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Chapter 5: Brand Management - Coggle Diagram
Chapter 5: Brand Management
Definition of Brand
it's the marketing practice of creating a name, symbol / design that identifies & differentiates a product from other products
Branding: the art of aligning what you want people to think about your company with what people actually think abt your company
Eg: dUCk, attracts certain type of people, not only with clothes but with more or less similar interest, hobbies, lifestyle ad social status because fashion & trends change constantly.
Branding VS Marketing
The brand will remains after the marketing has swept through the room because marketing contribute to a brand, but the brand is bigger than any particular marketing effort.
Purpose of Brand
Branding will help the label to differentiate itself from other labels alike & make it easier for a customer to recognize what is the brand message, values and to whom it should appeal.
Key differentiating factors for a new product
the product represents a functional improvement
retail-selling price is considered to advantageous
its labelling has an attractive design
new product is properly branded, promoted & advertised
readily available to customers in main retail store
number of after-sales services are provided to make the product appealing to consumers
Brand Name & Logo
it should be meaningful, recognizable & memorable, capable of being legally protected also suitable for international markets.
(i) branding
the values, messages & ideas that underpin a brand will be expressed
brand & name
product
packaging & display
advertising & promoting
company reputation & behavior
(ii) trademarks
brand logos, symbols, slogans & straplines can be registered
helps to protect the brand from piracy / unauthorized use of the trademark
function
for consumer
enable consumer to distinguish between similar /identical products
guarantee of quality
for company
enables it to differentiate its products
basis for a loyal clientele
(iii) brand name & logo
the brand name & logo are tangible features that can be controlled from withing the company.
logo provides the most fundamental visible element of the brand
represent the essence or core idea behind the brand
(iv) brand equity
the extra value customers perceive that enhances their long-term loyalty to a brand
can insulate a company against competitive threats
help new products achieve acceptance
the value of strong brands will encourage brand loyalty & boosts customer lifetime value
Types of Brand
(i) Corporate brand
this is where an organization has one name & one visual identify across its brands. the corporation is the brand.
Eg: MAS Holdings
(iii) Private brand
also known as own brands, store brands, retailer brands or own label. it is raise the profile of retailer, differentiate its offering & add value for customers.
Eg: Macy's
(ii) Manufacturer brand
there are created & marketed by producer companies who will choose a name for their branded product
Eg: DuPoint
Brand Strategy & Management
establishing a brand long term & costly process and companies do not take on this risky task lightly.
brand extension
allows a brand company to capitalize on the power of an existing brand's equity & value to launch new products in a broadly similar market
Eg: google started with search and extended into a hosted email service
brand licensing
a business arrangement where a brand company sells the right to use their name to another company who can develop, manufacture & market specified branded under license.
eg: use license to extend their product areas such as accessories, eyewear, footwear etc