Naming a brand: The importance of a name

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Naming a brand: The importance of a name

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Abstract

“What's in a name? A rose is a rose and would smell as sweet even if called by any other name”

These famous words from Shakespeare's Juliet send us into raptures, but marketers and consumers would not respond to this reasoning favorably. Brands rule over the marketer and consumers' minds. Enormous resources, time and energy are spent in building and nurturing brands. Why? A brand distinguishes the products and services offered by one seller from another.

A company may be armed with all the statistics and facts as to why their product or service is superior - but if it doesn't have an image, a personality for the audience to connect with - their message falls flat. What you are selling is always more than the product or the service. It's a personality, a face with which your target customers want to do business. Thus, the success of branding lies in truly understanding who you are and who your target audience is.

The cigarette brand Charms' pack has a unique indigo blue print, like faded jeans fabric. The package design was intended to strike a cord with young customers who identified it with ‘freedom', because jeans symbolized freedom. Marketers use “slender tall” bottles to communicate feminine qualities.

Brands create a perception in the mind of the customer that there is no other product or service on the market that is quite like yours. A brand promises to deliver value upon which consumers and prospective purchasers can rely to be consistent over long periods of time.

Introduction
The meaning of brands
1. Brand equity
2. Brand image
3. Brand extension
Types of brands
1. Manufacturer brands
2. Own label brands
Key factors in building brands
1. Quality
2. positioning
3. Repositioning
4. Communications
5. First-mover advantage
6. Long-term perspective
7. Internal marketing
Brand extension and brand stretching
Conclusion

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[...] The repositioning of the Lucozade brand from a sweet drink for children to a leading sports drink is one example. Another would be the changing styles of entertainers with above-average longevity such as Kylie Minogue and Cliff Richard. Communications Communications also play a key role in building a successful brand. We suggested that brand positioning is essentially about customer perceptions with the objective to build a clearly defined position in the minds of the target audience. All elements of the promotional mix need to be used to develop and sustain customer perceptions. [...]

[...] CONCLUSION A brand is a name, term, sign, symbol, or design, or some combination of these elements, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors. The different components of a brand. Brand names, logos, symbols, package designs, and so on are brand elements. Brands offer a number of benefits to customers and firms. Brands are valuable intangible assets that need to be managed carefully. The key to branding is that consumers perceive differences among brands in a product category. [...]

[...] Professor David Jobber identifies seven main factors in building successful brands, as illustrated in the diagram below: Quality Quality is a vital ingredient of a good brand. Remember the “core benefits” the things consumers expect. These must be delivered well, consistently. The branded washing machine that leaks, or the training shoe that often falls apart when wet will never develop brand equity. Research confirms that, statistically, higher quality brands achieve a higher market share and higher profitability that their inferior competitors. [...]

[...] While the intrinsic value, with regard to functionality, is created by the marketer through the offering, consumer psyche plays a vital role with regard to short and long term effects of brand associations. Besides brand associations, cultural dimensions plays an important role with regard to both branding associations and how consumer's mind adapts to the development of brand associations. Take a look at the list below that shows the world's top 10 brands in 2002 (as measured by value): 1 Coca-Cola 69.6 ) 2 Microsoft 64.1 ) 3 IBM 51.2 ) 4 GE 41.3 ) 5 Intel 30.9 ) 6 Nokia 30.0 ) 7 Disney 29.3 ) 8 McDonalds 26.4 ) 9 Marlboro 24.2 ) 10 Mercedes 21.0 ) Source: Interbrand; JP Morgan Chase Why do companies such as Coca-Cola, Microsoft, IBM and Disney seem to achieve global marketing success so easily? [...]

[...] Brand extension refers to the use of a successful brand name to launch a new or modified product in a same broad market A successful brand helps a company enter new product categories more easily For example, Fairy (owned by Unilever) was extended from a washing up liquid brand to become a washing powder brand too The Lucozade brand has undergone a very successful brand extension from children's health drink to an energy drink and sports drink. Brand stretching Brand stretching refers to the use of an established brand name for products in unrelated markets. [...]

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