Lecture Wk 4 L1 Branding.

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Presentation transcript:

Lecture Wk 4 L1 Branding

Branding ‘The brand is the aura of beliefs and expectations about a product/service which make it relevant and distinctive It stretches beyond the physical and into the psychological and is extremely powerful’

Why Brand? For differentiation & recognition To add value to a naked commodity Easier to promote Helps market segmentation Can help boost share price Easier to integrate Sales promotion, personal selling & packaging Can help corporate image

Brand Development INCREASED SALES COST EFFICIENCIES VOLUME BUILDING INVEST IN NEW BRAND BUILD AWARENESS OF ATTRIBUTES SALES INCENTIVE PROGRAMME, TRADE PROMOTION, P.O.S BRAND SALES GROW RETAILER CONCENTRATION VOLUME BUILDING IMPROVED PRODUCTS RETAILERS LIST BRAND BRAND RECOGNITION AND CUSTOMER DEMAND FOR BRAND WIDER DISTRIBUTION NETWORK BUILT UP

Types of Brands Individual brand Umbrella or blanket brand Proctor & Gamble Unilever Umbrella or blanket brand Heinz Dyson Separate family names for different product divisions Eskimo Igloo Company name Kellogg’s

Brand and Added Value Core products Actual product Augmented product A car Actual product BMW 500 series Augmented product BMW 523 with air conditioning It is often the brand that is bought and not the product

Branding Strategies Line extensions Brand extensions Multi-brands New brands Co-brands

The Biggest Brands in the World Value $ billion Coca Cola Microsoft IBM …….

Long Term Process Promotion must continually remind the market of the brand’s presence: What is the current brand image? What brand form has been identified for the organisation? How does this form relate to current and future corporate strategy? How is the brand positioned in the mind of the target buyer? How does the brand relate to the competition? How should the brand image be changed or reinforced?

Maintaining Market Share Major brands use share of voice = share of market to maintain equilibrium To sustain brand loyalty and exposure, all promotional tools can be used as appropriate

Developing Retention and Encouraging Loyalty To sustain loyalty to an established product/service/ brand: Sales promotion Advertising Public relations Direct-response media

Brand Equity Asset value of the name The intangible / goodwill difference The added value McV Jaffas M&S Jaffas Tesco Jaffas