Aim: What is branding and how does it affect marketing? Do-Now: Create a list of your 5 favorite brands. To prepare an effective marketing strategy, a company must consider its competitors as well as its actual and potential customers. This is especially necessary in slow growth markets because sales can only be gained by wining them away from competitors. A company's closest-competitors- are those seeking to satisfy the same customers and needs and making similar offers. A company should also pay attention to its latent competitors who may offer new or other ways to satisfy the same needs. The company should identify its competitors by using both an industry and market-based analysis. A company needs to gather information on competitors' strategies, objectives, strengths, weaknesses, and reaction patterns. The company needs to know each competitor's strategies in order to identify its closest competitors and take the proper steps. The company should know the competitor's objectives in order to anticipate further moves and reactions. Knowing the competitors' strengths and weaknesses permits the company to refine its own strategy to take advantage of the competitor's notations while avoiding engagements where the competitor is strong. Knowing the competitor's typical reaction pattern helps the company choose and time its moves.
Branding The process of creating an identity Creating an image and perceived quality due to its name.
What is a Brand? A name, term, sign, symbol, or design, or a combination, intended to identify the goods or services of one seller and to differentiate them from competition.
Brand Mark LOGO Part of the brand that appears in the form of a symbol, design, or distinctive color or lettering http://www.guessthelogo.com/
TRADEMARK Is a brand that has been adopted by a seller and given legal protection: Logo Brand Name
Benefits of Branding Identification Recognition Repeat Sales Loyalty
Why is branding important? Improves Efficiency of Marketing Intensifies Loyalty Basis of Price Premium Creates the “mind set” of the consumer’s thoughts of products
Brand Loyalty A consistent preference for one brand over all others
Brand Promise The marketer’s vision of what the brand must be and do for Consumers.
Brand Equity Value a brand adds to the product Benefit in the consumer’s mind Perceived superior quality What is a brand promise?