Submitted by: Submitted by subirmukherjee
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Words: 1549
Pages: 7
Category: Business and Industry
Date Submitted: 04/11/2011 08:49 PM
Branding
Part of the actual product.
Without brands, shoppers choice becomes arbitrary.
Definition:
A name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from anothers.
• Brand name is that part that can be spoken, including letters, words and #s, IE 7UP.
Brand names simplify shopping, guarantee a certain level of quality and allow for self expression.
• Brand mark-elements of the brand that cannot not be spoken, IE symbol
• Trade Character IE Ronald McDonald, Pillsbury Doughboy
• Trade mark-legal designation that the owner has exclusive rights to the brand or part of a brand.
1990, US Patent & Trademark Office had 680,000 trademarks registered, 56,515 new in that year.
• Tradename-The full legal name of the organization. IE Ford, not the name for a specific product.
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Benefits of Branding
Provides benefits to buyers and sellers
TO BUYER:
• Help buyers identify the product that they like/dislike.
• Identify marketer
• Helps reduce the time needed for purchase.
• Helps buyers evaluate quality of products especially if unable to judge a products characteristics.
• Helps reduce buyers perceived risk of purchase.
• Buyer may derive a psychological reward from owning the brand, IE Rolex or Mercedes.
TO SELLER:
• Differentiate product offering from competitors
• Helps segment market by creating tailored images, IE Contact lenses
• Brand identifies the companies products making repeat purchases easier for customers.
• Reduce price comparisons
• Brand helps firm introduce a new product that carries the name of one or more of its existing products...half as much as using a new brand, lower co. designs, advertising and promotional costs.
EXAMPLE, Gummy Savers
• Easier cooperation with intermediaries with well known brands
• Facilitates promotional efforts.
• Helps...