ENT_SG_Unit9_Lesson1_Final PDF - Entrepreneur Unit

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This document is a lesson plan on branding and branding mechanisms. It covers the concept of branding as a strategy, exploring different types of brand names, and describing brand elements. The lesson plan includes multiple sections, such as Introduction, Explore, Explain and Elaborate, and activity.

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Unit 9: Developing a Brand Name Lesson 1: Branding and Branding Mechanisms Contents Engage 1 Introduction 1 Objectives 1 Explore 2 Explain and Elaborate...

Unit 9: Developing a Brand Name Lesson 1: Branding and Branding Mechanisms Contents Engage 1 Introduction 1 Objectives 1 Explore 2 Explain and Elaborate 3 Branding 3 Types of Brand Name 5 Brand Elements 7 Extend 9 Activity 9 Evaluate 10 Wrap Up 12 Bibliography 13 Unit 9.1: Branding and Branding Mechanisms Engage Introduction Fig. 1. Branded and unbranded clothing Why do some customers prefer branded products? Why do these branded products have more customer awareness than others who do not have? In this lesson, you will learn how product branding benefits your business. Objectives In this lesson, the students will be able to do the following: Understand the concept of branding as a strategy. Identify different types of brand names. Create a brand name, logo, symbol, and slogan for the proposed business. DepEd Competency Develop a brand name. (CS_EP11/12ENTREP-0h-j-11) 1 Unit 9.1: Branding and Branding Mechanisms Explore 10 minutes Guide Questions Analyze and answer the following questions. 1. What branded products do you usually buy? 2. What characteristics of branded products do you like most? 3. Why do you think customers are attracted to branded products? 2 Unit 9.1: Branding and Branding Mechanisms Explain and Elaborate Branding Branding is the process of creating a name, symbol, or design that identifies and differentiates a product from other products. Brand names are used as a marketing tool towards establishing consumer awareness and fostering brand loyalty. Features of Branding Branding serves several functions. It is geared towards establishing a significant presence in the market that attracts and retains customers. Below are some of the features of branding, which are very useful for business: Table 1. Features of branding Features Description Brand awareness refers to the number of people who know the Awareness brand. Brand awareness can be increased through advertisements on television, radio, newspaper, or social media. The branding of products should be planned in relation to the target market. The business should not target the entire Targetable population. Business owners should identify who will buy their products and services. Brand loyalty is an achievement for a business. Consumers prefer using certain brands of some products. The loyalty of Loyalty customers can be built by staying in touch with them and knowing how the products benefit them. A brand must be consistent. Businesses make numerous Consistency promises on advertisements, and consumers expect them to deliver on their promises. 3 Unit 9.1: Branding and Branding Mechanisms How does branding benefit a business? Advantages of Branding There are many benefits of having a strong brand name. Below are the five major benefits a business may expect if they have maintained a strong brand. 1. Customer recognition Having a strong brand builds customer recognition. Consumers are likely to buy a product they recognize over those products that are unfamiliar to them. 2. Competitive edge in the market The brand differentiates every business in the marketplace. When customers recognize the business, it gains a competitive edge over other businesses. 3. Easy introduction of new products When a business has a strong brand and loyal customers, it is easier and less expensive for it to introduce new products in the market because the customers are often interested in the product of the business. 4. Enhanced credibility and ease of purchase Having a well-known brand enhances the credibility of the business, industry, and marketplace as a whole. As the business builds their credibility, they also build recognition. Credibility has a direct connection to the customer’s ease of purchase because the customer will buy products that they like, know, and trust. 4 Unit 9.1: Branding and Branding Mechanisms Types of Brand Name In creating a brand name, it is important to know what type of brand name the entrepreneur will use. Below are some of the popular types of brand names. Table 2. Types of brand Type Description Descriptive brand names readily convey the products or services offered by the business. It leaves little room for Descriptive creativity on the part of the brand and interpretation on the part of the audience. Evocative brand names are usually very creative singular words that act as a powerful differentiator in the industry. It is much easier to remember because it has originality and Evocative innovative names. It is important to maintain their dignity in the market by offering the products that suit their brand name. Invented brand names are not only descriptive but also articulate and offer creative names with attitude for a brand. Invented It is not easy to make, but very easy to remember. Most of the time, the Latin or Greek words are used to create a brand name. Lexical brand names have a combination of compound words, spelling, alliteration, and foreign words. This type of Lexical brand name appeals mostly to contemporary target audiences. This type of brand is an acronym of the entire name of the Acronym business, which might be difficult to pronounce. 5 Unit 9.1: Branding and Branding Mechanisms Type Description The brand name includes the geography or territory in which the business operates. However, expanding such as Geographical business in different countries has limitations. In countries with geographical problems with a certain country, a business may find difficulty in expanding its organization. Brand names are also associated with the names of their Founder founders. Some businesses used the names of celebrities to promote their brands as a signature edition. Example: Brand names Type Brand Names Products Descriptive Toys R Us Toys Evocative Nike Shoes and clothing Invented Kodak Digital cameras, printer paper, etc. Lexical Burger King Burgers IBM IT infrastructure, software, programs, Acronym etc. Bank of the Bank services Geographical Philippine Islands Founder Ford Cars 6 Unit 9.1: Branding and Branding Mechanisms Brand Elements Brand elements are trademark devices that identify and differentiate the brand from its competitors. 1. Brand name. A brand name is a trading name given by the manufacturer or organization to a particular product or service. 2. Brand logo. It is a visual trademark that identifies the brand with its design. Fig 2. Brand logo of a beverage 3. Brand symbol. Symbols are powerful elements of the brand that extend beyond the logo. The goal is to create a visual shorthand using symbols to connect and engage the customers. Fig 3. A brand symbol 7 Unit 9.1: Branding and Branding Mechanisms Tip A brand logo contains stylized letters representing the literal name of the product. A brand symbol contains a sign, mark, or picture representing the brand. 4. Brand character. It is a special type of brand element that uses human or real-life characteristics. Fig 4. A chicken business brand character 5. Brand slogan. A slogan is a short phrase that is used to communicate descriptive or persuasive information about the brand. Example: Brand slogan Product/ Business Brand Slogan Nokia Connecting People Nike JUST DO IT. Panasonic ideas for life 8 Unit 9.1: Branding and Branding Mechanisms Extend Activity List down your favorite brand of every product given below. Explain why you like to buy these brands. Product Brand Name Explanation 1. Clothing 2. Mobile phone 3. Beverage Guide Choose one brand per product. Explain why you patronize these brands. 9 Unit 9.1: Branding and Branding Mechanisms Evaluate A. Explain your understanding of the following concepts. 1. Branding 2. Brand logo 3. Brand slogan 4. Invented brand name 10 Unit 9.1: Branding and Branding Mechanisms 5. Lexical brand name B. Form a group consisting of five members. Search for products or business examples under the given type of brand. Then, explain why it belongs under such category. Type Product / Businesses Explanation 1. Descriptive 2. Evocative 3. Invented 4. Lexical 5. Acronym 11 Unit 9.1: Branding and Branding Mechanisms Type Product / Businesses Explanation 6. Geographical 7. Founder Wrap Up ___________________________________________________________________________________________ Branding is the process of creating a name, symbol, or design that identifies and differentiates a product from other products. Brand elements are trademark devices that identify and differentiate the brand from its competitors. A brand name is a trading name given by the manufacturer or organization to a particular product or service. ___________________________________________________________________________________________ 12 Unit 9.1: Branding and Branding Mechanisms Bibliography Barringer, Bruce R. Preparing Effective Business Plans: An Entrepreneurial Approach. Boston: Pearson, 2015. Bhasin, Hitesh. “What are brand elements?” Marketing91. Accessed May 3, 2020. https://www.marketing91.com/brand-elements/. “Branding” Toppr. Accessed May 3, 2020. https://www.toppr.com/guides/business-studies/marketing/branding/. Dollinger, Marc. Entrepreneurship: Strategies and Resources, 3rd Edition. New Jersey: Prentice-Hall, 2003. Faranas, Linda. “Five major benefits of a strong brand.” Millenium Agency. Accessed May 3, 2020. https://mill.agency/creative/5-major-benefits-strong-brand/. Kuratko, Donald. Introduction to Entrepreneurship 8th Edition. Canada: South-Western Cengage Learning, 2009. Lischer, Brian. “Seven popular types of brand names.” Ignyte. Accessed May 3, 2020. http://www.ignytebrands.com/7-popular-types-of-brand-names/. 13

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