A brand is a name, term, sign, symbol or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. For example, Coke, Nestle and Microsoft are well renowned brands. In technical speaking whenever a marketer creates a name logo symbol he or she has created a brand.
A brand is the set of product or service attributes imbibed in the consumer’s mind in the form of a name, symbol, logo, design and trademark. The importance of brand management is:
Brand positioning is a process in which marketers would like to occupy the rational space in the minds of the target customers against competition.
The following are the basis for positioning a brand:
The components of brand positioning are :
The major responsibilities of a brand manager are:
The potential for brand management will help the company to promote its image in the society, differentiate its offerings from competitors, devise marketing communication activities, protect its product features legally etc.
Marcom is an acronym for “Marketing Communication”. It is a kind of promotional tool using different media like print, radio, television, direct mail, internet to reach target audience for creating awareness about any product/service in the market place.
The various responsibilities of a person working in Marcom are as follows:
The following are the various tools used to communicate with the target audience:
The events play the following role in Marcom:
The following are the steps taken to participate in an event like exhibition or trade show:
Using online media for Marcom activities is to ensure the maximum reach of the target audience at lower costs and results in increased consumer engagement. And also, it is easy to monitor and measure the results of online media usage. Internet is considered to be the one of the most effective tool in today’s competitive business world.
One of the main responsibilities of a Marcom person is to ensure the organization and product/brand image to be good in front of the eyes of the consumers. On a timely basis, PR should be used to create awareness to the public in relation to the events happening in the company such as new product launch, product relaunch, sponsoring consumer events, participation in trade shows and exhibitions etc.
The following are the type of vendors to deal with Marcom activities:
Positioning is the act of designing the company’s offering and image in target consumers mind.
While brand is a name, term, symbol, design or logo, product is of an identifiable generic nature object.
The major areas of concern for a company
Negative impact of brand management portrays a Turf mentality among brand managers leading to cannibalization of a few brands and Sub optimal utilization of resources.
A brand has to be communicated to specific target consumers. Integrated multiple channel brand strategy uses a number of channels utility for this purpose. Care should be taken to have uniformity or consistency in messages along with subtle fine—tuning depending on the specific segment targeted.
Private brand is a brand created by a reseller of a product or a service. The brand owned by a manufacturer for example - Lux of HLL.
National brand is a brand having evolutionary lives. Coke started as a private brand. predominant in the US. But today it is a global brand. SO much so that the other name for globalization is coca colonization, according to some critics of the phenomenon.
The value of Brand Equity is based on the extent to which it has high brand loyalty, name awareness, perceived quality. Strong brand associations and other assets such as patent, trademark and channel relationships. As the name suggests it is more than just a brand name. It is the total of all endeavors that go in creating the image of the brand among consumers. There are various methods of evaluating brand equity. Brand name is only the vocalized part of the brand.
Dell may be credited with making a high-tech product like the PC into an appliance. The main reasons can be attributed to
1. Coca Cola, 2. Microsoft. 3. IBM. 4. GE. 5. Intel. 6. NOKIA. 7. Disney, 8. McDonalds. 9. Marlboro, 10. Mercedes.
When two brands come together to create greater value to the customer then it is called Co-branding. Coke and McDonald’s have done that globally, while Dettol and ICICI Prudential are doing in India.
Brand Extension: Where a company uses its existing brand name to launch new products in other categories.
Line Extension: It is a type of brand extension. Line extension trap should be avoided to extend brand in products hurting the consumer’s regard for a company.
Example of both the above in a single category - "Will Sports" is an example of a brand extension to launch a new line of products.
Cost of brand building Vs Benefit of branding. The point to note is that branding cost is an immediate process whereas the benefits are always long-term goals. If viewed from a long term image building prospective. It is always profitable to go in for brand building. We may lose out to cheaper labor nations unless we do something to brand our software development skills. Branding a nation is not a new and impossible proposition.