Branding
Branding is the process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns with a consistent theme.
Branding is very critical in the promotion of a product among consumers. They associate the features, attributes, benefits or value of the product with the brand.
It aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.
Brand refers to the name, design, color, symbol, quality, features, or a combination of these elements that make the product separate and distinct from similar products of the competitors.
Brand names play a significant role in the positioning of the product.
What is the best brand name for a product?
The term "best" indicates that the brand name can easily attract the attention of the target consumers, influence them, and lead them to buy the product.
There are no standard procedures in the formulation of the best brand name, but the following approaches may be of great help:
1. Review carefully the attributes, benefits, and values of the product.
2. Evaluate the consumers in the target market.
3. Analyze the proposed marketing strategies.
4. List the possible brand names by considering the first three steps.
5. Limit the brand name to one or two words.
6. Check the internet if the chosen brand name already exists.
Branding is the process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns with a consistent theme.
Branding is very critical in the promotion of a product among consumers. They associate the features, attributes, benefits or value of the product with the brand.
It aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.
Brand refers to the name, design, color, symbol, quality, features, or a combination of these elements that make the product separate and distinct from similar products of the competitors.
Brand names play a significant role in the positioning of the product.
What is the best brand name for a product?
The term "best" indicates that the brand name can easily attract the attention of the target consumers, influence them, and lead them to buy the product.
There are no standard procedures in the formulation of the best brand name, but the following approaches may be of great help:
1. Review carefully the attributes, benefits, and values of the product.
2. Evaluate the consumers in the target market.
3. Analyze the proposed marketing strategies.
4. List the possible brand names by considering the first three steps.
5. Limit the brand name to one or two words.
6. Check the internet if the chosen brand name already exists.
Marketing Strategies
Ansoff's Growth Strategy
Market Penetration
The strategy for market penetration is to reduce prices and promote heavily.
Product Development
The strategy is to develop new products serving the same market.
Market Development
The strategy is to develop new markets for existing products.
Diversification
The strategy is to develop new products for new markets.
Branding Strategy
Branding strategy starts with the formulation of a brand name for the first single product that the business intends to make
Umbrella Brand Approach
In the umbrella brand approach of branding names, all products of the business carry the same brand name. The various product lines are not differentiated from each other from the perspective of the brand name.
example: Honda Motors
Honda TMX series, Honda Wave series, Honda XR series, and Honda Scooter.
House Brand Approach
In the house brand approach, every product of the same business has a separate brand name that distinguishes it from the rest of the company's products.
example: Procter & Gamble Philippines
Joy, Tide, Downy, Pampers, Pantene, Head & Shoulders, Rejoice, Vicks, Max Factor, Safeguard, Ariel, Whisper, and Oral B.
Market Penetration
The strategy for market penetration is to reduce prices and promote heavily.
Product Development
The strategy is to develop new products serving the same market.
Market Development
The strategy is to develop new markets for existing products.
Diversification
The strategy is to develop new products for new markets.
Branding Strategy
Branding strategy starts with the formulation of a brand name for the first single product that the business intends to make
Umbrella Brand Approach
In the umbrella brand approach of branding names, all products of the business carry the same brand name. The various product lines are not differentiated from each other from the perspective of the brand name.
example: Honda Motors
Honda TMX series, Honda Wave series, Honda XR series, and Honda Scooter.
House Brand Approach
In the house brand approach, every product of the same business has a separate brand name that distinguishes it from the rest of the company's products.
example: Procter & Gamble Philippines
Joy, Tide, Downy, Pampers, Pantene, Head & Shoulders, Rejoice, Vicks, Max Factor, Safeguard, Ariel, Whisper, and Oral B.
Branding Extension Strategy
Line Extension Approach
In the line extension approach, the existing product has been modified or altered resulting in a new product or more products without eliminating the original product. The new additional product must be within the same category.
example: the Bear Brand milk products now include the following variations:
Sweetened condensed filled milk, sterilized milk, powdered milk, full cream evaporated milk, pasteurized milk, and low-fat milk.
Product Extension Approach
In the product extension approach, a new product carries the brand name in a new category. The new or added product appears to be totally different from the old or existing product line.
example: General Electric Company, popularly known as GE, provides one brand name to all of its products under different categories, such as refrigerators,freezers, ranges, ovens, dishwashers, air conditioners, washers and dryers, housewares, industrial products, and light and power products.
Line Extension Approach
In the line extension approach, the existing product has been modified or altered resulting in a new product or more products without eliminating the original product. The new additional product must be within the same category.
example: the Bear Brand milk products now include the following variations:
Sweetened condensed filled milk, sterilized milk, powdered milk, full cream evaporated milk, pasteurized milk, and low-fat milk.
Product Extension Approach
In the product extension approach, a new product carries the brand name in a new category. The new or added product appears to be totally different from the old or existing product line.
example: General Electric Company, popularly known as GE, provides one brand name to all of its products under different categories, such as refrigerators,freezers, ranges, ovens, dishwashers, air conditioners, washers and dryers, housewares, industrial products, and light and power products.