Brand

Brand is the name, term, design,  symbol or any other feature that identifies one seller’s product distinguishes from those of other sellers. A modern example of brand is coca cola which belongs to the coca cola company.

A brand – an intangible assets – is often the most valuable assets of a corporation brand owners manage their brands carefully to create shareholder value and brand valuation is an important management technique that describes a money value to a brand.

 

 

The role of brand

·         Identification of the source of product

·         Symbolic device (logo)

·         Signal of quality

·         Means of identification to simply handling

·         Means of legally protecting unique features

·         Source of competitive advantages

·         Source of financial returns

·         Risk reducer

·         Search cost reducer

Brand equity

Brand equity is the added value that is endowed products and services. This value may be reflected in how consumers think, feel and act with respect to the brand as well as the price, market share and profitability that the brand commands for the form. It is an important intangible asset that has psychological and financial value to the form.

 

Customer based approaches to brand equity

-          The brand is viewed from the prospective of the customer , an individual or an organization

-          The power of the brand lies in what customer has seen, read heard and though about the product over time

-          A brand is set to have positive customer brand equity when consumers react favorable to a product.

-          A brand is set to have negative brand equity if consumers react less favorably to a product.

Brand awareness

Brand awareness is the extent to which a brand is recognized by potential customer (trust customer) and is correctly associated with a particular product. It is expressed usually as a percentage of target market. It is the primary goal of advertising in the early months or years of a product’s introduction. It is the extent to which the consumer associates the brand with a product that they wish to purchase. In other words it is the brand recall and the brand recognition of the company to the consumer.

Types of brand awareness

-          Aided awareness:

This type of awareness is generated in a consumer when asked a product category, if the consumer is aided with list of company names and he recognizes the company from the given set it is categorized as aided awareness. (Helping first hand, helping someone to know that product)

-          Top of the mind awareness.

When the name of the company is automating recollected because the consumer very promptly associate the brand with the product category it is called as top of the mind awareness of the product.

Brand elements

-          Memorable

·         Easily recognized

·         Easily recall (remember)

-          Meaningful

·         Descriptive

·         Persuasive (making buy your product)

-          Likable

·         Fun and interesting

·         Aesthetics (related to beauty )

·         Rich visual and verbal imagery

-          Transferable

·         Within and across product categories

·         Across geographical boundaries and cultures

-          Adaptable (getting adjusting)

·         Flexible and updatable

-          Protectable

·         Legally

·         Competitively

Brand image

It is a unique set of associations in the minds of customers concerning what a brand stands for and the implied promises the brand makes. It is a sum of all tangible and intangible traits(features included). It represents all internal and external characteristics. It is anything’s and everything that influences how brand or a company is perceived (the way selecting and rejecting) by its target audience. It is the best single marketable investment a company can make.

Design the marketing program

A marketing program is coordinated thoughtfully designed set of activities that help to achieve the marketing objectives. Marketing objectives are strategic sales goals that fit a particular companies strength and are a good way to stretch the business in its current relationship and maximize the sales a company has to put every possible marketing tool to work for it.

Marketing is a broad field which includes elements as diverse as advertising , brand, logo design , sales calls, websites, broachers, packaging, shows, conferences, events and so on. The more tools, the better will be the marketing.

The 5’P’ stand for the 5 broad areas (product, price, placement, promotion and people) some has to look to find ways to boost sales or accomplish other marketing goals so that a customer commitment is built towards the product or services.