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Distinguishing goods of one producer from those of another. A product that adds other dimensions that differentiate it in some way from other products designed to satisfy the same need. Name, term, logo or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers & to differentiate them from those of competition.
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Brand
Naming related (Tata Indica) or unrelated (Tide) to co. name, based on people (Armani), on places (New York Times), on animals/ birds (Dove , Kingfisher, Black Dog), on inherent product meaning (MTV), etc. A brand could be a physical good (Kellogs Corn Flakes), a service (Bank of America), a store (Shoppers Stop), a person (M Jackson, Sachin Tendulkar), a place (Las Vegas, Macau), an organization/group (TCS, Red Cross, Beatles), an idea (Nuclear Disarmament).
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Brand Significance
To consumers Quality brands:
Assign performance responsibility to the manufacturer/ marketer Save on search costs Allow them to project their self-image [Mercedes, Rolex] MTT Module 3 Brand Concepts
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Brand Significance
Reduce risks
Functional risk Financial risk Social risk
To firms Brands:
Secure a competitive advantage Are a source of financial returns
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Branding Challenges
Customers are aware about drawbacks: Have info from advertisements, media based prog. (consumer reports, websites like epinions.com, blogs) High costs of traditional media More clutter on traditional media
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Branding Challenges
Increased competition:
- Brand extensions [Airtel DTH, Videocon TataSky] - Privatization [Private insurers & LIC] - Overseas brands [Foreign brands Existing brands eg. Maruti Suzuki Fiat/ Ambassador] - Low priced competitors (Local players)
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Assignment
Make a list of 5 brands and their competitors in the Indian market. What are the challenges that the 5 brands have?
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Brand Equity
The added value to the firm, the trade or the consumer with which a given brand endows a product. The sales and profit impact enjoyed as a result of prior years marketing efforts versus a comparable new brand.
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customers minds.
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Brand Knowledge
Two components:
Brand awareness identifying brand in
different conditions
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Brand Awareness
Two components: Brand recognition consumers ability to confirm
prior exposure to the brand when given the brand as a cue. [Reynolds among others]
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Brand Image
Created by:
Marketing programs
Consumer reports Word of mouth [Amway] Identification with the co. [TATA], country, channel of distribution, endorser, event.
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Result: The no. of stores increased from 35 to more than 250 today.
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AajTak
Started as a different news channel and created an image of Sabse Tez against the conservative news channels. Approach:
Informal news presentation (style, visuals & language) Opinionated & not report-based content Sensational/ scandalous news titles
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