Branding Elements and Strategies What is branding Name

Branding Elements and Strategies

What is branding? �Name, term, design, or symbol that identifies a business or organization

Brand Name �Word, group of words, letters, or numbers representing a brand that can be spoken. �Brand name products cost more than similar unbranded products because of higher advertising costs.

Brand Mark �Part of the brand that is a symbol or design �May include distinctive coloring or lettering �Element of the brand that usually is not spoken

Trade Name �Identifies the company or a division of a particular corporation. Brand Name Trade Name Cereal manufacturer Car manufacturer Athletic shoes Shoe manufacturer

Trade Character �A brand mark with human form or characteristics �Bird Eye’s Jolly Green Giant �Kellogg’s Tony the Tiger �Pillsbury Doughboy

Trademark �Brand name, Brand mark, Trade name, trade character, or a combination of these that is given legal protection by the federal government. �Cannot be used or misused by other companies �Harley-Davidson applied for a sound trademark consisting of the exhaust sound from its motorcycle engine �Boston Duck Tours received a sound trademark for the sound of a human voice making duck-like quacking noises

Apply the terms �Locate the brand name, brand mark of the brand on the left.

Locate the trade name, trade character, trademark

Why are brands important? �Helps build customer loyalty �Products carrying the same brand are of a consistent quality �Can address new target markets �Establishes an image

Types of Brands �Manufacturer Brands �Owned and initiated by manufacturers � General Electric, Heinz �Indicate a standard quality and price �Private Distributor Brands �Owned and initiated by wholesalers and retailers �The manufacturer’s name does not appear on the product � Radio Shack, Kmart �Appeal to customers who want the quality and performance of manufacturer brands at a lower price

Types of Brands �Generic Brands-represent a general product category and do not carry a company or brand name. �Often priced 30 -50% lower than manufacturer brands and 10 -15% lower than the private distributor brands

Branding Strategies �The way companies use brands to meet sales and company objectives �Brand Extension �Brand Licensing �Mixed Brands �Co-branding

Brand Extension �A branding strategy that uses and existing brand name of an improved or new product in the product line. �Starbuck ice cream �Companies can reduce the risk of failure by using an already established brand name. �Brand dilution occurs when the original brand has been stretched to include too many products

Brand Licensing �The legal authorization by a trademarked brand owner to allow another company to use its brand, brand mark, or trade character for a fee �Enhance their company image and sell more of their core products

Mixed Brands �Involves simultaneously offering a combination of manufacturer, private distributor, and generic brands. �Allows a business to reach several target markets

Co-Branding �Combines one or more brands to increase customer loyalty and sales for each individual brand. �Limited edition 2000 Harley-Davidson F-150 pickup truck �Starbucks has an agreement with Barnes & Nobles bookstores to open coffee shops inside the store �Works best if both companies complement each other and each brand receives equal billing in advertisements, direct mail, and other promotions