Brand
is an identity of the marketer that allows consumers recognize the maker of the
product. Trade Mark is the legal term for the Brand Name. A registered brand is
the exclusive property of the seller. The letter “R” in a circle on each
package will indicate that the brand is duly registered.
The
term brand is broadly applied to all identifying market such a trade names, trademarks,
trade symbols, picture, design, of the package, distinctive coloring or
lettering with or without some attractive slogan.
Branding
is a process of through which a marketer creates a unique name and image for
the product in the consumers mind through marketing communication. In other
words, is the process of determining the brand with consideration Company
Objectives and product features and Target Consumers.
Brand
Equity refers to the value of a brand to an organization in terms of Commercial
benefits. That increases reputation and goodwill of an organization.
Importance
or Benefits of Banding of the product
It
helps for Product Identification
It
helps the consumer to perceive (Understanding) the product
It
creates Consumer Loyalty
Helps
for compete with other products
Enhance
revenues and market shares
Enhance
the Retailers Loyalty
Provide
Unique and differentiated image for the company
Creates
name and reputation for the company
Essentials
of Good Brand
Suggest
the product benefits
Help
for visual interpretation
Registered
and protected legally
It
should not depends on temporary
General
and common name of the products
It
should Unique, Attractive and Distinctive.
Branding
Strategies or Types
Corporate
Branding – Refers to use of company’s names as product brand
name in order to associate credibility of established company for the product.
For Ex: Reliance includes the word “Reliance” in the name of many offerings.
It’s also called as Family branding and umbrella branding.
Individual
Branding – Refers to use of unique brand name for each product
offered by a company in order to provide a separate image and identity. For Ex:
HUL for its product such as Lifeboy, Lux, Rexsona, Dove, Clinic Plus, Pepsodent
etc.
Multi
Branding – Refers to use of different brand names for two or
more mutually competing products offered by a company. For Ex: Honda Company a Two Wheeler
manufacturer are producing product in different name such as Dream Yuga, Honda
Shine, Honda Unicorn, etc. It is a strategy used by an organization to promote
internal competition between the products.
Range
Branding – Refers to use of different ranges of product in
effect creating a family or product offered by a company. For Ex: Nataraj a
Stationery, Lakmi a Cosmetics, Jhonson and Jhonson a Baby products, etc.
Private
Branding – Refers selling of products by the manufacturer in
bulk to large distribution channel member with freedom use their own brand for
the product. For Ex: Metro Cash and Carry, Bigbazzer, Electronics, etc.
