What is the branding strategy when the marketer opts for new brand name for the same product?
What’s in a (Brand) Name? Show A brand identifies a company, product, or service as distinct from the competition. The brand is comprised of all the things that create this identity. A brand’s name is an essential part of the package. A brand name may be a product name (like Windows or Gmail), or it may be the name under which the entire organization operates (like Microsoft or Google). Because the name is so central to identity, naming a brand is an integral part of creating the brand’s reputation, development, and future success. To some extent, a brand name amounts to whatever an organization makes of it: this is the genius of brand building and marketing strategy. Unlikely names have, on occasion, become powerhouse brands, and well-named brands have fizzled out. Naming is important because an ill-conceived or poorly chosen name can torpedo an organization’s chances. At the same time, a great name alone isn’t enough to guarantee success. Naming a BrandApple iPod line as of 2014. From left to right: iPod Shuffle, iPod Nano, iPod Touch. iPod is one of Apple’s products named with the distinctive “i.” Selecting a brand name is one of the most important product decisions a seller makes. A brand name reflects the overall product image, positioning, and, ideally, its benefits. A successful brand name can enable a product to be meaningfully advertised and distinguished from competitors; tracked down by consumers; and given legal protection. At its best, a brand can provide a carryover effect when customers are able to associate quality products with an established brand name. Attention to naming also helps customers associate products within the same brand family. For example, Apple names its mobile products with a lowercase i—for example, iPad, iPod, iPhone. Starbucks names its coffee sizes in Italian. Remember that legally protectable brand names are mandatory if an organization plans to produce mass advertising for their product or service. Once an organization starts using a new brand name, it may encounter other organizations’ claim to own the rights to that name and threaten legal action. To avoid the risks and potential expense associated with legal challenges to a brand name, it is important to use a thorough, systematic process for selecting a brand name. Selecting a Naming StrategyBefore you start brainstorming new brand names and registering domain names, the company should evaluate which naming/branding policy to pursue for the new offering and choose one the following three viable options. This process helps determine whether you even need a new brand name.
Steps to Develop a New Brand NameOnce you have confirmed that you need a new brand name, you should follow a systematic approach to developing and selecting one, as described below:
Check Your UnderstandingAnswer the question(s) below to see how well you understand the topics covered in this outcome. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. What are the 4 branding strategies?The Fab 4 of brand development strategy. Product/range extension. This is when a brand introduces a new product similar to one it offers already, targeting an existing market. ... . Brand extension. ... . Co-branding. ... . Brand licencing.. What are the 7 branding strategies?Strategic branding helps you set yourself apart from your competition and build customer loyalty.. Attitude Branding. ... . Individual Branding. ... . Product Branding. ... . Co-Branding. ... . Minimalist Branding. ... . Brand Extension.. What is commonality branding strategy?Co-branding is an arrangement in which two established brands collaborate to offer a single product or service that carries both brand names. In these relationships, generally both parties contribute something of value to the new offering that neither would have been able to achieve independently.
What is a branding strategy in marketing?A branding strategy (a.k.a. brand development strategy) is the long-term plan to achieve a series of long-term goals that ultimately result in the identification and preference of your brand by consumers.
|