advertising and branding has overtaken the desire to sell. If you select a person who is very polite and does not even know how to dress up for an interview then you competition should send a thank you card for all the business you will send his way.include plastic menus or paper placemats. companies who represent oneself has having a strong customer base and even stronger customer service department are often more successful than those who do not. Business leaders work on creating efficient results for saving time and money. does it make any difference in the cost? Its just that you are losing sales. while the old adage “nothing happens until somebody sells something. People who want to become the business leader understand they are a great product brands. Their icon is their name. The third major mistake is that when you are not able to hire the best candidate. Branding is a process that allows an individual or a group of individuals the ability to provide a brand image and lettering to an idea. deliver the brand promise. one of the most important steps in building a Brand is decide upon a brand name for the product or service one wishes to sell. So. Steps in Building a Brand Name Product or Service At times. one may want to work from an advertising or graphic artist perspective in relation to advertising rather than sales when it comes to time to market same. This is a good thing as it generates the right type of audience to the product or service being sold based on personal relationships with those running the company. Upon doing so. organizations are often inspired by a variety of ideas to create products and services which can be offered locally or globally. Therefore. This is because different age groups react differently to a variety of logo and lettering especially as so much is misrepresented by a variety of gangs and others using such material inappropriately. Otherwise. For example. Brand promises are delivered by the staff. Human beings are self-centered creatures with a thought in their mind to save money and time for us. Then what are the other services you are giving to the customer in place which is the attraction for the customers. one has a better chance of selling such items to a broader audience whether that be on a local or global level. dependable and reliable.
From the prices of the shares that an organization commands in the market (specifically if the brand name is identical to the corporate name or the consumers can easily co-relate the performance of all the individual brands of the organization with the organizational financial performance. Brand Equity can be determined by measuring: • • • • • • Returns to the Share-Holders Evaluating the Brand Image for various parameters that are considered significant Evaluating the Brand’s earning potential in long . 3. 4.may be able to gain a better understanding of which audience one needs to direct their product or service to in order to create the most sales. 2. Trademarks and Channel Inter-relations are proprietary assets.American Express. Other Proprietary Brand Assets: Patents. Brand Awareness Brand Associations Brand Loyalty Perceived Quality: refers to the customer’s perception about the total quality of the brand. The price premium charged by the brand over non-branded products. Perceived quality gives the customers a reason to buy the product. An amalgamation of all the above methods. one may just find that they are selling even more products and services than one had ever dreamed possible Brand Equity: Marketing. aim marketing at the right audience. after doing so. establish trust within the community. It occurs when the consumer is familiar with the brand and holds some favourable positive strong and distinctive brand associations in the memory. Therefore. . Higher perceived quality might be used for brand positioning. For. These assets prevent competitors attack on the organization. • Factors contributing to Brand Equity 1. when looking for steps in building a brand. They also help in maintaining customer loyalty as well as organization’s competitive advantage. While evaluating quality the customer takes into account the brands performance on factors that are significant to him and makes a relative analysis about the brand’s quality by evaluating the competitors brands also. be that locally or globally. Still. These include. then one is on their way to not only creating and advertising an excellent brand but selling one as well. It also captures the channel member’s interest. knowing your audience. building your brand. OR. finding a great logo and lettering to represent same. 5. Thus quality is a perceptual factor and the consumer analysis about quality varies. if one can communicate the use of their product or service clearly. The concept of Brand Equity comes into existence when consumer makes a choice of a product or a service. Brand Equity exists as a function of consumer choice in the market place. build a base of buyers and customer loyalty and offer great customer service. By evaluating the increased volume of sales created by the brand compared to other brands in the same class. For instance . Perceived quality affect the pricing decisions of the organizations. targeting the appropriate audience and placing a number of ads in as many online and offline advertising venues one can find. there are many steps which one can complete to help make the creation of such brand an easier task. Superior quality products can be charged a price premium.
soccer balls.Cola. But conceptually both brand equity and customer equity differ. Just as customer equity can persist without brand equity. Rasna Ltd. In case of new Coke. Instances where brand extension has been a failure are- i. Wipro which was originally into computers has extended into shampoo. but I may only purchase from McDonald’s brand consistently. An existing brand that gives rise to a brand extension is referred to as parent brand. basketballs. Brands serve as a temptation that utilizes other intermediaries to lure the customers from whom value is extracted. Extending a brand outside its core product category can be beneficial in a sense that it helps evaluating product category opportunities. ii. When it experimented with fizzy fruit drink “Oranjolt”. the brand bombed even before it could take off. Coca Cola has forgotten what the core brand was meant to stand for. It didn’t work out because it was out of synchronization with retail practices. ii. While customer equity puts too much emphasis on lower line financial value got from the customers.Is among the famous soft drink companies in India. brand equity may also exist without customer equity. Brand extension may be successful or unsuccessful. To conclude. brand equity attempts to put more emphasis on strategic issues in managing brands. But when it tried to move away from its niche. It thought that taste was the only factor that consumer cared about. The time and money spent on research on new Coca Cola could not evaluate the deep emotional attachment to the original Coca. Customers serve as a profit-medium for brands to encash their brand value. Instances where brand extension has been a success are- i. Oranjolt was a fruit drink in which carbonates were used as preservative. Brand Equity and Customer Equity have two things in common Both stress on significance of customer loyalty to the brand Both stress upon the face that value is created by having as many customers as possible paying as high price as possible. If the customers of the new business have values and aspirations synchronizing/matching those of the core business. and golf equipments. chocolate drink and a slab of chocolate. Both the concepts are highly co-related Brand Extension-Meanin. It can overlook a brands optional value and their capacity effect revenues and cost beyond the present marketing environment. it is likely to be accepted by customers in the new business. and measures brand’s relevance and appeal. it hasn’t had much success. A renowned/successful brand helps an organization to launch products in new categories more easily. This new category to which the brand is extended can be related or unrelated to the existing product categories.Advantage and Disadvantage: Brand Extension is the use of an established brand name in new product categories. and if these values and aspirations are embodied in the brand. Oranjolt need to be refrigerated . but an ice-cream. we can say brands do not exist without consumer and consumer do not exist without brands. identifies resource requirements. It was wrong.Brand Equity &Customer Equity: Brand Equity is defined as value and strength of the Brand that decides its worth whereas Customer Equity is defined in terms of lifetime values of all customers. But it is now extended to sunglasses. powder. and soap. . For instance I may have positive attitude towards brands – McDonald and Burger King. Customer Equity is less narrow alternative. Nike’s brand core product is shoes. For instance. lowers risk. Mars is no longer a famous bar only.
Example of co-branding . Customers associate original/core brand to new product. An established brand name increases consumer interest and willingness to try new product having the established brand name. Disadvantages of Brand Extension 1. a. Consumers can now seek for a variety.Citibank co-branded with MTV to launch a co-branded debit card. c. organization must research the product categories in which the established brand name will work. hence they also have quality associations. d. e. b. Advertising. This card is beneficial to customers who can avail benefits at specific outlets called MTV Citibank club. a. Advantages of Brand Extension Brand Extension has following advantages: 1. investment for the introduction of new product assuming that the spin-off effects from the original brand name will compensate. selling and promotional costs are reduced. It allows subsequent extension. e. g. The ingredient brands help each other to achieve their aims. The brands which are ingredients are usually the company’s biggest buyers or present suppliers. The ingredient brand should be unique. For instance . There are packaging and labeling efficiencies.Dell computers has co-branding strategy with Intel processors. The risk perceived by the customers reduces. while other soft. There are chances of less awareness and trial because the management may not provide enough 4. What is Co-branding Co branding is the utilization of two or more brands to name a new product. Brand extension in unrelated markets may lead to loss of reliability if a brand name is extended too far. c. It has a shelf life of three-four weeks. d. more access to distribution channel and greater profits. b. The image of parent brand is enhanced. It makes acceptance of new product easy. The seller of ingredient brand . f. superior promotions. Ingredient co-branding leads to better quality products.drinks assured life of five months. h. There is a risk that the new product may generate implications that damage the image of the core/original 3. It revives the brand. There are feedback benefits to the parent brand and the organization. The likelihood of gaining distribution and trial increases. The overall synchronization between the brand pair and the new product has to be kept in mind. Brand meaning is clarified. It increases brand image. An 2. Ingredient co-branding implies using a renowned brand as an element in the production of another renowned brand. 2. This deals with creation of brand equity for materials and parts that are contained within other products. If the brand extensions have no advantage over competitive brands in the new category. The efficiency of promotional expenditure increases. 1. There are economies of scale as advertising for core brand and its extension reinforces each other. The expense of introductory and follow up marketing programs is reduced. The ingredient/constituent brand is subordinate to the primary brand. It increases market coverage as it brings new customers into brand franchise. Cost of developing new brand is saved. f. then it will brand. Types of Co-branding Co-branding is of two types: Ingredient co-branding and Composite co-branding.and it also faced quality problems. It should either be a major brand or should be protected by a patent.
technological benefits. and greater access to new sources of finance. Benefits of Brand Equity There are many benefits associated with brand equity which are listed below: • • • • • • • • Strong market share Customer loyalty More favourable response to price increases Less vulnerability to competitor activity Brand extension opportunities Consistent communication messages which reach the consumer Ensuring that a product is of an enduring nature Improved profitability It is clear that building brand equity in any organisation is essential when the above benefits could be reaped. then also composite branding may fail. brand equity can be defined as a way to describe a brand and measure its total value. If there is difference in visions and missions of the two companies. It is therefore the value that a consumer attaches to a certain brand. it needs to be measured so that an organisation can establish how high or low its brand equity is. Branding is therefore the process of making products and companies into a brand. generation of royalty income. Composite co-branding refers to use of two renowned brand names in a way that they can collectively offer a distinct product/ service that could not be possible individually. more sales income. thought. service or product. The brand manufacture can benefit by having a competitive advantage and the retailer can benefit by enjoying a promotional help from ingredient brand. Advantages and Disadvantages of Co-branding Co-branding has various advantages. In order to build brand equity. felt and perceived about a particular company. If the customers associate any adverse experience with a constituent brand. better product image by association with another renowned brand. Thus. Co-branding may fail when the two products have different market and are entirely different. but rather the sum total of all that is known. It is the consistent and disciplined way a company communicates the essence of a brand to key stakeholders. But co-branding is not free from limitations. such as . Co-branding may affect partner brands in adverse manner. enjoys long-term customer relations. wide scope due to joint advertising.2. then it may damage the total brand equity What is the Difference between Branding and Brand Equity? One needs to understand that a brand is not just a logo on a product.risk-sharing. The success of composite branding depends upon the favourability of the ingredient brands and also upon the extent on complementarities between them. Chart 1: Criteria used to measure brand equity on a B2C market . Measuring Brand Equity in a B2C Context Intangible factors of a brand can be measured using several criteria. which can be seen in chart 1. greater customer trust on the product.
a sufficient base for a comprehensive model of B2B branding does not yet exist. 1993). However. Rosenbroijer (2001) believes that the importance of branding in industrial contexts has increased. with the effect occurring when the brand is known and when the consumer possesses favourable. brand equity is the effect that brand knowledge has on consumer responses to the marketing of a brand. the aim is to reach the top of the pyramid where a harmonious relationship exists with customers. The nature and importance of branding in industrial markets (B2B) is under-researched. Keller developed the Customer-Based Brand Equity Model (CBBE). With regards to the food ingredients industry. and were developed by David Aaker. 2001). According to Keller. (1993). These steps consist of six brand building blocks (Keller. Chart 2: Customer-based Brand Equity Model by Keller (CBBE) . according to Kuhn & Alpert (2008). brand equity needs to be measured in a B2B (business-tobusiness) context. which identifies four steps which refer to questions asked by customers.The above factors are regarded as important for measuring brand equity in a B2C (businessto-consumer) market with end users. This is represented by a 'branding ladder' with each step 'up' being dependent on achieving the previous one (Keller. To build a strong brand according to Keller. as seen in chart 2. strong and unique brand associations.
Purchasing involvement in B2B markets are greater than in B2C o Organisational buyers care little about product slogans OR brand names. 2 competitors operate in this market: • • Brand A: Bar code docket system Brand B: Global positioning system (GPS) Until the date of the testing. The following findings were reported: 1. They had the ability to recall brands that were being used by competitors. heritage or experiences seem inappropriate for measuring brand equity (on a B2B basis) 3. transportation and disposal of wastes. o o This shows the importance of customer referrals & experience of other users in a B2B environment Monitoring others could be a mechanism for decreasing risk 4. but care more about the company name and its offering . Respondents in the survey knew exactly what their "competitors" were doing and buying despite the fact that they could not recall the brand names that they themselves were using. values or associations related to history. The potential for waste tracking systems potentially was proposed to have the following effects on the market: • • Encourage entrance of competitors Increase the importance of branding Branding was critical in this market as potential customers learn to differentiate between the technologies and their manufacturers. 2003). To address legislation requirements for Australian local authorities to monitor the generation. the company names were used to distinguish between products. the CBBE model was tested for industrial brands. An exploratory study was carried out in Australia which aimed to identify difficulties in applying the CBBE model in a B2B context . Personality traits. rather than the product brands Brand Slogans created confusion instead of enhancing brand awareness which should aid the formation of positive brand associations o 2. The aim therefore. More emphasis on the companies behind the brands than the brands themselves o Confusion about the difference between manufacturer and product brands. new companies have emerged with electronic means of waste tracking. for example. was to investigate how Trade Waste Officers (respondents) reacted to the new technology and brands attempt to measure brand equity in a B2B context. Therefore.that of electronic tracking systems for waste management.Case Study: Brands of Electronic Tracking Systems for Waste Management It is claimed that the CBBE model can be applied in both the B2B context and in the consumer environment (Keller. The overall credibility of a company emerged as an important element 5. the use of high-technology branded products had been minimal in the waste management field.
which are not representative of all industrial markets. It is important to remember that an increasing market share does not correspond to an increase in brand equity. a brand will be successful and sustainable in the long term. Chart 3: Factors affecting brand equity in the food ingredients industry Brand Equity and Market Share Building a winning brand means understanding the relationship between brand equity and market share. Often only the market share of a brand is looked at as a means of determining how successful the brand is. but there are certainly parallels with the situation in the food industry which can be drawn using the above case study. which are shown in chart 3. one needs to leverage both brand equity and market share to their full potential.o o o o o o The purchase process is more rational than emotional Purchasing a product that "will do the job" Spoke about "relationships" with company representatives rather than products Terms of contracts play a major role in switching to other brands Product functionality Tangible product performance 6. In so doing. whereas an increase in brand equity . However. Reasons for purchasing: The results from this case study represent context-specific factors. The food industry is very different from the ICT industry. Brand Equity in a B2B Context in the Food Ingredients Industry Brand equity is affected by a number of factors.
invariably leads to an increased market share. Chart 4 shows the relationship between brand equity and market share. Chart 5: Criteria which may be adopted in the measurement of brand equity by food ingredient manufacturers. and the expected results of brand equity measurement . which will lead to the creation of winning brands that will grow both revenues and market share. Chart 5 shows how brand equity can be measured for food ingredient manufacturers.C. 2005) Conclusion Brand equity can almost certainly be utilised in the food ingredients industry. Neilsen. Chart 4: Relationship between brand equity and market share (A.
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