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Transcript of Branding
and consumers see branding as an
important part of the product Helps consumers identify products
Shows product quailty and consistency
Gives buyers piece of mind (Kotler, 2010) Branding These days branding has become so strong
that hardly anything goes unbranded A whole story about the quality of a product can be built around a brands name Brand Management Nimalan Logeswaran Simon Tobin What is the most enduring brand?? What is the purpose of branding? Brandings main purpose is to let you stand out from the rest of the crowd. It builds trust, loyalty and credibility amoungst consumers and earns profit for the company. Customers attach meanings to a
brand, developing brand
relationships. It's not just making a promise that separates one brand from another, but having a defining purpose. Brand Positioning The location of a brand in relation to its competitors
in some pre-defined space. (Coca Cola Branding Strategy) 5 main factors that go into defining a brand position. 1. Brand Attributes
2. Consumer Expectations
3. Competitor attributes
5. Consumer perceptions Brand positioning can be based on different criteria
such as: Size
Toughness and Endurance
Time of day Exercise Who am I? - Attributes
Why buy me? - Target
What do I do
don't? - Benefit
How is positioning
achieved? Brand Repositioning Repositioning occurs when a brand tries to change its market position to reflect a change in consumer tastes.
Possible reasons for repositioning:
1. Increasing relevance to the consumer
2. Making the brand serious
3. Falling sales
4. Bringing in new customers
5. Differentiate from other brands
6. Changed market conditions Brand Personality Brand personality is a set of
human characteristics associated
with the brand Why use brand personality? Helps gain an in-depth understanding of consumer perceptions and attitudes towards the brand.
Can differentiate brands especially where brands are similar in product attributes.
Differentiates the brand and makes it distinct from other competitor offerings.
Brand Development A company has four choices
when it comes to developing brands
(Kotler and Armstrong, 2010).
New Brands Line Extensions This is when a company extends its existing brand names to new forms, whether by colour, size ingredient or flavours (Kotler, 2010). Brand Extensions Extends a current brand name to new or
modified products in a new category (Kotler, 2010). Multibrands Why brands fail!
Pricing and Quality When suggesting that people may judge quality by price Scitovsky (1945) pointed out that such behaviour is not irrational; it simply reflects a belief that the forces of supply and demand would lead to natural ordering of products on a price scale, leading to a strong positive relationship between price and product quality. (Akshay R. and Monroe K, Journal of marketing research vol. xxvi August 1989, 351) Brand Credibilty The more perceived brand credibility a brand posses the less price sensitive its consumers will be, for example consumers purchasing a Mercedes or Audi will be less price sensitive than consumers purchasing a Daewoo or Kia. Branding & Entrepreneurship The design of your logo doesn't matter.
Have a professional website.
Blogs are good.
Prepare one page corporate overview.
Participate in local business events.
Do what you say your going to do.
Stand for something.
Realise your not in control of your brand.
Branding is much about your people than anything else. A B C A B C €140,000 €120,000 €90,000 What different branding strategies can be used to
influence consumer perception? Give a detailed description 20 Marks When a company introduce additional brands
in the same category (Kotler, 2010). New Brands This is when a company introduces a new brand
when an existing brand is losing market share
or a new brand is created to enter a new
product category for which none of the current
brand names are appropriate (Kotler, 2010). To Brand or not to brand