By brand you can develop advantages through differentiation from the competition.
The brand name : The decision is key to the company. It will serve to position itself in the minds of consumers. It must be appropriate to place the product name prominently i attractive on memory instead of individuals.
You must have the following characteristics:
- Sounds Nice
- Easy to pronounce
- Which do not have double meanings given internationally
- Easy to recognize and remember
- We must bear in mind that if we put a descriptive name to the brand, we can not use it for different products.
The brand value :
The main components provided the value of the brand are:
- Brand Loyalty
- Name Recognition
- Cualidad Perceived (price communication effort, brand name)
- Set Of brand associations that created and form a brand image
- -Other Brand assets that result in economic benefits
Branding Strategies :
There are different brand strategies that we can use.
We have to keep in mind:
· The mark compared to the generic product: Most companies sell their products through a brand name. Those who do not use brand have the advantage of cost savings and therefore have the option to sell at a lower price.
· Private label brand manufacturers compared with : Currently increasingly more dealers sell under its brand. In this way they get a lower price, the supplier will not fail to supply the product and store loyalty that sells.
This is not negative for the manufacturer as it facilitates entry into a new market and does not constitute costs of promotional work.
But if it affects you in a loss of power on the product, a strong dependence in front of the dealer and obligation to compete on price with other manufacturers.
· Strategies of brand extension : Is to use the mark, to sign various products, which may belong to different professional fields.
Relations between brand and product:
· Branding Product: assign a name to a product, allows us to occupy different segments and maximize market share, can take risks in new markets and is suitable for highly diversified companies
· Online brand strategy: offer different products under one name. It represents a consistent brand image, easy and quick distribution and allows a reduction in launch costs.
· Strategy gamma brand: A brand under a promise and through a set of products. It helps us to avoid dispersion of communications, brand communicates in a generic way, management is simplified and new product launch costs and generates distribution of inferior products.
· Umbrella brand strategy: A brand with various products and multiple markets. It helps us unite synergy capitalization, increase visibility in the market with her every product has its marketing strategy and positioning.
· Brand Strategy source: same as above but each has its own name.
· Brand strategy warranty: brand based primarily gives security to other headings brands.
· International Brand Strategy: The international dimension favors economies of scale.The decision of the strategy will depend on the product and the market.The overall mark must always be guided by the same strategic principles, it is positioned in the same way in all markets and respond to the same marketing approach worldwide.