Marketing product Branding 2024 Free Download
Marketing product Branding 2024 is the process of creating a strong, positive image of a company. Its products, or services in the customer’s mind by combining such elements as logo, design, mission statement, and a consistent theme throughout all marketing communications. Effective branding helps companies differentiate themselves from their competitors. It helps to build a loyal customer base too. Therefore marketing companies make decisions associated with brandings like brands, brand name brand marks, trademarks, and trade names.
The brand name is the identification of the product. It may be a word, symbol, or letter like 7up, 7-Eleven Pepsi Cola. Honda Atlas etc. Without a brand name, a firm cannot identify its product. Therefore element of the brand that consists of a symbol or design but cannot speak is a brand mark. A trademark is the legal ownership of a specific product. Other companies or persons cannot use the trademark without the written permission of the owner of this trademark. Furthermore, the trade name is the legal name of the organization. For example Coca Cola company etc.
In the Market Product Branding also gives benefits both for buyers as well as for sellers. For buyers, it helps with identification. Without branding it is very difficult for a customer to choose as per his perception. It is the brand that makes the symbol of a certain level of quality to purchase. For example, in the car buyers’ opinion, the Toyota, and Honda Civic cars have some special features which are not in some other brands like Suzuki etc. Branding helps the sellers to differentiate their products from their competitors. This helps the identification. It also helps to formulate marketing strategies for the entire satisfaction of the customers. In today’s competitive world customers build a relationship with a brand that they trust and regularly purchase that product of a particular brand even though there are acceptable alternatives available in the market.
There Are Two kinds Of Brands.:
Manufacturer Brand- It is initiated by the manufacturer and is trying that this brand becomes the identification of the manufacturer. In such kinds of brands, the manufacturer is involved in pricing, promotion, and distribution.
Private Brands-It is initiated by resellers. In such kinds of brands, the manufacturer is not identifying the product. The product promotion and distribution is made by the reseller.
Branding policies- When the product of a company is homogenous and similar to the competitors then it may be difficult to brand. Raw material like coal, sand, and farm products have similar characteristics and are hard to become a brand. Similarly, some products are traditionally have been branded are often called Generic branding. It also indicates the product category. Many supermarkets are selling generic branded products at comparable lower prices than the branded items. Similarly, some grocery items are purchased by price-conscious customers. Another is individual brands each product has a different brand name. The major advantage of individual branding is that if a brand develops a negative image because of poor quality. It does not affect the other brands of the company.
Brand Equity
How much is a brand worth? Brand equity indicates the worth of a brand. Brand equity can not develop at once. It requires regular marketing efforts consistently for a longer period. It helps to build the customer’s trust and loyalty towards brands like Nike, Adidas, and Harrods, which have high brand equity. These brands indicate awareness and consumer loyalty. But how much are these brands worth?
It is difficult to put value on brands, but we all know that a pair of Nike trainers without the logo on them is worth a fraction of the price of a pair of trainers containing Nike’s logo and branding.
Franchise businesses pay to use branding belonging to someone else. For example McDonalds, Subway, and Nandos. Sometimes businesses will buy the names of businesses that have gone into administration. For example in 2009 Shop Direct Group purchased the right to use “Woolworth’s” the name of the high street retail chain that had gone into administration in the UK.
Marketing product Branding 2024:
When a company manages its brands. It has several strategies. It can be used to further increase its brand value. These are:
Line extension:
This is where an organization adds to its current product line. It is introducing versions of its existing products with new features, an example is A chips manufacturer extending its line by adding more different flavors to its existing product.
Brand extension
If your current brand name is successful, you may use the brand name to extend into new business areas. For example, Virgin Group extending its brand from records, airlines, mobiles, and banking.
Multi- Branding
The company decided to introduce more brands into an existing category. Multi-branding can allow an organization to maximize profits, but a company needs to be careful over their brands competing with each other over market share.
New Brands
An organization may decide to launch a new brand into a market. A new brand may be used to compete with an existing brand and may be marketed as something ‘new and fresh’.
In addition to this brand also gives a psychological reward to buyers. Some brands because of their good will are knowning as status symbols.For example Rolex(Watches), Mercedes-Benz(Automobil) Bata(Shoes), etc.
Every company must have an identity that allows it to differentiate itself from the competition. This is because of branding.
The construction of identity through branding is playing a vital role for any business, company, and even for professionals who offer their services on or off the Internet.
According to the above, we can say that branding is the process of building a brand through the planning of communicational, graphic, and positioning processes. Therefore it is the overall management of all tangible and intangible aspects that revolve around a brand. Its main objective is to develop a positive image in the minds of the public.
The five basic elements of branding are corporate identity, naming, brand structure, positioning, and brand loyalty. All of them give strength and consistency to the brand. It is a fundamental differentiating factor in the market. A brand has a lot of power. In addition to this, a well thought out and well branding gives it prestige and distinction, especially in the digital sphere.
With the emergence of social networks, branding remakes itself. Moreover, today media and social media are playing a vital role in brand positioning in the public’s mind