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Branding Strategies: Importance and Development in the Market

Explore the significance of branding, its impact on differentiation and recognition, brand development strategies, types of brands, brand equity, and the role of branding in maintaining market share. Learn how branding influences consumer perception and loyalty in today's competitive market.

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Branding Strategies: Importance and Development in the Market

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  1. Lecture Wk 2 L1 Branding Chapter 2

  2. Branding • ‘The brand is the aura of beliefs and expectations about a product/service which make it relevant and distinctive • It stretches beyond the physical and into the psychological and is extremely powerful’

  3. Why Brand? • For differentiation & recognition • To add value to a naked commodity • Easier to promote • Helps market segmentation • Can help boost share price • Easier to integrate • Sales promotion, personal selling & packaging • Can help corporate image

  4. Brand Development INCREASED SALES COST EFFICIENCIES VOLUME BUILDING INVEST IN NEW BRAND BUILD AWARENESS OF ATTRIBUTES SALES INCENTIVE PROGRAMME, TRADE PROMOTION, P.O.S BRAND SALES GROW RETAILER CONCENTRATION VOLUME BUILDING IMPROVED PRODUCTS RETAILERS LIST BRAND BRAND RECOGNITION AND CUSTOMER DEMAND FOR BRAND WIDER DISTRIBUTION NETWORK BUILT UP

  5. Types of Brands • Individual brand • Proctor & Gamble • Unilever • Umbrella or blanket brand • Heinz • Dyson • Separate family names for different product divisions • Eskimo • Igloo • Company name • Kellogg’s

  6. Brand and Added Value • Core products • A car • Actual product • BMW 500 series • Augmented product • BMW 523 with air conditioning • It is often the brand that is bought and not the product

  7. Brand Equity • Asset value of the name • The intangible / goodwill difference • The added value • McV Jaffas • M&S Jaffas • Tesco Jaffas

  8. Branding Strategies • Line extensions • Brand extensions • Multi-brands • New brands • Co-brands

  9. The Biggest Brands in the World Value $ billion • Coca Cola • Microsoft • IBM • …….

  10. Long Term Process • Promotion must continually remind the market of the brand’s presence: • What is the current brand image? • What brand form has been identified for the organisation? • How does this form relate to current and future corporate strategy? • How is the brand positioned in the mind of the target buyer? • How does the brand relate to the competition? • How should the brand image be changed or reinforced?

  11. Maintaining Market Share • Major brands use share of voice = share of market to maintain equilibrium • To sustain brand loyalty and exposure, all promotional tools can be used as appropriate

  12. Developing Retention and Encouraging Loyalty • To sustain loyalty to an established product/service/ brand: • Sales promotion • Advertising • Public relations • Direct-response media

  13. Chinese Attitudes towards Brands? • What are they? • Future for Chinese brands?

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