Brand is a identical symbol, sign, name, design or combination of all these that can differentiate products & services from competitors.
It is a challenging decisions to the marketers. It has some strategy involving-
1. Brand positioning: Every marketers need to position their brand in the mind of target customers. They can do that at three levels:
Firstly, they can do that on product attributes. Customers want what can a product attributes do for them. Attributes are easily copied by competitors.
Secondly, a brand name also a positiones itself with desirable benefits. Finally, firms can also position itself through strong beliefs & values, engaging customers on deep & emotional level.
2. Brand name selection: Selecting a brand name is very difficult task. It starts with product benefits, target market & proposed marketing strategies.Brand name include -
∆ Suggest something about products benefits & qualities;
∆ Brand name should easy to pronounce, recognize & remember;
∆ Name should be distinctive;
∆ Should be extendable;
∆ Easy to translate into foreign language;
∆ Capable of registration & legal protection.
3. Brand sponsorship: It has four sponaorship options like-
∆ National brands versus store brands: This brand is created & owned by a reseller of a product or service.
∆ Licensing: It is a way of licensing a establish brand for operating in a business purposes.
∆ Co- branding : It happens when two established brand of different companies are used on the same product. It offers many advantages like brand equity, complementary strengths & togetherness.
It has also some disadvantages like complex legal contracts & licenses.
∆Brand development: It has four choices to developing brands that are-
🏉 Line extension: It is a way of expanding an existing brand name into new forms, colors, sizes, ingridents or flavors of an existing product category.
🏉 Brand extension: This is the way of extending the present brand name into new product categories.
🏉Multibrands: It is a way of introducing many different brands in a given product category. For example: PepsiCo have five different soft drinks : pepsi, sierra mist, slice, mountain dew & mug root beer.
🏉New brands: Existing brand value helps to introduce a new brand to the present market that are believed by a company or sometimes it use new brand name when it enters a new product category. For example: Toyota introduced the seperate brand named Lexus.
It is a challenging decisions to the marketers. It has some strategy involving-
1. Brand positioning: Every marketers need to position their brand in the mind of target customers. They can do that at three levels:
Firstly, they can do that on product attributes. Customers want what can a product attributes do for them. Attributes are easily copied by competitors.
Secondly, a brand name also a positiones itself with desirable benefits. Finally, firms can also position itself through strong beliefs & values, engaging customers on deep & emotional level.
2. Brand name selection: Selecting a brand name is very difficult task. It starts with product benefits, target market & proposed marketing strategies.Brand name include -
∆ Suggest something about products benefits & qualities;
∆ Brand name should easy to pronounce, recognize & remember;
∆ Name should be distinctive;
∆ Should be extendable;
∆ Easy to translate into foreign language;
∆ Capable of registration & legal protection.
3. Brand sponsorship: It has four sponaorship options like-
∆ National brands versus store brands: This brand is created & owned by a reseller of a product or service.
∆ Licensing: It is a way of licensing a establish brand for operating in a business purposes.
∆ Co- branding : It happens when two established brand of different companies are used on the same product. It offers many advantages like brand equity, complementary strengths & togetherness.
It has also some disadvantages like complex legal contracts & licenses.
∆Brand development: It has four choices to developing brands that are-
🏉 Line extension: It is a way of expanding an existing brand name into new forms, colors, sizes, ingridents or flavors of an existing product category.
🏉 Brand extension: This is the way of extending the present brand name into new product categories.
🏉Multibrands: It is a way of introducing many different brands in a given product category. For example: PepsiCo have five different soft drinks : pepsi, sierra mist, slice, mountain dew & mug root beer.
🏉New brands: Existing brand value helps to introduce a new brand to the present market that are believed by a company or sometimes it use new brand name when it enters a new product category. For example: Toyota introduced the seperate brand named Lexus.
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