Branding Elements and Strategies

1. Branding Elements and Strategies

2. Branding Decisions • A brand is a name, term, symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from competition • Brand Mark • is the part of the brand that is a symbol or design. • Trade Name • Identifies the company or a division of a particular corporation • Trade Character • Brand Mark with human form or characteristics • Trademark • Brand name, brand mark, trade name, trade character, or combination of these that is legal protected by the government

3. Importance of brands in product planning for seven reasons • Builds Loyalty • Satisfies • Easily recognized • Quality • Address new markets • Help when introducing a new product • Establishes image • Brands should • be memorable • have a positive connotation • convey a certain image

5. Branding Strategy • Brands are powerful assets that must be carefully developed/managed. • Brands with strong equity have many competitive advantages: • High consumer awareness • Strong brand loyalty • Helps when introducing new products • Less susceptible to price competition

6. Brand Preference

7. Brand Strategy • Brand Positioning • Brand Name Selection • Brand Sponsorship • Brand Development • Three levels of positioning: • Product attributes • Least effective • Benefits • Beliefs and values • Taps into emotions Key Decisions

8. Brand Strategy • Brand Positioning • Brand Name Selection • Brand Sponsorship • Brand Development • Good Brand Names: • Suggest something about the product or its benefits • Are easy to say, recognize and remember • Are distinctive • Are extendable • Translate well into other languages • Can be registered and legally protected Key Decisions

9. Brand Strategy • Brand Positioning • Brand Name Selection • Brand Sponsorship • Brand Development • Manufacturer brands • Private (store) brands • Costly to establish and promote • Higher profit margins • Licensed brands • Name and character licensing has grown • Co-branding • Advantages / disadvantages Key Decisions

10. Brand Strategy • Brand Positioning • Brand Name Selection • Brand Sponsorship • Brand Development • Line extensions • Minor changes to existing products • Brand extensions • Successful brand names help introduce new products • Multi-brands • Multiple product entries in a product category • New brands • New product category Key Decisions

11. More Strategies • Brand Licensing • Legal authorization by a trademarked brand owner to allow another company to use its brand mark, trade character for a fee. • Mixed-Brand strategy • offer a combination of manufacturer, private distributor, and generic brands. • Co-Branding • Combines one or more brands to increase customer loyalty and sales for each individual brand.

12. Brand Strategy • Flavors • Colors • Forms • Ingredients Line Extensions May Feature Different: • Package Sizes

13. How 15 of the world's top brands got started • Read Article with a partner • Answer questions on the worksheet