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