MK 331 Product Development and Brand Management Lecture Notes 2024 PDF
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2024
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These lecture notes cover product development concepts including product attributes, branding, and product classifications. The document details product development decisions, such as product attributes, branding, packaging, and labeling. The material also includes classification of products as consumer and industrial products.
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Lecture Notes PART A What is a product? A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Broadly defined, “products” also include services, events, persons, places, organizations, ideas, or mixes of...
Lecture Notes PART A What is a product? A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Broadly defined, “products” also include services, events, persons, places, organizations, ideas, or mixes of these. Services are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. Levels of Product and Services Product planners need to think about products and services on three levels. Core customer value, which addresses the question What is the buyer really buying? Actual product. Augmented product, which is created around the core benefit and actual product by offering additional consumer services and benefits. Product Augmented Product Installation Packaging Brand Features Name Core Benefit After- Delivery or Sale & Credit Service Service Quality Design Level Warranty Actual Core Product Product Product and Service Classifications There are two main classifications of products: consumer products and industrial products. Consumer products are products and services bought by final consumers for personal consumption. Industrial products are those purchased for further processing or for use in conducting a business. Product Classifications Consumer Products Convenience Products Shopping Products > Buy frequently & immediately > Buy less frequently > Low priced > Gather product information > Many purchase locations > Fewer purchase locations > Includes: > Compare for: Staple goods Suitability & Quality Impulse goods Price & Style Emergency goods Specialty Products Unsought Products > Special purchase efforts > New innovations > Unique characteristics > Products consumers don’t > Brand identification want to think about > Few purchase locations > Require much advertising & personal selling Product Classifications Industrial Products Materials and Parts Capital Items Supplies and Services Product and Service Classifications The three groups of industrial products and services are: Materials and parts include raw materials and manufactured materials and parts. Capital items are industrial products that aid in the buyer’s production or operations, including installations and accessory equipment. Supplies and services include operating supplies and maintenance and repair services. Product Development Decisions Product Attributes Branding Packaging Labeling Product Support Services PRODUCT DEVELOPMENT DECISIONS 1. Product and Service Attributes Attributes communicate consumer benefits A marketer has to decide on the quality, features, style and design Product quality has two dimensions: level and consistency. Quality level means performance or the ability of a product to perform its functions. Quality conformance which is also quality consistency means freedom from defects, and consistency in delivering a targeted level of performance PRODUCT DEVELOPMENT DECISIONS Product Features are a competitive tool for differentiating the company’s product from competitors’ products. Product Style and Design is another way to add customer value. Style describes the appearance of a product. Design contributes to a product’s usefulness as well as to its looks. 2. Branding A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service. Brand names help consumers identify products that might benefit them. Brands say something about product quality and consistency. Product Attribute Decisions Quality Features Design PRODUCT DEVELOPMENT DECISIONS Branding gives the seller several advantages. The brand name becomes the basis on which a whole story can be built about a product. The brand name and trademark provide legal protection for unique product features. The brand name helps the seller to segment markets. 3. Packaging Packaging involves designing and producing the container or wrapper for a product. 4. Labeling Labels perform several functions. The label identifies the product or brand. The label describes several things about the product. The label promotes the brand. PRODUCT DEVELOPMENT DECISIONS 5. Product Line Decisions A product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. Product line length is the number of items in the product line. Product line filling involves adding more items within the present range of the line. Product line stretching occurs when a company lengthens its product line beyond its current range. PRODUCT DEVELOPMENT DECISIONS 6. Product Mix Decisions Product mix (or product portfolio) consists of all the product lines and items that a particular seller offers for sale. A company’s product mix has four dimensions: width, length, depth, and consistency. Product mix width refers to the number of different product lines the company carries. Product mix length refers to the total number of items the company carries within its product lines. Product mix depth refers to the number of versions offered of each product in the line. Product mix consistency refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way. PRODUCT DEVELOPMENT DECISIONS The company can increase its business in four ways. It can add new product lines, widening its product mix. It can lengthen its existing product lines. It can add more versions of each product, deepening its product mix. It can pursue more product line consistency. Major Stages in New-Product Development Idea Generation and Screening Requires Innovative corporate culture Entertainment of weird ideas Sources of Ideas Staff Customers Intermediaries Competitors Screening/Evaluation of Ideas – Market Size – Product Price – Development Time & Costs – Manufacturing Costs – Rate of Return © Pearson Education 2009 Concept Development and Testing Development Terminology A product idea is an idea for a product that the company can see itself offering to the marketplace A product concept is a detailed version of the idea stated in meaningful consumer terms A product image is the way consumers perceive an actual or potential product Concept Testing Testing new –product concepts with customers, either symbolically or physically Virtual reality, mock-ups Marketing Strategy Marketing Strategy Statement Summary of the marketing logic by which business unit hopes to achieve its marketing objectives Describes Target market Planned product positioning Goals – sales, promotional Details Prices, distribution, intermediary discounts Plans for the Future Long-term objectives - market share, profits Business Analysis Is: A review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the company’s objectives Carried Out How? Sales history of similar products Estimating costs of marketing, production and R&D Product Development What is Product Development? Developing the physical concept into a physical product in order to ensure that the product idea can be turned into a workable product Designing for Mass Manufacturing Must be suitable for production in large numbers at reasonable cost Rigorous testing – car engines What do customers think a well designed product will look/behave like? BMW doors Test Marketing Is: The stage of new-product development where the product and marketing programme are tested in more realistic market settings Why Test Market? Gives the marketer experience of marketing this category of product Provides data as to likely target market, success of promotional strategies Testing reduces uncertainty of full product launch Types of Test Marketing Standard Market Tests Small number of representative test cities Helps to forecast national sales Competitors can monitor these trials and sabotage them – price cutting, focussed promotion etc Controlled Test Markets Panels of stores nationally Control of in store placement, below-the-line promotion, staff training Records purchases by individual consumers Difficult to get a good match between your target market and one retailer Simulated Test Markets Simulated shopping environments Products on shelf next to selected competitors Commercialisation When? When will the timing be right? Buying cycle – Where? National or international – films What are the most attractive markets? To Whom? Is the target market understood? How to reach and persuade this audience? Appropriate media? How? How will the marketing budget be divvied up? The Product Life Cycle The product life cycle illustrates the duration of conditions which a commodity is expanded, introduced to the market and ultimately removed from the market. There are 4 stages: Introduction Growth Maturity Decline Minimizes market admission price Assists in decisions of advertising Gives the opportunity to consider fresh markets PLC Importance to Marketing Managers Minimizes time to enter the market Adapt product to market by following the life cycle Benefits in decisions of market strategy Assists in price determination Opportunity to regulate the manufacturing of product by monitoring the life cycle Accommodates sales and marketing forecasting Product Life Cycle Sales and Profits ($) Sales Profits Time Product Introduction Growth Maturity Decline Develop- ment Losses/ Investments ($) Introduction Stage of the PLC Sales Low sales Costs High cost per customer Profits Negative Create product awareness Marketing Objectives and trial Product Offer a basic product Price Use cost-plus Distribution Build selective distribution Advertising Build product awareness among early adopters and dealers Growth Stage Sales Rapidly rising sales Costs Average cost per customer Profits Rising profits Marketing Objectives Maximize market share Offer product extensions, service, Product warranty Price Price to penetrate market Distribution Build intensive distribution Advertising Build awareness and interest in the mass market Maturity Stage Sales Peak sales Costs Low cost per customer Profits High profits Marketing Objectives Maximize profit while defending market share Product Diversify brand and models Price Price to match or best competitors Distribution Build more intensive distribution Advertising Stress brand differences and benefits Decline Stage Sales Declining sales Costs Low cost per customer Profits Declining profits Marketing Objectives Reduce expenditure and milk the brand Product Phase out weak items Price Cut price Go selective: phase out unprofitable Distribution outlets Advertising Reduce to level needed to retain hard-core loyal customers Brand and Branding The American Marketing Association defines ‘brand’ as “a name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers… A brand may identify one item, a family of items, or all items of that seller.” A brand can simply mean a name, reputation, goodwill, perception, experience, and association Peoples’ perception and feelings about a person, institution or a product Branding is the process of creating a unique name, distinctive image, everlasting reputation experience for customers to remember, and to differentiate and distinguish top organizations or institutions from one another. BRAND IS: A brand is NOT A RESULT A LOGO A PRODUCT CUSTOMERS’ A PROMISE GUT FEELING AN IMPRESSION ABOUT A PRODUCT A REPUTATION A brand comprises of Tangibles Attributes Intangible Attributes Product Quality Packaging Emotional benefits Labelling Values Attributes Culture Functional benefits Image Involves all the activities that are necessary to nurture a brand into a healthy cash flow stream after launch What kind of activities? Product development Packaging Advertising Promotion Sales and distribution Customer experience management Choosing Brand Elements Brand element choice criteria: 1. Memorable: easy to recall 2. Meaningful: suggest something relate to the product. 3. Likeability: Appealing 4. Transferable: Wide to new products (Amazon) 5. Adaptable: Updatable 6. Protectable: How legally protectable Copyright © 2012 Pearson Education 9-46 Features of a Brand A brand has physical qualities A brand has its own personality A brand has its own culture A brand is a relationship The Role of Brands Identify the maker Simplify product handling Organize accounting Offer legal protection Signify quality Create barriers to entry Serve as a competitive advantage Secure price premium Copyright © 2012 Pearson Education 9-48 ELEMENTS OF A BRAND Brand Name Brand Mark Trade Name Trade Character Trade Mark BRAND ELEMENT BRAND NAME (or product brand) a word, group of words, letters, or numbers that represents a product that can be spoken ◦ Should be easily pronounced, distinctive, and recognizable BRAND ELEMENT BRAND MARK The brand mark is a design element, such as a symbol (e.g., Nike swoosh ), logo (e.g., Yahoo! graphic), a character (e.g., Keebler elves) or even a sound (e.g., Intel inside sound), that provides visual or auditory recognition for the produc BRAND ELEMENT TRADE NAME (or corporate brand) identifies and promotes a company or a division of a particular corporation ◦ The legal name used while conducting business ◦ Used to promote a positive image of the organization (quality, value, reliability) BRAND ELEMENT TRADE CHARACTER a brand mark with human form or characteristics BRAND ELEMENT TRADE MARK a brand name, brand mark, trade name, trade character, or a combination of these that is given legal protection by the government Trade Mark It is a brand or a part of brand which is given legal protection because it is capable of exclusive appropriation. The official definition of a trademark is “any word, name, symbol or device including, but not limited to, a distinctive package or container of any kind, or any combination of these, used by a person to identify and distinguish the goods of that person, including a unique product, from those manufactured or sold by others, and to indicate the source of the goods, even if that source is unknown.” Types of Brands Individual Brand Brand Types Personal Family Brand Brand Personal Brand The personal brand attached with individual personality It explains the character of the particular popular celebrity For example: Abdul Kalam Individual Brand Individual branding, also called individual product branding or multi branding, is the marketing strategy of giving each product in a portfolio its own unique brand name This facilitates the positioning of each product, by allowing a firm to position its brands differently. Family Brand Family branding is a marketing strategy that involves selling several related products under one brand name. Family branding is also known as umbrella branding. It contrasts with individual product branding, in which each product in a portfolio is given a unique brand name and identity. Branding Strategy Development Decisions Branding consists of a set of complex branding decisions. Major brand strategy decisions involve: Brand positioning, Brand name selection, Brand sponsorship and Brand development. A brand is a company’s promise to deliver a specific set of features, benefits, services and experiences consistently to buyers. However, a brand should rather be understood as a set of perceptions a consumer has about the products of a particular firm. Therefore, all branding decisions focus on the consumer. The Four Brand Decisions Brand Positioning A brand must be positioned clearly in target customers’ minds. Brand positioning can be done at any of three levels: on product attributes on benefits on beliefs and values. At the lowest level, marketers can position a brand on product attributes. Marketing for a car brand may focus on attributes such as large engines, fancy colours and sportive design. However, attributes are generally the least desirable level for brand positioning. Brand Positioning A brand can be better positioned on basis of a desirable benefit. The car brand could go beyond the technical product attributes and promote the resulting benefits for the customer: quick transportation, lifestyle and so further. Yet, the strongest brands go beyond product attributes and benefits. They are positioned on beliefs and values. Successful brands engage customers on a deep, emotional level. This is done by creating passion, surprise and excitement surrounding the brand. Brand Positioning Brand positioning lays the foundation for the three other branding decisions. Therefore, brand positioning should also involve establishing a mission for the brand and a vision of what the brand should be and do. The brand’s promise must be simple and honest. What is a Brand Promise? A brand promise is the marketer’s vision of what the brand must be and do for consumers. Brand Name Selection – Branding Decisions The name of the brand is maybe what you think of first when imagining a brand – it is the base of the brand. Therefore, the brand name selection belongs to the most important branding decisions. However, it is also quite a difficult task. We have to start with a careful review of the product and its benefits, the target market and proposed marketing strategies. Naming a brand is part science, part art, and certainly a measure of instinct. Although finding the right name for a brand can be a challenging task, there are some guidelines to make it easier. Qualities for a Brand Name It should suggest something about a product’s benefits and qualities. It should be easy to pronounce, recognize, and remember. The brand name should be distinctive, so that consumers don’t confuse it with other brands. It should also be extendable. Think of Amazon.com, which began as an online bookseller. If Amazon.com had chosen a different name, such as books.com, it could not have extended its business that easily. The brand name should translate easily into foreign languages. It should be capable of registration and legal Brand Sponsorship – Branding Decisions The third of our four branding decisions is the brand sponsorship. A manufacturer has four brand sponsorship options. A product may be launched as a manufacturer’s brand. The manufacturer could also sell to resellers who give the product a private brand. This is also called a store brand, a distributor brand or an own-label. Also, manufacturers can choose licensed brands. Instead of spending millions to create own brand names, some companies license names or symbols previously created by other manufacturers. Finally, two companies can join forces and co-brand a product. Co-branding is the practice of using the established brand names of two different companies on the same product. Brand Sponsorship Brand Development – Branding Decisions Branding decisions finally include brand development. For developing brands, a company has four choices: line extensions, brand extensions, multibrands or new brands. Brand Development – Branding Decisions Line extension Line extension refers to extending an existing brand name to new forms, sizes, colours, ingredients or flavours of an existing product category. This is a low-cost, low-risk way to introduce new products. However, there are the risks that the brand name becomes overextended and loses its specific meaning. This may confuse consumers An example for line extension is when Coca-Cola introduces a new flavour, such as diet cola with vanilla, under the existing brand name. Brand extension Brand extension also assumes an existing brand name, but combines it with a new product category. Thus, an existing brand name is extended to a new product category. This gives the new product instant recognition and faster acceptance and can save substantial advertising costs for establishing a new brand. However, the risk that the extension may confuse the image of the main brand should be kept in mind. Also, if the extension fails, it may harm consumer attitudes toward other products carrying the same brand name. Multibrands Multibrands means marketing many different brands in a given product category. P&G (Procter & Gamble) and Unilever are the best examples for this. Multibranding offers a way to establish distinct features that appeal to different customer segments. Thereby, the company can capture a larger market share. However, each brand might obtain only a very small market share and none may be very profitable. New brands New brands are needed when the power of existing brand names is waning. Also, a new brand name is appropriate when the company enters a new product category for which none of its current brand names are appropriate. As you might have recognised, these four branding decisions are all interrelated. In order to build strong brands, brand positioning, brand name, brand sponsorship and brand development have to be in line with each other. Brand Management Brand management is the process of building, managing and improving a brand. It begins by having a thorough knowledge of the term “brand”. Hence, brand management includes developing a promise, making that promise and maintaining it. It means defining the brand, positioning the brand, and delivering the brand. It is an art of creating and sustaining the brand. Brand Management Brand management is the process of building, managing and improving a brand. It begins by having a thorough knowledge of the term “brand”. Hence, brand management includes developing a promise, making that promise and maintaining it. It means defining the brand, positioning the brand, and delivering the brand. It is an art of creating and sustaining the brand. Strategic Brand Management Successful marketers must excel in strategic brand management. The strategic brand management process has four steps: 1. Identifying and establishing brand positioning 2. Planning and implementing brand marketing 3.Measuring and interpreting brand performance 4.Growing and sustaining brand value deals with brand positioning. Identifying and establishing brand positioning The brand positioning/resonance model views brand building as an ascending series of steps, from bottom to top: 1. ensuring customers identify the brand and associate it with a specific product class or need 2. firmly establishing the brand meaning in customers’ minds by strategically linking a host of tangible and intangible brand associations 3. eliciting the proper customer responses in terms of brand-related judgment and feelings 4. converting customers’ brand response to an intense, active loyalty. Identifying and establishing brand positioning According to this model, enacting the four steps means establishing a pyramid of six “brand building blocks” The model emphasizes the duality of brands—the rational route to brand building is on the left side of the pyramid and the emotional route is on the right side. Planning and implementing brand marketing Brand Elements Brand Equity Secondary Marketing Associations Activities Planning and implementing brand marketing Brand equity is developed by creating the right brand knowledge structures with the right consumers. The three main brand equity drivers are: 1. Initial choice of brand elements – brand name, URL, logos, symbols, characters, spokespeople, slogans, jingles, packages, and signage. 2. Marketing Activities - Product and service and all accompanying marketing activities and supporting programs. 3. Secondary Associations - indirectly transferring the brand by linking it to some other entity, such as a person, place, or thing. Planning and implementing brand marketing Brand elements are devices, which can be trademarked, that identify and differentiate the brand. Most strong brands employ multiple brand elements. Nike has the distinctive “swoosh” logo, the empowering “Just Do It” slogan, and the “Nike” name from the Greek winged goddess of victory. Marketers must select brand elements that allow for brand building that is should be memorable, meaningful, and likable. They must also be defendable that is, are also transferable, adaptable, and protectable. Holistic Marketing Activities Observation Word of Mouth Interactions w/company 3. Secondary Associations Geographic Regions Other Brands Brand Characters Spokespeople Sporting Events Secondary Source of Brand Knowledge Measuring and Interpreting Brand Performance To manage brands profitably, managers must implement a brand equity measurement system Brand equity measurement system involves: Brand audits Brand value chain Measuring Brand Audit Brand Equity Brand-tracking Studies Brand audit Brand Audit is a meticulous and careful study and an examination of the brand’s current position in the market, customer’s mind, and the industry as a whole as compared to its competitors. It is the review of the brand’s effectiveness and helps to determine its strengths, weaknesses, opportunities for further development and evolvement and come up with the corrective measures if there are any inconsistencies that can harm the brand in future. It is one of the significant parts of the overall brand management and is a valuable exercise with an agenda of a long-term strategy. Brand Value Chain The Brand Value Chain A structured approach to assessing the sources and outcomes of brand equity and the way marketing activities create brand value First, firm targets actual or potential customers by investing in a marketing program to develop the brand. Next, assume customers’ mind-sets, buying behavior, and response to price will change as a result of the marketing program; the question is how. Finally, the investment community will consider market performance, replacement cost, and purchase price in acquisitions (among other factors) to assess shareholder value in general and the value of a brand in particular. The Brand Value Chain Three multipliers moderate the transfer between the marketing program and the subsequent three value stages. The program multiplier determines the marketing program’s ability to affect the customer mind-set and is a function of the quality of the program investment. The customer multiplier determines the extent to which value created in the minds of customers affects market performance. The market multiplier determines the extent to which the value shown by the market performance of a brand is manifested in shareholder value. Growing and Sustaining Brand Equity Brand equity is the added value endowed on products and services, which may be reflected in the way consumers, think, feel, and act with respect to the brand. Brand Equity Models Major Elements of Brand Equity Brand Equity Models Brand Asset Valuator Aaker Model BRANDZ Brand Resonance The Aaker Model: A comprehensive guide to building brand identity The man who created the model, David Aaker, put forth the ideas in the model in 1996, and the concepts have remained in use even to this day. Ensure image and symbol consistency Help measure market perception of your product Improve your brand persona BRANDZ Brand Equity Model Brand Dynamics Pyramid At the heart of BrandZ model of brand strength is the Brand Dynamics pyramid. According to this model, brand building follows a series of steps For any one brand, each person interviewed is assigned to one level of the pyramid depending on their responses to a set of questions. The Brand Dynamics Pyramid shows the number of consumers who have reached each level. Brand Dynamics Pyramid Bonding. Rational and emotional attachments to the brand to the exclusion of most other brands Advantage. Belief that the brand has or rational advantage over other brands in the category Performance. Belief that it delivers acceptaban emotional le product performance and is on the consumer’s short-list Relevance. Relevance to consumer’s needs, in the right price range or in the consideration set Presence. Active familiarity based on past trial, saliency, or knowledge of brand promise Brand Resonance Pyramid The brand resonance model views brand building as an ascending series of steps, from bottom to top: 1. ensuring customers identify the brand and associate it with a specific product class or need 2. firmly establishing the brand meaning in customers’ minds by strategically linking a host of tangible and intangible brand associations 3. eliciting the proper customer responses in terms of brand- related judgment and feelings 4.converting customers’ brand response to an intense, active loyalty. According to this model, enacting the four steps means establishing a pyramid of six “brand building blocks” The model emphasizes the duality of brands—the rational route to brand building is on the left side of the pyramid and the emotional route is on the right side. What it takes to have a strong brand? Brand Image Strong Brand Identity Strong Brand Brand Brand Personality Culture Creating Brand Identity Brand Identity is how you want your brand to be perceived To develop brand identify, do the following: Identify your mission Create brand’s visual identity Logo Color palettes Increase brand recognition Brand Image Brand image is the perception and preference of consumers towards brand, reflected by the various associations that live in the memory of consumers about the brand. Brand Image is how you’re actually perceived- REPUTATION How to achieve a favorable brand image? Do the following: 1. Spread your message via Public Relations activities 2. Establish social presence-social media Share content, updates Spread awareness Engage customers at personal level Repair damages to brand image 3. Create high-quality content-increases web traffic-raises awareness Brand Culture How to create brand culture: 1. Define your values 2. Spread awareness of your values 3. Make the company reflective of your values Brand Personality Brand personality (a set of human characteristics attributed to a brand)--If your brand was a person who would it be? The way the brand or company connects with the audience at emotional level-something relatable To develop brand personality: 1. Know your customers 2. Engage with customers 3. Ensure consistent Brand voice (your tone of voice and how you “speak” to your customers)--How do you talk to your customers? What you say and how you say it is the essence of brand voice, or “tone of voice”. Key Steps Towards Branding 1. Research on what customers want and identify segments to serve 2. Decide how you will position the product or institution in the market either attributes; benefits or beliefs and values 3. Decide on your brand identity i. Decide on the brand vision, purpose, personality and voice ii. Choose your business or product name iii. Decide on the visual elements of the brand iv. Write your slogan 4. Decide on your brand identity presentation-Develop a brand guideline/manual 5. Apply your branding across your business Brand Model Canvas Touchpoi Brand Core Brand Relationshi Customer nts Tactics Message ps Segments Brand Key Personality Motivations Expenditures Metrics for Success Brand Canvas Model Core Brand Message Determine what is the key takeaway you want your customers to remember about your brand that differentiates you from your competition. Customer Segments Identify you core target audiences. Outline key demographics and psychographics. Relationships Determine how you want your customer to interact with you. Highly personalized service? Seamless and automated? Co-creators with your products? Part of your community? Key Motivations Provide key insights about why your customers would use your type of product or service. Brand Canvas Model Brand Tactics List the specific branding and marketing activities you execute to communicate your message. Brand Personality Identify the tone and style of your communications Touchpoints List all of the places you interact with your customers. Expenditures List both your marketing budget and time needed to execute your tactics. Metrics for Success Determine the key performance indicators you will measure to ensure your branding is effective. What is a Brand Manual/Guide A brand guide is a document that details a company’s visual identity, along with rules and guidelines for any public-facing communication. Brand guides set forth rules for official logo usage, font type and color, typography, and tone, along with the brand’s mission statement, positioning, identity, and values. Also called a brand book Can be used internally or in collaboration with vendors or partners to ensure the proper representation of the brand’s image across every channel and all marketing materials. Developing Brand Guidelines/Manual A brand guide serves several purposes. Maintains brand consistency. The most important purpose of a brand guide is to keep the brand image consistent for the public. Brand consistency is vital for your company to build instant brand recognition and enhance brand loyalty—a dedicated consumer base that will advocate for your brand. Ensures brand quality Most brand guidelines include best practices and things to avoid. These guidelines ensure that any communication your brand sends out (whether a marketing email, direct mail, or a billboard) will look polished and professional. Encourages deliberate decisions You’ll need to carefully consider any changes you want to make, which will encourage you to make deliberate and informed decisions whenever you redesign your brand identity. Contents of a Brand Guide Cover page Corporate Typography Table of contents Corporate fonts; Primary font; Introduction Secondary font and Font Hierarchy Primary logo design Corporate Iconography Logo introduction Grid Systems Print grid system; Logo Placement Logo application Columns & grid margins Logo elements Vertical grid system for tablets Clear space and Images & Blending Modes Corporate image style, colors; black computations &white Incorrect logo Blending modes and options Image grid systems applications Presentations & Other Print Corporate Color System Assets Corporate colors Conclusion Primary color Secondary color system Review Questions 1. Building a strong brand with significant equity is seen as providing a host of possible benefits to a firm. Discuss. 2. The Kevin Lane Keller’s ‘Brand Equity Pyramid’– identifies four steps in Brand equity building. Identify them with implication in marketing efforts of a firm. 3. Identify and discuss the six brand equity building blocks according to Keller’s Brand Equity Pyramid Review Questions 4. Building a strong brand can be thought of in terms of a sequence of steps, in which each step is contingent upon the successful completion of the previous step. All steps involve accomplishing certain objectives with customers, both existing and potential. Identify the steps and briefly describe the objectives they accomplish in the market. 5. According to the ‘Brand Equity Pyramid’ model, there are five important attributes and benefits that underlie performance. Identify them and discuss. Sources of Brand Identity SYMBOLS- They help customers memorize organization’s products and services. They help us correlate positive attributes that bring us closer and make it convenient for us to purchase those products and services. They emphasize our brand expectations and shape corporate images. They become a key component of brand equity and help in differentiating the brand characteristics. They are easier to memorize than the brand names as they are visual images. These can include logos, people, geometric shapes, cartoon images, anything Logos A logo is a unique graphic or symbol that represents a company, product, service, or other entity. It represents an organization very well and make the customers well-acquainted with the company. It is due to logo that customers form an image for the product/service in mind. Adidas’s “Three Stripes” is a famous brand identified by it’s corporate logo. Features of a good logo are : It should be simple. It should be distinguished/unique. It should differentiate itself. It should be functional so that it can be used widely. It should be effective, i.e., it must have an impact on the intended audience. It should be memorable. It should be easily identifiable in full colours, limited colour palettes, or in black and white. Features of a Good Logo It should be a perfect reflection/representation of the organization. It should be easy to correlate by the customers and should develop customers trust in the organization. It should not loose it’s integrity when transferred on fabric or any other material. It should portray company’s values, mission and objectives. The elements of a logo Logotype - It can be a simple or expanded name. Examples of logotypes including only the name are Kellogg’s, Hyatt, etc. Icon - It is a name or visual symbol that communicates a market position. Slogan - It is best way of conveying company’s message to the consumers. For instance- Nike’s slogan “Just Do It”. TRADEMARKS Trademark is a unique symbol, design, or any form of identification that helps people recognize a brand. A renowned brand has a popular trademark and that helps consumers purchase quality products. The goodwill of the dealer/maker of the product also enhances by use of trademark. Trademark totally indicates the commercial source of product/service. Trademark contribute in brand equity formation of a brand. Trademark name should be original. TRADEMARK A trademark is chosen by the following symbols ™ (denotes unregistered trademark, that is, a mark used to promote or brand goods); SM (denotes unregistered service mark) ® (denotes registered trademark). Registration of trademark is essential in some countries to give exclusive rights to it. Without adequate trademark protection, brand names can become legally declared generic. Generic names are never protectable as was the case with Vaseline, escalator and thermos. Brand Image It is the current view of the customers about a brand. It can be defined as a unique bundle of associations within the minds of target customers. It signifies what the brand presently stands for. It is a set of beliefs held about a specific brand. In short, it is nothing but the consumers’ perception about the product. It is the manner in which a specific brand is positioned in the market. Brand image conveys emotional value and not just a mental image.. Brand Image Brand image is nothing but an organization’s character. It is an accumulation of contact and observation by people external to an organization. It should highlight an organization’s mission and vision to all. The main elements of positive brand image are- unique logo reflecting organization’s image, slogan describing organization’s business in brief and brand identifier supporting the key values. Brand image is the overall impression in consumers’ mind that is formed from all sources. Consumers develop various associations with the brand. Based on these associations, they form brand image Review questions 1. How is brand equity built, measured and managed? 2. What are the important decisions in developing a branding strategy?
