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Branding

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14 views

Branding

Uploaded by

thuyhanef0707
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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BRAND

Definition: A name, term, sign, symbol, design, or a combination of these


that identifies the products or services of one seller or group of sellers and
differentiates them from those of competitors.
*The importance of branding:
- Help consumers identify products that might benefit them.
- The brand name becomes the basis on which a whole story can be built about a
product’s special qualities
- Provide legal protection for unique product features that otherwise might be
copied by competitors.
- Helps the seller to segment markets.

*To be able to build a sustainable brand in the long term, the brand usually
orients the following steps:
(1) Identify the brand foundation.
(2) Brand positioning.
(3) Building brand strategy.
(4) Develop a communication strategy.
(5) Measurement and correction.
1. Brand equity
Brand equity is brand value, which is viewed as an intangible asset of a
company or brand. It represents the brand's holistic values, including customer
awareness, trust, and connection to the brand's product or service.

*ELEMENTS THAT MAKE UP BRAND EQUITY:

 Brand awareness : How many customers and consumers in the market


know the existence of that brand.
 Brand association : When it comes to the brand of your business, what
will customers immediately think of?
 Brand perceived value : In addition to product quality and price, what
other benefits do customers perceive when choosing to use products
bearing that brand?
 Brand loyalty : How many loyal customers does your business have, and
what percentage of your total customers? Who are they? Why are they
loyal to your brand?

The benefits of brand equity include:

1. Increase recognition: When a brand has high brand equity, customers will easily
recognize and remember that brand.

2. Increase value for a product or service: When a brand has high brand equity,
customers are willing to pay a higher price to own the brand's product or
service.

3. Differentiate yourself from competitors: When a brand has high brand equity, it
helps your product or service stand out and differentiate it from competitors.

4. Increase customer loyalty: When a brand has high brand equity, customers will
have a better connection and willingness to be loyal when buying the brand's
products or services.

Strategies for building brand equity include:

1. Build a brand image: Create a complete and clear image of the brand.

2. Quality development of products and services: Provide quality products and


services to create trust and trust in the brand.

3. Create a positive customer experience: Provide a positive experience when


customers use your product or service to create better loyalty and connection.

4. Advertising and PR: Create advertising and PR campaigns to increase customer


awareness and showcase the value of the brand.

2. Building Strong Brands:


Branding poses challenging decisions to the marketer. Shows that the major
brand strategy decisions involve brand positioning, brand name selection, brand
sponsorship, and brand development.
a.Brand positioning: Brand positioning is the process of positioning a
brand in the customer's mind relative to competing brands. It is the way
in which customers perceive and evaluate your brand in a particular area.
Important factors for building a brand positioning include:
-Market share potential: Determine the market size and volume of products or
services that can be consumed in that market.

-Customer audience: Understand your audience, their personalities, interests and


needs to establish a suitable brand image.

-Competitors: Analyze your competitors to better understand your brand's


strengths and weaknesses compared to theirs.

-Price and product quality: Determine the price and quality of your product or
service compared to your competitors.

-Brand positioning: Choose the brand position that you want to place in the
customer's mind and shape your marketing strategy based on this position.

The benefits of brand positioning include:

-Increase recognition: When a brand is clearly positioned in the minds of


customers, customers will easily recognize and remember that product or
service.

-Differentiate yourself from competitors: When a brand places a clear position


in the minds of customers, it helps your product or service stand out and
differentiate it from competitors.

-Increase value for a product or service: When a brand places a clear position in
the customer's mind, customers are willing to pay a higher price to own that
product or service.

b.Brand name selection


A good name can add greatly to a product’s success. However, finding
the best brand name is a difficult task. It begins with a careful review of
the product and its benefits, the target market, and proposed marketing
strategies. After that, naming a brand becomes part science, part art, and a
measure of instinct
Desirable qualities for a brand name include the following:
-It should suggest something about the product’s benefits and qualities.
-It should be easy to pronounce, recognize, and remember
- The brand name should be distinctive
- It should be extendable: Amazon . com began as an online bookseller
but chose a name that would allow expansion into other categories.
- The name should translate easily into foreign languages
- It should be capable of registration and legal protection. A brand name
cannot be registered if it infringes on existing brand names.
You should also avoid the following mistakes when choosing a brand name:

-Using names is too complicated and difficult to write.

-Use the same name as other brands in the industry.

Use initials or slang words that are not easy to understand.

-Choose a brand name that is too professional or too boring.

3.Brand sponsorship:
-Branding through sponsorship: Sponsorship is seen as a marketing tool and is
much more effective in many ways than establishing brand awareness through
advertising.
*Why choose sponsorship?
+Sponsorship aimed at the right target audience.
+Sponsorship is an effective method to establish new links between existing
brand values and other major brands.
+Sponsorship is highly interactive, through creating and building customer
relationships and experiences.
+Sponsorship can help a company go beyond its limits.
*Ability to assess funding opportunities
-When assessing the benefits of sponsorship, it is very important to measure it
in terms of strategic and tactical perceptions.
+Strategic objectives.
+Features of sponsorship.
+Sponsoring organization.
+Internal structure.
4. Brand Development
A company has four choices when it comes to developing brands. It can
introduce line extensions, brand extensions, multibrands, or new brands.
-Line extension:Extending an existing brand name to new forms, colors, sizes,
ingredients, or flavors of an existing product category
-Brand extension:Extending an existing brand name to new product categories.
- Multibrands: Companies often introduce additional brands in the same
category. Thus, Procter & Gamble markets many different brands in each of its
product categories.
- New Brands: A company might believe that the power of its existing brand
name is waning and a new brand name is needed.

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