Brand
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A brand is a name, term, symbol, sign, pattern, or any combination thereof, combinations of colors, the melody or the combination of all these elements used to differentiate the product from other competing products. It may consist of a part of the verbal (name) and nonverbal (symbol, logo). Composing verbal part of the brand we use words to recall your specific associations, the names of cities, countries and regions, names of animals (Jaguar, Mustang). The names are also derived from the literature, music and history or mythology. Non-verbal part create symbols, geometric figures, the specific shape of letters and numbers or colors.
The functions of the brands are
- identification function – consists in distinguishing the product from goods and services competition
- guarantee function – the proprietor undertake to maintain the quality of the product at a certain level.
- promotion function - as a promotional tool should capture the attention of consumers and get them to purchase
Brand strategies
Personal Brand Strategy
It occurs when different product types are distinguished by separate brands
Strategy family of brands
It involves releasing all the products on the market or individual families of products under one brand
Common brand for product groups
Sets a brand for separate groups of products for the whole family, and even individual lines
Mixed Strategies
There are, for example in the case of connection the brand name of the company
How to choose a Brand?
Mark, as the word chosen by the company managers to promote their products:
- should suggest the benefits of efficiency, quality of the product and its ability to meet customers needs,
- should be easy to remember, pronounce, recognize,
- should be distinct from the brands of competitors,
- should not mean anything negative in other languages.
Advantages and disadvantages of having a strong brand
Advantages:
- lower marketing costs due to increased customer confidence and higher brand loyalty,
- maintain a higher level of prices, because its quality is seen above,
- ease of expansion of product lines,
- protection at competitive pricing.
Disadvantages:
- high costs of promotion, advertising, commercial service,
- the need of continuous testing and development,
- the need to continuously look for differences between the products.
References
- Atwal, G., & Williams, A. (2009). Luxury brand marketing–the experience is everything!. Journal of Brand Management, 16(5), 338-346.
- Christodoulides, G. (2009). Branding in the post-internet era. Marketing Theory, 9(1), 141-144.
- Blomqvist, K. H., & Posner, S. (2004). Three strategies for integrating CSR with brand marketing. Market Leader, (Summer), 33-6.
Author: Małgorzata Malada
