Products May Die , Brands Dont

BRA ND VS PRODUCT…

Product can be any goods or service that may satisfy the need, want or demand of a individual or a market.Eg. Hamburger, fries and soft drink

Brand is a typically composed of a name, logo and other usual elements such as images or icons.

Eg. Nike with a swoosh, McDonalds with a Golden arches

• Once a brand, always a brand, a brand is symbol of trust built over the years it is not born and cultivated overnight.

• If you think brand will die you are having a wrong perception

We can have examples like:-

AMUL means what?QualityValue for moneyAvailabilityService

•Product may change but brand is the trust which is build over a long period of time•Take some generic brand examples:-

Vanaspati ( dalda)Xerox (photocopy)

Products which are non-existent today but brand name is still there:Rexona soapRajdootMatizCieloWindows Vista…

Segmentation…

•Age Group (Children 7-12 yrs, Teenagers 13- 19 yrs, Youngsters 20-29 yrs, Matured 30 yrs).•Rural and Semi-Urban•Income(A1 - D)•Benefit-economic, quality.•Readiness stage- Intending to buy•Attitude towards products-POSITIVE

STP of AMUL…

Targeting… Core Target Consumers :• Children & Teenagers of Urban & Sub- urban market• The entire Rural Segment•Young & Matured people of the Urban Segment• International Market

EconomicExpensive

Young

Mature

Positioning…

Some questions to consider…

What makes brands great???• Innovative ideas•Right mix of Promotion•Ability to stay relevant•Distinctive positioning and customer experience

Brand conscious generation…•Today young consumer are really brand conscious

•Inclination towards comfortable and hassle free life.

•Ample possession of money.

•Wish to spent money on trusted goods and services.

•Willingness to pay for good quality.

For eg.

A foreign delegates want to reside in taj only because of brand, may be some other hotel is giving more better service but “brand matters”

Change is necessary…

•Change is necessary but should be relevant and meaningful.

•Changes in brands should be fast as per our needs.

Two Aspects of brands:-

1> Experiential aspectAssociated with impressions that result after using the products

2> Psychological aspectAssociated with impact of image on the mind of costumer and their expectations.

DEVELOPING A DISTINCT IDENTITY…

•It is necessary to establish a strong, distinct identity for your Brand.

•Potential users or customers should think of your Brand first when they're searching for a particular product or service.

•Brand should differentiate itself as well as become "the source" in their particular field(s) of expertise.

Garments===Raymonds

Thanda===Coca-Cola

Kuch meetha ho jaye===Cadburys Dairy Milk

Be a brand icon…

• Brand icon is the brand which has very strong influence on the target customer.

• Brand Icon need not necessarily be just products.

•Eg:-

Shakespeare

Raj Kapoor

Amitabh Bachchan

• Name itself should sell.

More steps for brand…• Provide value for money

brand have to create trust that each penny is worth spent by the consumer

They have to work on building novel strategies to keep their existing customers moving away and to invite new customers.

• Small trial packs

Brand should come up with small trial packs so that consumer can try it to know its quality.

Low cost packs have attracted many buyers from low income segments.