Building Strong Brands:
Usually building strong brands is so important thinking for a company. Many times consumer selected their products based on brand name. Branding poses challenging decisions to the marketer. For building strong brands maintain four rules. They are –
- Brand sponsorship
- Manufacturer’s brand
- Private brand
- Branding positioning
- Beliefs and values
- Brand name selection
- Brand development
- Line extensions
- Brand extensions
- Multi brands
- New brands
Marketers need to position their brands clearly in target customers. A company can position brands at any of three levels. At the lowest level, they can position the brand on product attributes.
A brand can be better positioned by associating its name with a desirable benefit. When positioning a brand, the marketer should establish a mission for the brand and a vision for what the brand must be and do.
The strongest brands go beyond attribute or benefit positioning. They are positioned on strong beliefs and values.
When positioning a brand, the marketer should establish a mission for the brand and a vision of what the brand must be and do.
Brand name selection:
Finding the best brand name is a difficult task. A good name can ad greatly to a product’s success. Choosing a brand name takes some necessary steps. They are-
- It should suggest something about the product’s benefits and qualities.
- It should be easy to pronounce, recognize, and remember.
- The brand name should be distinctive.
- It should be extendable.
- The name should translate easily into foreign languages.
- It should be capable of registration and legal protection.
A manufacturer has four sponsorship options. Manufacturer’s brands have long dominated the retail scene. In recent times, however, an increasing number of retailers and wholesalers have created their own private brands. Licensing is most manufacturer take years and spends millions to create their own brand names. Although companies have been co-branding products for many years, there has been a recent resurgence in co-branding. Co-branding occurs when two established brands names of different companies are used on the same product.
It occurs when companies extend their existing brand by introducing new colors, new flavors, ingredients, size, and form of their existing products. It is a low cost and low risk path to introduce new products. Companies do this to satisfy consumer needs for variety and they also do this to fully use their capacity. It also helps them to have more command on shelf space form resellers over competitors. It doesn’t always work out the way companies want. Sometimes over extending line companies lose their essence.
When a New product category is extended within the existing brand it is called brand extension, like square pharmaceuticals Ltd. An existing brand established square hospital it did a brand extension. Companies who have already established brand can use their current brand value to promote new product. They have to be careful about not fading their main brand image. There are times when a brand extension fails and it affects companies other products sales, so before making any decision they need to think rationally about it.
When in a given product category a company has many brand than it is called multiband. It helps companies to have more shelves in market. In multi branding the brands are each other substitutes. While making a multi brands portfolios companies need to monitor the market to know brand popularity, so that they know which brand to promote and to pull the plug from which brand. Since each brand focus on different segment they can capture more customers. If companies have similar brands than it become hard to keep customers because they can became confused and switch.
When a company launches a new brand and a new product category in market, than it is called new brands. When a company wants to enter a new market in a new product category they sometime create a totally new brand.