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The Importance of The Importance of BrandingBranding
ObjectivesObjectives
• Explain the concepts of branding Explain the concepts of branding and brand equityand brand equity
• Describe how to develop a brand Describe how to develop a brand namename
What’s a Brand?What’s a Brand?Brand:Brand:
A name word or words, letters, A name word or words, letters, symbols, numbers or design that symbols, numbers or design that identifies an organization and its identifies an organization and its products. products.
What’s a Brand?What’s a Brand?Brand Name:Brand Name:
Word or words, letters or numbers Word or words, letters or numbers representing a brand that can be representing a brand that can be spoken, such as “Gatorade” or spoken, such as “Gatorade” or “Woodstock Wolverines.”“Woodstock Wolverines.”
Why is Branding Why is Branding Important?Important?
• Builds Customer LoyaltyBuilds Customer Loyalty
• Helps Companies introduce New Helps Companies introduce New ProductsProducts
Brand Brand EquityEquity
The value a brand has beyond its The value a brand has beyond its functional benefits. functional benefits.
Developing Brand EquityDeveloping Brand Equity
1.1. DevelopDevelop the brand in the consumer’s mind the brand in the consumer’s mind as part of a class of products. as part of a class of products.
The Yankees are a professional baseball teamThe Yankees are a professional baseball team
2.2. Link the product’s brand name to its Link the product’s brand name to its function and make some type of emotional function and make some type of emotional connection with the product. connection with the product.
The Yankees fans think positively about the club and The Yankees fans think positively about the club and players players
3.3. Help consumers think and feel the way Help consumers think and feel the way you want them to regarding your product. you want them to regarding your product.
Yankees fans stick with their team (through Yankees fans stick with their team (through good/bad) because of the good/bad) because of the bond they have with the team.bond they have with the team.
Sports
5 Steps for Developing 5 Steps for Developing Brand NamesBrand Names
1.1. Offer a benefitOffer a benefit
2.2. Be SimpleBe Simple
3.3. Be Different and PositiveBe Different and Positive
4.4. Reflect an ImageReflect an Image
5.5. Be Previously UnregisteredBe Previously Unregistered
1. Offer a Benefit1. Offer a Benefit
• A good brand will offer a customer A good brand will offer a customer valuevalue
2. Be Simple2. Be Simple
• A simple name is more memorableA simple name is more memorable
3. Be Different and 3. Be Different and PositivePositive
4. Reflect an Image4. Reflect an Image
• A positive association with an athlete A positive association with an athlete or team can help create a distinct or team can help create a distinct image of a product. image of a product.
5. Be Previously 5. Be Previously UnregisteredUnregistered
• A brand name cannot be previously A brand name cannot be previously registered with the U.S. Patent and registered with the U.S. Patent and Trademark office. Trademark office.
• Go to www.uspto.gov to conduct a Go to www.uspto.gov to conduct a searchsearch