Branding Meaning of Branding: The word “brand” is derived from the Old Norse “brandr” meaning “to burn. ” It refers to the practice of producers burning their mark (or brand) onto their products.
Branding is the practice of giving a specified name to a product or group of product of one seller. Branding is the process of finding and fixing the means of identification. In other word, naming product, like a naming a baby, is known as branding. Parents have children and manufactures also are eager to know the character and the capacity of their names.
Thus branding is management process by which product is name; i. . branding. Proper branding can result in higher sales of not only one product, but on other products associated with that brand. For example, if a customer loves Wai Wai Noodles and trusts the brand, he or she is more likely to try other products offered by the company such as Kwiks Cheese Balls or Kwiks Potato Chips. Definition of Branding According to the American marketing Association, “A brand is name, term, sign, symbol or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. According to William j Stanton, “All trademarks are brands and thus include the word, letter or numbers which may be pronounced; they may also include pictorial designs. ” Threes of Cs of Branding 1.
Clarity: Strong bonds are clear about what they are & what they are not. They understand their unique promise of value. And this promise of value sets them apart from their competitors.
It differentiates them and allows them to attract and built loyalty among a desirable set of consumers. 2.Consistency: In addition to being clear about who they are, strong brands are also consistence. They are always what they say they are. 3. Constancy: It is not enough to be clear and consistent if you are not always visible to your target audition.
Strong brands are constant, they are always there for their customers and prospects. A brand can convey up to six level of meaning 1. Attributes: Mercedes brings to mind expensive, well built, well engineered, durable, high prestige automobiles. 2.Benefits: The attributes “Durable” could translate into the functional benefits and the attributes “Expensive” translates into the emotional benefits. 3. Values: Mercedes stands for high performance, safety and prestige. 4.
Culture: Mercedes represents German culture; organized, efficient and high quality. 5. Personality: Mercedes may suggest a no nonsense boss “person”, reigning lion “animal” or an austere palace (object). 6. User: Suggest the kind of consumer who buys or uses the product. A top executive behind the wheel of a Mercedes and not a young secretary.Purpose of Branding 1. Brand is a massive asset.
2. Brand is a promotional tool. 3. Brand is a weapon to protect market. 4. Brand is antidote for middle man survival.
5. Brand is a means of identification for customers. Significance/advantage of branding 1. Advantage to producers a.
Easy to advertise. b. Easy to identify the products.
c. Creation of separate market. d. To get more price. e.
Easy to expand the product mix. f. Personal contacts with consumers.
2. Advantage to middle man g. Easy to understand needs and wants of consumers.
. Less risks. i.
No need of advertisement and sales promotion. j. Increase in sales. k. Increase in profit.
3. Advantage to consumers l. Easy to recognize. m. Availability of quality product. n. Minimum fluctuation in price.
o. Mental satisfaction. p. Improve packing. Branding decision Branding of products are mainly done under following criteria: 1.
Founder’s names. 2. Blanket family names. 3. Separate family name for all products. 4. Corporate names combined with individual product name.