Branding Final Auto Saved)
Content
Submitted to: PROF.VAISHALI
Compiled by (SYBMS)
ACKNOWLEDGEMENT
This project has been a result of the hard work of many people. We would like to appreciate them for the valuable support they have offered. First, We would also like to thank the coordinator of the BMS departmen Mrs. Angira.N And we would sincerely like to thank Prof. VAISHALI , our project guide for making this project a great learning experience and for her continuous guidance, which has brought the best out of us and
enriched this project. We are thankful to all the faculty members of our college for their guidance and support. Last but not the least we would like to thank our family and friends for their patience, support and perseverance.
INDEX
SR.NO
1
TOPICS
PAGE NO.
EXECUTIVE SUMMARY INTRODUCTION VARIOUS STAGES OF PLANNING CHARACTERISTICS OF GOOD BRAND NAME ADVANTAGE TO MARKETER AND CUSTOMER CLASSIC BRAND CONCEPT BRAND VALUATION CREATING POWERFUL BRAND WEBSITES BRAND PERSONALITY CONCLUSION BIBLIOGRAPHY
2
3
4
5
6
7
8
9
10
11
EXECUTIVE SUMMARY
In this project we are dealing with the topic of branding which is of utmost importance in marketing and advantageous to the organizations as to differentiate their products from that of competitors and for which branding is very most important component. It not only helps the organizations but also the customers as they become loyal to a particular brand and branding brings satisfaction in them towards a particular product. In our project we have covered various topics and keeping into consideration various aspects of branding as to how important it is to have good brand name for the product and the ways it is advantageous to the marketers and consumer. We have also included different stages involved for planning for a product and then concepts like brand valuation, brand personality, brand equity, and brand concept are also included. Nowadays as online marketing is becoming popular, we have also included a topic as to create powerful websites that can benefit the organizations to attract customers online. As such in short we have covered all topics related to branding and ways it get benefit in different areas to organizations and consumers.
INTRODUCTION
A brand is a construct and not a living and breathing organism. Brands are created, stimulated and applied by people working in organization seeking to create worthwhile experiences for their customers that will induce behavior beneficial to the organization. One of the most important decisions that a marketer has to take in the area of 'product' is in respect of branding. The process of giving name, symbol or sign to a product is branding. It is creating a corporate brand identity for consumer and getting that brand identity imprinted on the minds of the consumer and this brand positioning and brand management as per the view of different authors it has different meaning such as follows Your brands power lies in dominance. It is better to have 50% of one market, instead of 10% of five markets. Your brand image is primarily an emotional construct. Emotion is probably always more powerful in swaying people than
reason. But people like to be able to rationalize their choices.
THE VARIOUS STAGES OF STRATEGIC PLANNING FOR A BRAND
1)Business strategy
The strategic planning for a brand starts with an understanding of an organizations business strategy. The business strategizing is not only meant for business world but also for not profit organizations specially those who depend on donations business strategy is aimed at achieving particular consumer behavior. Brands are designed to persuade consumers to exhibit the behavior that will make these objectives come true for organization. Thus the influence of
business strategy upon brand strategy is direct and compelling.
2)Brand expression
It is task of brand management to translate the business strategy into a business expression. It contains the materials with which brand managers are able to shape their brand. It is imperative to obtain a good understanding of one’s ammunition to get complete view of all the elements of the brand expression, then choosing which to use and emphasize the brand manifestations and important to realize that these manifestations do not consist odd advertising and promotion but encompass full experience that consumers have of the brand.
3)Marketing mix
It in turn aims to translate the brand expression into actual products or services with a specific price to be sold at specific outlets to be promoted through specific communication activities and channels and to be supported by a specific service. Marketing implementation eventually determines whether consumers experience what brand strategy sets out to provide and this implementation may make or break a brand at the moment that is of importance to consumers.
4)Strategies for global brands
It is aimed at influencing people’s perception of a brand in such a way that they are persuaded to act in such a way that they are persuaded to act in a certain manner e.g.-buy and use the products and services offered by the brand, donate to a cause. Global brand needs to provide relevant meaning and
experience to people across multiple societies answer as branding is typically an activity that is undertaken in a competitive environment the aim is also to persuade people to prefer the brand to competition.
5) Brand recognition
The brand recognition specialist distinguishes themselves from competition by raising their profiles among consumers. they either convinces consumers that it is somehow different from competitors as in the case of niche brands or rise higher among consumers than competitors. They have to create high level of awareness among consumers of their product and convince them that they are unique.
CHARACTERISTIC OF A GOOD BRAND NAME
Choosing the right brand name is very important and not an easy decision as once a brand name is chosen and product is launched in the market then it is very difficult to change. So getting it right at first time is very essential and following are some of
considerations:-
Brand name should be short, easy to pronounce, spell, recognize and remember Brand should suggest products benefits and qualities Brand name should be distinctive Brand name should be adaptable to packing or labeling requirements It should be adaptable to different advertising media and languages Chosen name should have staying power and not get out of date
Advantages to the marketers
1)
Enables marking product differentiation
Branding helps the firm to distinguish its products from that of competitors and enables to secure and control market for its product.
2)
Helps in advertising and display programme
Brand helps in advertising and display programme which is not possible without a brand name and advertiser could
create awareness of only generic product and not be sure of the sale of his product.
3)
Differential pricing
It helps to charge different price than that of competitors and its possible that if customers like the product and get in habit they don’t mind paying higher for the product.
Advantages to customer
1)
Helps in product identification
It helps the customers to identify the product and once consumer is satisfied then he may not keep close inspection every time buys the product
2)
Ensures quality
Branding ensures particular level of quality of the product and any deviation can recourse to the manufacturer and this builds up confidence of customers and level of satisfaction.
3)
Status symbol
Some brands become status symbol because of their quality and consumers of that product feel proud of using them and add to level of satisfaction of the customers.
CLASSIC BRAND CONCEPT
Brand extension
Brand extension strategies are widely employed because of beliefs that they built and communicate strong brand positioning, enhance awareness and increase profitability. Brands are often extended beyond their original categories to reduce their cost and risk of entering new product category and research has proved that success of brand extension depends on the transfer of parent brand awareness and association to the extension. Brand extension can comprise of following areas that is new product, customer, format, channel, business, migration and recycling.
• Horizontal extension
These apply or extend the existing product's name to a new product in the same product class or to a product category new to the company and there are two types of horizontal brand extension and that is line and franchise. line extension involve current brand name that is used to enter new market segment in its product class and franchise extension uses the current brand name to enter a product category new to the company.
• Vertical extension
In this case a related brand is introduced in the same category but with different price and quality balance. The new products can extend vertically in two directions upscale and downward.
Upscale involves high price and quality characteristics than original and carries lesser risk and seems more appealing to the management and functional products are ruled out in this case. Downscale is more successful in functional products such as stripped down version of computer software at a lower price and new product is inferior to the earlier product but the quality price is appropriate.
BRAND VALUATION
Recognition of the economic value of brands has increased. The demand for effective management of the brand asset as traditional purely research based measurements proved insufficient for understanding and managing the economic value of brands. Companies have adopted brand valuation as a brand management tool. Brand management helps them establish value based systems for brand management. Economic value creation becomes the focus of brand management and all brand management related decisions. Companies as diverse as - IBM AMERICAN EXPRESS AND SAMSUNG ELECTRONICS ACCENTURE UNITED WAY OF AMERICA AND FUJITSU AND DUKE ENERGY. Have used brand valuation to help them refocus their business on their brands and to create an economic rationale for branding decisions and investments. Many companies have made brand value creation part of the remuneration criteria for senior marketing executives for making decisions on business investments for e.g. capital allocation and return requirements. Making decisions on brand investments, turning the marketing department from a cost center into a profit center by
connecting brand investments and brand returns. Allocating marketing expenditures according to the benefit each business unit derives from the brand asset. Organizing and optimizing the use of different brands in the business for e.g. corporate, product and subsidiary brands accordingly to their respective economic value contribution, deciding the appropriate branding after a merger accordingly to a clear economic rational. Establishing brand value scorecards based on the understanding of the drivers of brand value that provide focused and actionable measures for optimal brand performance. Communicating where appropriate the economic value creation of the brand to the capital markets in order to support share prices and obtain funding.
CREATING POWERFUL BRAND WEBSITES
1)
CONTENT FIRST AND TECH NEXT
It is not always not necessary to have a high tech effect on site visitors as many users are not technology friendly and may not be very happy about the online brand experience and they would consider using internet with normal basics more easily than hi tech level versions.
2)
Emphasize differentiations
Brands website need to drive this differentiation home to build on this which is the basis of consumer brand relationship. it is integral to the brands DNA that everything it represents
should has to reflect him different from the other brand whether price or image.
3)
Ensure that the site reflects the brands values
Every brand has a unique set of values that form its very essence. Knowing the brands value and direction of its character is important to anyone who wants to maintain relationship with the brand and website gives an opportunity to visitors to understand the brand.
4)
Information about the brand
Many site visitors visit brand sites to know about the brand, its antecedents, vision .It is also very important to have an about us section as it indicates transparency. It provides with detail
information to visitors and help to gain confidence regarding the brand.
5)
Education on brand selection
Consumers visit sites to get information in order to understand whether the product is relevant or not and consumers need to be educated on the different categories of the product that can serve their needs in the context in which they are planning to use the brand . Brand can lose out in sale by providing all information about the requirements but can gain appreciation and in time bring more sales.
BRAND PERSONALITY
BRAND PERSONALITY
Advertisers and marketing practitioners have been the first one to coin the term brand personality. Later on research side the brand identity frameworks always quoted brand personality as a dimension or a facet of brand identity namely those traits of human personality that can be attributed to the brand.
Among other dimensions are the brand inner values .the brand relationship facet and the brand reflected consumer facet and brand physical facet. In the process of building a scale for measurement purposes defines brand personality not as a part but as the whole the set of human characteristics associated to a brand however inner values, physical traits ad picture of the typical users are also human characteristics that can be associated with a brand.
CONCLUSION
Hence, branding is very important to be known because it brings identity to a product. It helps organizations to differentiate their product and customers to be loyal to a brand with confidence and satisfaction. It also develops understanding, trust, and satisfaction in relation of organization and consumer. Branding plays a very important role in marketing as product
can be only known when it is given its name, an identity proving to be unique. Hence, the conclusion to the topic is that branding is very most important in marketing helping organizations and customers and to have a reputed brand name have also become desire of the organizations. So, branding has to be given very much importance in world of marketing.
BIBLIOGRAPHY
Compiled by (SYBMS)
ACKNOWLEDGEMENT
This project has been a result of the hard work of many people. We would like to appreciate them for the valuable support they have offered. First, We would also like to thank the coordinator of the BMS departmen Mrs. Angira.N And we would sincerely like to thank Prof. VAISHALI , our project guide for making this project a great learning experience and for her continuous guidance, which has brought the best out of us and
enriched this project. We are thankful to all the faculty members of our college for their guidance and support. Last but not the least we would like to thank our family and friends for their patience, support and perseverance.
INDEX
SR.NO
1
TOPICS
PAGE NO.
EXECUTIVE SUMMARY INTRODUCTION VARIOUS STAGES OF PLANNING CHARACTERISTICS OF GOOD BRAND NAME ADVANTAGE TO MARKETER AND CUSTOMER CLASSIC BRAND CONCEPT BRAND VALUATION CREATING POWERFUL BRAND WEBSITES BRAND PERSONALITY CONCLUSION BIBLIOGRAPHY
2
3
4
5
6
7
8
9
10
11
EXECUTIVE SUMMARY
In this project we are dealing with the topic of branding which is of utmost importance in marketing and advantageous to the organizations as to differentiate their products from that of competitors and for which branding is very most important component. It not only helps the organizations but also the customers as they become loyal to a particular brand and branding brings satisfaction in them towards a particular product. In our project we have covered various topics and keeping into consideration various aspects of branding as to how important it is to have good brand name for the product and the ways it is advantageous to the marketers and consumer. We have also included different stages involved for planning for a product and then concepts like brand valuation, brand personality, brand equity, and brand concept are also included. Nowadays as online marketing is becoming popular, we have also included a topic as to create powerful websites that can benefit the organizations to attract customers online. As such in short we have covered all topics related to branding and ways it get benefit in different areas to organizations and consumers.
INTRODUCTION
A brand is a construct and not a living and breathing organism. Brands are created, stimulated and applied by people working in organization seeking to create worthwhile experiences for their customers that will induce behavior beneficial to the organization. One of the most important decisions that a marketer has to take in the area of 'product' is in respect of branding. The process of giving name, symbol or sign to a product is branding. It is creating a corporate brand identity for consumer and getting that brand identity imprinted on the minds of the consumer and this brand positioning and brand management as per the view of different authors it has different meaning such as follows Your brands power lies in dominance. It is better to have 50% of one market, instead of 10% of five markets. Your brand image is primarily an emotional construct. Emotion is probably always more powerful in swaying people than
reason. But people like to be able to rationalize their choices.
THE VARIOUS STAGES OF STRATEGIC PLANNING FOR A BRAND
1)Business strategy
The strategic planning for a brand starts with an understanding of an organizations business strategy. The business strategizing is not only meant for business world but also for not profit organizations specially those who depend on donations business strategy is aimed at achieving particular consumer behavior. Brands are designed to persuade consumers to exhibit the behavior that will make these objectives come true for organization. Thus the influence of
business strategy upon brand strategy is direct and compelling.
2)Brand expression
It is task of brand management to translate the business strategy into a business expression. It contains the materials with which brand managers are able to shape their brand. It is imperative to obtain a good understanding of one’s ammunition to get complete view of all the elements of the brand expression, then choosing which to use and emphasize the brand manifestations and important to realize that these manifestations do not consist odd advertising and promotion but encompass full experience that consumers have of the brand.
3)Marketing mix
It in turn aims to translate the brand expression into actual products or services with a specific price to be sold at specific outlets to be promoted through specific communication activities and channels and to be supported by a specific service. Marketing implementation eventually determines whether consumers experience what brand strategy sets out to provide and this implementation may make or break a brand at the moment that is of importance to consumers.
4)Strategies for global brands
It is aimed at influencing people’s perception of a brand in such a way that they are persuaded to act in such a way that they are persuaded to act in a certain manner e.g.-buy and use the products and services offered by the brand, donate to a cause. Global brand needs to provide relevant meaning and
experience to people across multiple societies answer as branding is typically an activity that is undertaken in a competitive environment the aim is also to persuade people to prefer the brand to competition.
5) Brand recognition
The brand recognition specialist distinguishes themselves from competition by raising their profiles among consumers. they either convinces consumers that it is somehow different from competitors as in the case of niche brands or rise higher among consumers than competitors. They have to create high level of awareness among consumers of their product and convince them that they are unique.
CHARACTERISTIC OF A GOOD BRAND NAME
Choosing the right brand name is very important and not an easy decision as once a brand name is chosen and product is launched in the market then it is very difficult to change. So getting it right at first time is very essential and following are some of
considerations:-
Brand name should be short, easy to pronounce, spell, recognize and remember Brand should suggest products benefits and qualities Brand name should be distinctive Brand name should be adaptable to packing or labeling requirements It should be adaptable to different advertising media and languages Chosen name should have staying power and not get out of date
Advantages to the marketers
1)
Enables marking product differentiation
Branding helps the firm to distinguish its products from that of competitors and enables to secure and control market for its product.
2)
Helps in advertising and display programme
Brand helps in advertising and display programme which is not possible without a brand name and advertiser could
create awareness of only generic product and not be sure of the sale of his product.
3)
Differential pricing
It helps to charge different price than that of competitors and its possible that if customers like the product and get in habit they don’t mind paying higher for the product.
Advantages to customer
1)
Helps in product identification
It helps the customers to identify the product and once consumer is satisfied then he may not keep close inspection every time buys the product
2)
Ensures quality
Branding ensures particular level of quality of the product and any deviation can recourse to the manufacturer and this builds up confidence of customers and level of satisfaction.
3)
Status symbol
Some brands become status symbol because of their quality and consumers of that product feel proud of using them and add to level of satisfaction of the customers.
CLASSIC BRAND CONCEPT
Brand extension
Brand extension strategies are widely employed because of beliefs that they built and communicate strong brand positioning, enhance awareness and increase profitability. Brands are often extended beyond their original categories to reduce their cost and risk of entering new product category and research has proved that success of brand extension depends on the transfer of parent brand awareness and association to the extension. Brand extension can comprise of following areas that is new product, customer, format, channel, business, migration and recycling.
• Horizontal extension
These apply or extend the existing product's name to a new product in the same product class or to a product category new to the company and there are two types of horizontal brand extension and that is line and franchise. line extension involve current brand name that is used to enter new market segment in its product class and franchise extension uses the current brand name to enter a product category new to the company.
• Vertical extension
In this case a related brand is introduced in the same category but with different price and quality balance. The new products can extend vertically in two directions upscale and downward.
Upscale involves high price and quality characteristics than original and carries lesser risk and seems more appealing to the management and functional products are ruled out in this case. Downscale is more successful in functional products such as stripped down version of computer software at a lower price and new product is inferior to the earlier product but the quality price is appropriate.
BRAND VALUATION
Recognition of the economic value of brands has increased. The demand for effective management of the brand asset as traditional purely research based measurements proved insufficient for understanding and managing the economic value of brands. Companies have adopted brand valuation as a brand management tool. Brand management helps them establish value based systems for brand management. Economic value creation becomes the focus of brand management and all brand management related decisions. Companies as diverse as - IBM AMERICAN EXPRESS AND SAMSUNG ELECTRONICS ACCENTURE UNITED WAY OF AMERICA AND FUJITSU AND DUKE ENERGY. Have used brand valuation to help them refocus their business on their brands and to create an economic rationale for branding decisions and investments. Many companies have made brand value creation part of the remuneration criteria for senior marketing executives for making decisions on business investments for e.g. capital allocation and return requirements. Making decisions on brand investments, turning the marketing department from a cost center into a profit center by
connecting brand investments and brand returns. Allocating marketing expenditures according to the benefit each business unit derives from the brand asset. Organizing and optimizing the use of different brands in the business for e.g. corporate, product and subsidiary brands accordingly to their respective economic value contribution, deciding the appropriate branding after a merger accordingly to a clear economic rational. Establishing brand value scorecards based on the understanding of the drivers of brand value that provide focused and actionable measures for optimal brand performance. Communicating where appropriate the economic value creation of the brand to the capital markets in order to support share prices and obtain funding.
CREATING POWERFUL BRAND WEBSITES
1)
CONTENT FIRST AND TECH NEXT
It is not always not necessary to have a high tech effect on site visitors as many users are not technology friendly and may not be very happy about the online brand experience and they would consider using internet with normal basics more easily than hi tech level versions.
2)
Emphasize differentiations
Brands website need to drive this differentiation home to build on this which is the basis of consumer brand relationship. it is integral to the brands DNA that everything it represents
should has to reflect him different from the other brand whether price or image.
3)
Ensure that the site reflects the brands values
Every brand has a unique set of values that form its very essence. Knowing the brands value and direction of its character is important to anyone who wants to maintain relationship with the brand and website gives an opportunity to visitors to understand the brand.
4)
Information about the brand
Many site visitors visit brand sites to know about the brand, its antecedents, vision .It is also very important to have an about us section as it indicates transparency. It provides with detail
information to visitors and help to gain confidence regarding the brand.
5)
Education on brand selection
Consumers visit sites to get information in order to understand whether the product is relevant or not and consumers need to be educated on the different categories of the product that can serve their needs in the context in which they are planning to use the brand . Brand can lose out in sale by providing all information about the requirements but can gain appreciation and in time bring more sales.
BRAND PERSONALITY
BRAND PERSONALITY
Advertisers and marketing practitioners have been the first one to coin the term brand personality. Later on research side the brand identity frameworks always quoted brand personality as a dimension or a facet of brand identity namely those traits of human personality that can be attributed to the brand.
Among other dimensions are the brand inner values .the brand relationship facet and the brand reflected consumer facet and brand physical facet. In the process of building a scale for measurement purposes defines brand personality not as a part but as the whole the set of human characteristics associated to a brand however inner values, physical traits ad picture of the typical users are also human characteristics that can be associated with a brand.
CONCLUSION
Hence, branding is very important to be known because it brings identity to a product. It helps organizations to differentiate their product and customers to be loyal to a brand with confidence and satisfaction. It also develops understanding, trust, and satisfaction in relation of organization and consumer. Branding plays a very important role in marketing as product
can be only known when it is given its name, an identity proving to be unique. Hence, the conclusion to the topic is that branding is very most important in marketing helping organizations and customers and to have a reputed brand name have also become desire of the organizations. So, branding has to be given very much importance in world of marketing.
BIBLIOGRAPHY
