Branding What is Branding Branding n n Branding

Branding What is Branding

Branding n n Branding is establishing an identity for a product that differentiates it from the competition. It is made up of a brand name, logo, slogan, and trademark and creates brand loyalty.

Brand Name n A brand name is the letters, words or numbers that can be verbalized

WHY BRAND? n n n to build loyalty to convey the image of the product retain customer's loyalty to gain a position in the market to aid advertising to aid promotion

BRAND LOYALTY n n n Brand loyalty is what happens when consumers make repeat purchases of the same brand A brand creates faith in the consumer The consumer knows what to expect and has confidence in what they buy.

Why are brands used? Brands are used to differentiate a product or service from its competition. This is called Product Differentiation. A brand helps shoppers to understand remember a product or service and its benefits. Marketers hope that shoppers will remember their product before any other. This is called “top of mind”.

Types of Brands n A National Brand is a product which is branded by a manufacturer's brand is typically supported by heavy advertising. Coca Cola and Heinz Ketchup would be examples of this.

Types of Brands n n n A private Brand label is a brand that a retailer creates to exploit their corporate image Only that retailer can sell it It allows them to differentiate themselves (And control price and quality) Examples: n Loblaw’s “President’s Choice” n Shopper’s Drug Mart’s “Life” brand n HBC’s “togo” brand

Types of Brands n Generic Brands are also called no name brands. They are the lowest cost because the labeling and packaging is cheaper, and there is no promotion for this type of brand.

LOGO n n A logo is the part of the brand in the form of a symbol that is usually registered A brand mark and trademark are examples of a logo

SLOGAN n A slogan is a catchy phrase used to remind the consumer of a company or brand Harvey’s makes a hamburger a beautiful thing”

What are Brand Strategies? n n Branding is the collection of experiences and associations with a service, good, or entity. Brand strategies are ways of getting that brand to the potential consumer by 5 methods

1) Support for an existing brand n n n Support for an existing brand is only changing what can be changed about the brand. Changes like target market Advertising message However, once the brand has been positioned in someone’s mind it is extremely hard to change it For example, can you think of Wal-Mart as a high end department store?

2) Development of a brand extension n n A company may create a new brand that has a similar product to capitalize on the success of the old brand. This way, not only does the company gain a bigger market share, but the money goes to the same company.

3) Licensing a successful brand n n Licensing of a brand is simple One company’s brand appears on another company’s products The brand is sold to another company to use on their products for a fee An example would be Porsche giving its brand to Nokia to create a high end cell phone

4) Co-Branding n n Co branding is when 2 or more companies combine in the same location for mutual benefit. Some people may want a cup of coffee while they’re at a gas station after a long drive. Some examples are: Shell and Tim Hortons

5) Acquisition of a successful brand n n n In order for some companies to do well in the market is to acquire other companies to increase its market share. In order to expand stay in competition, the easiest way is for a company to buy and own another company selling a similar product Like GM owning Chrysler and many other automobile companies.