BRANDING REVIEW QUESTIONS
1) What is a brand? What are basic characteristics of a good brand? What types of brand can be distinguished?
• A brand is a name, term, sign, symbol or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers, and to differentiate them from those of competitor. It is a set of verbal and/or visual cues, and as such it is part of product’s tangible features. A brand name is that a part of brand that can be spoken, including letters, words and numbers; like BMW, Danone or Citibank. A brand mark is the element of a brand that cannot be spoken, often a symbol, design, or specific packaging, like the Mercedes logo or the Absolut Vodka bottle. A trademark is the legal designation indicating that the owner has exclusive use of the brand.
• Branding augments a core product with distinctive functional and emotional meanings and values which distinguish it from the competition. The functional or utilitarian abilities of a brand are called brand skills. Emotional or hedonic values are personality and fundamental characteristics concerning life-style and perceived values that build a relationship with individual consumers.
2) What are the characteristics of successful brands?
• Giving a brand name to a product does not always guarantee success. Successful brands have to meet a number of conditions. They are;
? Top brands are invariably good quality products. Superior product quality is a prerequisite for successful branding.
? The additional service with the product which is less easily copied by competitors.
? Pioneers in one way or another often make successful brands. It can exploit new technologies, new distribution channels or new market segments. It ...