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The influences in a society that changedemographics and people’s attitudes, beliefs,and lifestyles
Demographic- U.S. Population
Continues to grow BUT is growing at a slower rate.
Continues to grow OLDER. The number of people 65 & up is expected to double by 2050.
A major shift towards southern and westernStates
Demographic- Increased EthnicDiversity in the USA
80% of all population growth in the next 20 years is expected to come from African-American, Hispanic and Asian communities
Minorities now represent 25% of the population and it is forecast to be 50% by 2050
Demographic- Single Adults onthe Rise
Single men living alone comprise 11% of all U.S. households. Up from 3.5% in 1970.
Single women living alone comprise 15% of all U.S. households. Up from 7.3% in 1970.
Cultural Trends in the USA
A more environmentally conscience society that seeks to buy “green” products
A time-poor society that seeks products thatcan save them time
A more health-conscience society that seeks exercise and healthier food
The identity and reputation of a specificproduct, service or business
6 Values of Branding for the Customer & the Marketer
Facilitate Consumer Purchasing
Establish Loyalty (Brand Loyalty)
Protect from Price Competition
Reduce Marketing Costs
Differentiate from competition
Are Assets that impact a company’s market
value (Brand Equity)
Occurs when a consumer buys the sameproduct or service repeatedly over time to the exclusion of other alternatives
The marketing and financial value associated with a brand’s strength (or weakness) in a market
Positive brand equity creates value beyond the functional value of the product
Strong brand equity can mean BIG $$$$!!!
A contractual arrangement whereby one firmallows another to use it’s brand name, logo,symbol, or characters in exchange for a fee
The image and “feelings” associated with the brand
A legal designation of exclusive use of a brand.
May include the brand name, logo, or otherwritten, verbal or visual things thatdistinguish it from competitors
About 150,000 new trademarks areregistered with the U.S. Patent andTrademark Office each year
Manufacturer vs Private Label
1) Manufacturer Brands – Brands initiated by producers. AKA: “National Brands”
2) Private Label Brands – Brands initiated and owned by resellers. However, they are NOT manufactured by the reseller. Also called“store brands” and “house brands”.Increasing in popularity; represents 16% of sales in the USA.
Private Label Stategies
Premium Brands- Offer comparable or superior quality to the national brand, often at a slightly reduced price.
Copycat Brands – Imitate the manufacture’sbrand in appearance & packaging but aresold at a lower price.
Exclusive Cobrands – A brand that isdeveloped by a manufacturer exclusively fora select retailer.
Using an existing brand to brand a newproduct in the same or different markets
When Brand Extension “overextends” and adversely affects consumer perceptions of the brand.
The practice of marketing two or more brands together on the same package or promotion.
How you package the various brands &segments of your business into a single,understandable entity.
Brands that represent the “Parent”corporation.
Family vs Individual Branding
1. Individual branding – keeping each brand separate. Ie: Sara Lee makes multiple brands like Hanes Underwear, L’eggs pantyhose, Ball Park franks, and Jimmy Dean sausage
2. Family Branding- Putting all brands under the same umbrella – ie: Kellogg’s Corn Flakes, Rice Krispies, Special K, etc.
Family-Endorsed Branding- Individual brands that have the strong and visible endorsement of their “parent” company. Ie: Kellogg’s Pop-Tarts, Eggo, & Cheez-Its are individual brands with “Kellogg’s” on the package.
Pros of Individual Branding
Insulates products from failures of other brands
Maybe best if products vary widely in type,targeting, and/or quality
Cons of Individual Branding
By far the most costly and risky
May requires thatyou also build a“corporate brand”as well
Pros of Family Branding
By far the leastexpensive approach
Good if yourproducts have asimilar focus
Good for buildingBrand Equity for the Parent Company
Cons of Family Branding
Could lead to“Brand Dilution”'
Bad experience witha product in one area could negatively effect other products
Pros for Family-Endorsed Branding
Allows for building a separate identity with the added help of the family brand.
May allow for awider variety ofproducts with lessrisk of Brand Dilution
cons for Family-Endorsed Branding
More expensivethan family branding
Eight Steps of The Branding Process
- 1. Brand Architecture
- 2. Market Research
- 3. Positioning
- 4. Develop Brand Identity
- 5. Develop name, logo, & tagline
- 6. Launch your brand
- 7. Manage, leverage, & protect your brand
- 8. Realign your brand (if necessary)
The Brand Identity Statement
Defines what your brand stands for and serves as the steering wheel for your entire branding strategy.
Wraps together the company’s mission, value,and promise with the Brand Personality Statement, Positioning, and Targeting.
The Brand Identity Statement is the “Mission
Defining Your Brand-The Base
The Mission Statement
A statement of the organization’s scope, often identifying its customers, markets, products,technology, and values
Defines your company’s long-term aspirations
Summarizes the positive difference you deliver to all who deal with your company
Internally, your business promise should be included in your Product Innovation Charter(PIC)
Externally, it could be the basis of yourtagline (in step 5)
The image and “feelings” associated with the brand
Define your Brand Personality
After reviewing your mission, vision, promise and promise statements, write a one sentence Brand Personality statement.
Think of ways to describe your personality such as fun, sophisticated, sexy, practical etc.
5 things The Brand Identity Statement should Include:
- 1. What you offer and what is the primarybenefit(s) your product delivers
- 2. Who you are targeting
- 3. How you are positioned relative to yourcompetition
- 4. Your business promise
- 5. Your Brand Personality Statement
Types of Names
Owners Name(s)- Rarely develop into strong brands without significant marketing $’s. Celebrity names are an exception to this rule
Abbreviation names (ie: IBM, AOL)- Exudes no personality and/or benefit. Require significant marketing $’s to establish
Geographically Anchored- Conveys the benefit of being “local. Often blur into other names with the same geographic handle.
- Borrowed Interest & Fabricated Names- ( Apple, Starbucks, Google, Microsoft)-
Are very unique & easy to recall. Require lots of marketing $’s to establish.
Descriptive NamesConvey the nature of the brands offeringsand/or business promise
6 characteristics The Best Names…..
- Reflect your chosen brand personality
- Are descriptive of your offering
- Create an association to the meaning of yourbrand
- Are easy to say & spell
- Are unique & memorable
Key Concept: Integrated Marketing Communication (IMC)
Coordination of promotional efforts for maximum consistency, branding, & persuasive impact.
Your IMC starts with your logo. The logo and colors you select will be a part of your advertising & packaging years to come.
Logo Colors Should….
- Reflect your brand personality
- Differ from your major competitors
- Use a maximum of three colors
- Also look good in black & white
What is a Tagline?
A phrase that accompanies your brand nameto quickly translate your positioning & identitystatements to consumers
Three Core Branding Elements
1. Reputation Management- Working to in sure that customers have positive experiences &spread good word-of mouth. (Includes good customer service, warranties, public relations, etc.)
2. Positioning - Seeing that your brand is properly positioned in the consumers mind relative to the competition (better, faster,cheaper, or different)
3. Face of the Brand – The name, logo, tagline,advertising, website, etc.