Brand Management
Brand Management Series
What is Brand ?
American Marketing Association - A Brand is a Name, Term, Sign, Symbol, or Design, or a Combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Brands gives an unique identity to the product in the particular product category for example - McDonald in Fast food Restaurant category, Colgate in Toothpaste & Toothbrush Product category, Surf in Washing Powder Category, Dettol in Antiseptic lotion & Many more!
Branding is a process which has its own advantages & disadvantages, on one side its gives unique identity to product, on the other hand its is very expensive process also which sometime even increase the cost of product also.
Advantages :-
1. Product dies but a good brand doesn't - Good brand's always has longer shelf life & recall among the consumers. Its increase the visibility of the product on the shelf. For ex. Pears launched in 1800, even after so many changes in product, Brand still going on. Tata, Coca cola, Ford Motors, DuPont, GE, Dalda, Surf , Maggi are few brands names which still have good recall among public as well consumers.
2. Differentiation - Creating a brand is nothing but creating a strong association. This association clearly differentiates your product from the rest of the life. Surf get associated with washing powder so strongly that people ask for washing powder by the name of surf in India. This is how Brand 'surf' differentiate itself from others.
3. Premium Pricing - Once the brand establish its relationship with the target market, it can demand premium price ex. Sony in electronic goods, Taj Palace hotel in hospitality Industry.
4. Assurance - Brand names promises and provides a high degree of assurance to consumers while they purchase the particular branded product. Ex. Hitachi in AC, Tata in various Product Category.
5. Symbol - A Brand can be a symbol of social status, which can bring the feeling of pride. ex Mercedes Benz car owner always has a feeling of pride of owning a world most respected Luxury Car.
Disadvantages :-
1. Expensive - Branding is expensive process, as lots of money & manpower need to be put it behind it.
2. Perception - Once an Brand take particular position in the mind of consumer, its become difficult to change the mindset.
3. Negative Attributes - If a product or service experiences a negative event, that will become attached to the brand.
4. Fixed Image - Every brand has a certain image to potential customers, and part of that image is about what products or services you sell. If your brand is focused too strongly on one product, it can limit your ability to sell other products. For Ex. Godrej used to sell Iron Almirah & Locks, but when they foray into other products i.e Soaps etc. , it took very long time to them established their credentials in other product category.
What is Brand ?
American Marketing Association - A Brand is a Name, Term, Sign, Symbol, or Design, or a Combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Brands gives an unique identity to the product in the particular product category for example - McDonald in Fast food Restaurant category, Colgate in Toothpaste & Toothbrush Product category, Surf in Washing Powder Category, Dettol in Antiseptic lotion & Many more!
Branding is a process which has its own advantages & disadvantages, on one side its gives unique identity to product, on the other hand its is very expensive process also which sometime even increase the cost of product also.
Advantages :-
1. Product dies but a good brand doesn't - Good brand's always has longer shelf life & recall among the consumers. Its increase the visibility of the product on the shelf. For ex. Pears launched in 1800, even after so many changes in product, Brand still going on. Tata, Coca cola, Ford Motors, DuPont, GE, Dalda, Surf , Maggi are few brands names which still have good recall among public as well consumers.
2. Differentiation - Creating a brand is nothing but creating a strong association. This association clearly differentiates your product from the rest of the life. Surf get associated with washing powder so strongly that people ask for washing powder by the name of surf in India. This is how Brand 'surf' differentiate itself from others.
3. Premium Pricing - Once the brand establish its relationship with the target market, it can demand premium price ex. Sony in electronic goods, Taj Palace hotel in hospitality Industry.
4. Assurance - Brand names promises and provides a high degree of assurance to consumers while they purchase the particular branded product. Ex. Hitachi in AC, Tata in various Product Category.
5. Symbol - A Brand can be a symbol of social status, which can bring the feeling of pride. ex Mercedes Benz car owner always has a feeling of pride of owning a world most respected Luxury Car.
Disadvantages :-
1. Expensive - Branding is expensive process, as lots of money & manpower need to be put it behind it.
2. Perception - Once an Brand take particular position in the mind of consumer, its become difficult to change the mindset.
3. Negative Attributes - If a product or service experiences a negative event, that will become attached to the brand.
4. Fixed Image - Every brand has a certain image to potential customers, and part of that image is about what products or services you sell. If your brand is focused too strongly on one product, it can limit your ability to sell other products. For Ex. Godrej used to sell Iron Almirah & Locks, but when they foray into other products i.e Soaps etc. , it took very long time to them established their credentials in other product category.
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