brands and brand management

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    BRANDS AND BRAND

    MANAGEMENT

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    What is Brand ?

    The word brand is derived from the OldNorse word brandr, which means to burn.

    The legal term for brand is Trademark.

    In its simplest definition, it is a name,term, symbol, feature or any combinationof these. It is used/employed to identify the

    distinctiveness (special) of an offering (i.e.,product, service, brand) from those ofcompetitors.

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    Contd

    Branding simplifies the complexity of theoffering via brand elements such as:

    Brand names

    Logos

    Symbols

    Package designs

    These specific characteristics are known as

    BRAND ELEMENTSBranding helps in the thought processes of

    consumers when they are considering

    purchasing or purchasing an offering.

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    A brand name must be:

    Unique

    Distinctive

    Easy to remember Easy to pronounce

    Relevant to the offering

    Positive about the offering

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    BRAND vs PRODUCTS

    A Product is anything we can offer to a market

    for attention , acquisition use or consumption

    that might satisfy need or want.eg are

    Physical good- Automobile , biscuit, mineral

    water

    Services- airlines, bank, insurance, internet

    search engines

    A person- entertainer, actor, professional

    An organization-non profit org ,trade org, art

    group

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    A place-city, state, country.

    An idea or concept- political ,social cause.

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    Five Levels of Meaning of Product

    The Core Benefit Level

    The Generic Product Level

    The Expected Product Level The Augmented Product Level

    The Potential Product Level

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    Importance of Brands to Consumers

    Identification of the source of the product

    Assignment of responsibility to product maker

    Risk reducer Search cost reducer

    Promise, bond, or pact with product maker

    Symbolic device Signal of quality

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    Reducing the Risks in Product

    Decisions

    Functional risk.

    Physical risk

    Financial risk

    Social risk

    Psychological risk

    Time risk

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    Importance of Brands to Firms

    To firms, brands represent enormouslyvaluable pieces of legal property, capableof influencing consumer behavior, being

    bought and sold, and providing thesecurity of sustained future revenues

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    Importance of Brands to Firms

    Identification to simplify handling or tracing

    Legally protecting unique features

    Signal of quality level Endowing products with unique associations

    Source of competitive advantage

    Source of financial returns