Product Branding

 MBA Portfolio Blog 4


This week we learned about the application of marketing fundamentals. Basic concepts on Product design, branding, packaging, labeling, product services, pricing are explained very nicely in the curriculum.

In this blog, we'll explore what product branding is and why it's important for a business. Product branding is the process of creating a unique identity and image for a product in the minds of consumers. It is a recognizable symbol, signs, or stylized written portrayals of business brand names and key component of marketing and a crucial factor in the success of any product. A well-crafted brand can help a product stand out in a crowded marketplace, establish a relationship with consumers, and build loyalty over time. In this blog, we'll explore the key elements of product branding.

Logo – Part of Brand

 A brand logo is a visual representation of a company's identity and is a crucial element in building a strong brand. A well-designed logo can help a company stand out in a crowded marketplace, establish a relationship with customers, and create a lasting impression.


Below are key Branding strategies:
 

 
1)    Brand Positioning
 
Brand positioning refers to the process of establishing a unique and distinctive image for a brand in the minds of consumers. This process involves defining the attributes, benefits, beliefs, and values of the brand, and communicating them in a consistent and compelling manner. When defining the attributes of a brand, it's important to consider what makes brand unique and different from your competitors.

2)    Brand Name Selection

A brand name is a critical component of building a strong and successful brand. A well-chosen brand name can help a company stand out in a crowded marketplace, establish a relationship with customers, and create a lasting impression. Below are key elements of selecting a brand name and protecting it from infringement and misuse.
·       Name should suggest products benefit and qualities.
·       Keep it simple – it should be easy to pronounce.
·       It should be distinctive and extendable.
·       It should translate easily into foreign languages.
 
3)     Brand Sponsorship
 
Brand sponsorship is a marketing strategy that involves aligning a brand with another brand, product, event, or cause in order to achieve a specific marketing objective. Brand sponsorship can take several forms, including manufacturer's brand sponsorship, private brand sponsorship, licensing, and co-branding. Each of these forms of brand sponsorship can be used to build a strong and successful brand.
 
4)     Brand development

Brand development is an essential component of building a strong and successful brand. It involves expanding the brand's product offerings, increasing brand recognition, and creating a lasting impression with customers. There are several strategies for brand development, including line extension, brand extension, multi-branding, and new brand creation.
 
Example of Brand development:
                                                                              Coca Cola

 

Coca-Cola is a classic example of successful brand development. Over the years, the company has used a variety of strategies to expand its product offerings, increase brand recognition, and create a lasting impression with customers.

The company has used a variety of strategies, including line extension, brand extension, multi-branding, and new brand creation, to expand its product offerings, increase brand recognition, and create a lasting impression with customers.

Coca-Cola is sold in 200+ countries with a staggering 1.9 billion servings every single day.

The robust Coca Cola Marketing Strategy has been able to make company world's largest manufacturer and licensor of 3,500 nonalcoholic beverages.  

 

Reference - https://www.simplilearn.com/tutorials/marketing-case-studies-tutorial/coca-cola-marketing-strategy

 

Picture reference - https://openbooks.uct.ac.za/uct/catalog/view/29/52/1582



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