Delivering brand performance is done through equity product performance, customer care, customer satisfaction and delight. Keller (2003) defined leveraging process as a link of branding to firms that create a new set of associations from the brand and that affect their brandings. Many companies nowadays employ different techniques to leverage their brandings. They engage in brand extensions, line extensions, ingredient branding and co-branding, etc. Though product branding has many benefits to a firm, the ultimate expected outcome of product branding is increased profit. Product branding creates product image, makes purchasing easier and develops customer franchise so that the ‘‘search costs’’ on customers may decrease so that firms could charge exorbitant price and still enjoy high profits margins. Product branding encourages firms to make huge investment in product quality which leads to higher returns. This has been confirmed by Llonch-Casanovas (2012) that product branding allows firms to differentiate their products to make their products unique in the eyes of consumers. Many empirical studies have confirmed the assertion that product branding increased product sales. One of these studies is by Griffiths et al (2005) who conducted a study in Australia using cross-sectional data of 300 firms over 1989 to 2002. Their …show more content…
The study was carried out in Greater Accra Regoin of Ghana, targeting pharmaceutical companies within Greater Accra Region. The study found that branding improves sales of pharmaceutical products in Ghana. The study indicated that customers’ perception of brand significantly influence their purchase decision and sales of pharmateutical products. The pharmaceutical companies used branding to communicate the value of their product and tangible differences to
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
Despite its complexity, branding can be denoted as a marketing exercise of developing a symbol and name that distinguishes and classifies a produce from other another produce. An effective brand approach offers the business a major edge in progressively competitive markets. Johnny Cupcakes has been able to differentiate themselves as a fashion icon by focusing on the customer’s experience at their stores. Johnny Cupcakes does not market their store locations as stores but instead they market themselves as bakeries. When entering consumers feel like they are purchasing food items not clothes, making the experience different from other clothing brands.
way and improve the company’s brand name rather than dampen it. By doing so the
According to Philip Kotler “A brand is a name, term, sign, symbol, or design, or a combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of the competitors. The business firm(s) faces the choice, whether it should brand its product or not? The Generic products can be offered to the consumers at a price lower than the branded products with standard or lower quality. The brand sponsor decision involves the decision about who is going to brand the product, manufacturer or re-seller or will it be a combination of the two? Indian retailing has seen a lot of ups and downs over the last few years. With the increasing growth of the organized
The second step deals in creation of proper brand meaning through powerful and unique brand connection with the customers. The third step involves invoking positive brand response while the fourth one involves engaging the customers so as to build a brand affiliation aimed at enhancing active brand loyalty. However, some building blocks are requ...
A brand is utilized by a company to differentiate its products from others in the market. Some techniques for accomplishing this are through the use of distinguishing logos, names, color schemes, and slogans. An effective branding strategy is one of the most important components for gaining a significant advantage in a progressive market. Basically, a company brand is its promise to its customers about what can be expected from its product and how it differentiates from the competitors. The branding strategy is the part of the marketing plan that explains how and to whom the company proposes on conveying its brand messages. It will also explain where the company plans to advertise and what it will publicize both visually and verbally (Williams, 2013). Home Depot’s marketing plan will contain domestic and global branding strategies and will be a collaboration of brand messages from both Home Depot and Reach the Top®.
Marketers assert to develop branding and packaging strategies that signify the brand’s products in a way that establishes lasting impressions in consumers’ thoughts. Because brands distinguish the many product offerings in the marketplace, brands help consumers choose between product offerings. When branding and packaging strategies clearly illustrate worthy product expectations, and products remain true to branding messages, positive consumer perceptions ensue, and brand value is strengthened.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
This article studies the relationship between advertising and sales promotions and their impact on brand equity. A main priority for most companies is to establish and achieve a strong and powerful brand name. A company can build a strong brand name by creating the market for their customers want. By creating a strong brand name, a company will become more established. Brand equity is important to the producer, retailer and consumer. The consumer knowledge of the brand says how the producer will produce and market the product. The consumer knowledge of the brand name also determines the quantity the retailer will sale. Brand equity can have a positive or negative effect. A positive effect would be for everyone to recognize the name and purchase the product. The negative effect would be to have the product recalled. Brand equity is important because it can offer many advantages for a company. Brand equity can create a high demand for your product, reduce marketing cost and the company’s brand name will have high credibility.
This paper argues why both brand identity and packaging are vital to a successful marketing strategy, and that they are more powerful intertwined, than as two separate elements.
Branding is used to refer to a wide body of literature as to how businesses can use their brands to achieve a competitive advantage, through building brand equity, launching brand extensions, managing global brands, and so forth.
Branding and marketing are both buzzwords that to the uninitiated seem interchangeable. After all, they’re both methods businesses can use to increase their profits and productivity. Despite this end goal, there are subtle differences in how and why the tactics are used.
Every company seeks to create its own brand - a unique and effective image. Purpose of brand is attracting and retaining customers in its market share. Branding in marketing is a complex technology, aimed at making advantageous position a brand from the competition. Facilitating the search for the necessary goods to the buyer, branding in marketing becomes more effective if the consumer product features meet market requirements. It is especially necessary to identify the goods, for a case of unprepared buyer which can not assess the competitive characteristics (for example, high-tech products). The development of technology has had a huge impact on human society. It is reflected in the fact that we are surrounded by complex technical devices that we use every day and sometimes we have no idea of how this thing is located within. Here the brand comes to help the consumer that stands out from all those product characteristics that are important to the consumer and facilitates the understanding of the product.
Branding on consumer purchase decisions. In order to comply with this a questionnaire was prepared and survey has been conducted among 100 respondents and data revealed that brands have strong influence on purchase decision.