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BRANDS AND BRAND MANAGEMENT

What is Brand ?
The word brand is derived from the Old Norse word brandr, which means to burn. The legal term for brand is Trademark. In its simplest definition, it is a name, term, symbol, feature or any combination of these. It is used/employed to identify the distinctiveness (special) of an offering (i.e., product, service, brand) from those of competitors.

Contd
Branding simplifies the complexity of the offering via brand elements such as:
Brand names Logos Symbols Package designs These specific characteristics are known as BRAND ELEMENTS Branding helps in the thought processes of consumers when they are considering purchasing or purchasing an offering.

A brand name must be:


Unique Distinctive Easy to remember Easy to pronounce Relevant to the offering Positive about the offering

BRAND vs PRODUCTS
A Product is anything we can offer to a market for attention , acquisition use or consumption that might satisfy need or want.eg are Physical good- Automobile , biscuit, mineral water Services- airlines, bank, insurance, internet search engines A person- entertainer, actor, professional An organization-non profit org ,trade org, art group

A place-city, state, country. An idea or concept- political ,social cause.

Five Levels of Meaning of Product


The Core Benefit Level The Generic Product Level The Expected Product Level The Augmented Product Level The Potential Product Level

Product
Physical good A personServicesAutomobile , biscuit, mineral water airlines, bank, insurance, internet search engines Entertainer, Actor, professional

Brand
Toyota ALTIS, Parle G, Bisleri ,Kilney British Airlines , Bank of America, Yahoo, Google Shahrukh Khan, Michel Jackson, Waren Buffet, David Beckham Red Cross,

A person

An organization-

non profit org

Conclusion
A brand is therefore more than a product because it can have dimensions that differentiate it in a some way from other products designed to satisfy the same need

Importance of Brands to Consumers


Identification of the source of the product Assignment of responsibility to product maker Risk reducer Search cost reducer Promise, bond, or pact with product maker Symbolic device Signal of quality

Reducing the Risks in Product Decisions


Functional risk. Physical risk Financial risk Social risk Psychological risk Time risk

Importance of Brands to Firms


To firms, brands represent enormously valuable pieces of legal property, capable of influencing consumer behavior, being bought and sold, and providing the security of sustained future revenues

Importance of Brands to Firms


Identification to simplify handling or tracing Legally protecting unique features Signal of quality level Endowing products with unique associations Source of competitive advantage Source of financial returns

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