Related Theory Discussion
The American Marketing Association defines a 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 can take many forms, including a name, sign, symbol, color combination or slogan. For example, Coca Cola is the name of a brand make by a particular company.
1.2 Local brand:
A local brand is a brand that is sold and marketed (distributed and promoted) in a relatively small and restricted geographical area like a country. It may be called a regional brand if the area encompasses more than one metropolitan market. It may also be a brand that is developed for a specific national market; however an interesting thing about local brand is that the local branding is more often done by consumers than by the producers.
1.3 Brand elements:
Brands are spread through various elements:
* Name: The word or words used to identify the company, product, service, concept * Logo: The visual trademark that identifies the brand
* Tagline or Catchphrase: "The Quicker Picker Upper" is associated with Bounty; "Can you hear me now" is an important part of the Verizon brand. * Shapes: The distinctive shape of the Coca-Cola bottle or the Volkswagen Beetle is trademarked elements of those brands. * Graphics: The dynamic ribbon is also a trademarked part of Coca-Cola's brand. * Color: Owens-Corning is the only brand of fiberglass insulation that can be pink. * Sounds: A unique tune or set of notes can "denote" a brand: NBC's chimes are one of the most famous examples. * Movement: Lamborghini has trademarked the upward motion of its car doors. * Smells: Scents, such as the rose-jasmine-musk of Chanel No. 5 is trademarked. * Taste: KFC has trademarked its special recipe of 11 herbs and spices for fried chicken.
1.4 Types of brand names:
Brand names come in many styles. A few include:
Acronym: A name made of initials such as UPS or IBM
Descriptive: Names that describe a product benefit or function like Whole Foods or Airbus Alliteration and rhyme: Names that are fun to say and stick in the mind like Reese's Pieces or Dunkin' Donuts Evocative: Names that evoke a relevant vivid image like Amazon or Crest Neologisms: Completely made-up words like Kodak
Foreign word: Adoption of a word from another language like Volvo or Samsung Founders' names: Using the names of real people, and founder's name like Hewlett-Packard or Disney Geography: Many brands are named for regions and landmarks like Cisco and Fuji Film Personification: Many brands take their names from myth like Nike or from the minds of ad execs like Betty Crocker
1.5 Marketing Strategy:
Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Strategies based on market dominance:
In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies: * Leader
Porter generic strategies:
In this strategy company focuses on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or narrow.
* Product differentiation (broad)
* Cost leadership (broad)
* Market segmentation (narrow)
This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are...
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