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Brand Strategies & Brand Myopia
Brand Strategies & Brand MyopiaBy: Somya Agrawal BrandA brand is a name, term, symbol or design or a combination of them which is intended to identify the goods and services Of one seller or a group of sellersAnd to differentiate them from those of competitors.Branding StrategyIt is defined as a long-term plan for the brand including a determination of key audiences and an understanding of what those audiences need to know about the brand and experience.Types of Branding StrategiesIndividual NameVicksAriel TideHead & ShoulderPampers
The major advantage is that if the product does not performs well, it will not hurt the companys image.Also known as house of brands
Blanket Family NameThe blanket family name of the company is used in diverse product categories.
Low development cost.
Sales of new product is likely to be strong if the manufacturers name is good.
Also known as branding houseBlanket Family Names
Umbrella BrandIf the company offer different products with different benefits but they all extend the same value to the customer, sometimes they are all offered under an overall brand.
NIKESeparate Family NamesThis is normally used by the companies which produces products of different sectors.
In this separate family names for all the products are given.
In this system a separate brand name for each line (one for each category) is used.
Aaditya Birla Group
HUL Separate Brand Family
LakmeKissanBrooke BondCorporate Name CombinedIn this strategy company combine its name with separate product brand name.
Co-BrandingIt is also known as dual branding.
It occurs when two or more brand appear together.
It can be done in four ways:Ingredient co-brandingSame company co-brandingJoint venture or post merger co-brandingMultiple sponsor co-brandingIngredient co-brandingWhen a brand advertises that it has used ingredients or components made by the another brand it is known as intergradient co-branding.For example:Dell computers and Intel processors
Same company co-brandingWhen the company link its one brand products with the other brand.
For example: Clinic all clear and Close up
Joint Venture Co-brandingThis include brands that carry two or more brand names due to merger or acquisition.For Example:Maruti SuzukiHero HondaBajaj Allianze Insurance
Multiple Sponsor Co-brandingWhen the product has more then one sponsor.For Example:Jet Airways and Citi Bank Card
Multiple BrandingThis strategy refers to the practices of a company having many brands in a single product category.
For e.g.:Tata has multiple brand in watches as Titan, Fastrack, Sonata, Raga and Edge.
Brand MyopiaBrand MyopiaMyopiaMyopia, a visual defect in which distant objects appear blurred cause nearsightedness also called short sight.
In business terminology its Lack of discernment of long-range perspective in thinking or planning.
Brand myopia is dependence of managers on the Brands as the key success factor. Continued They seem it as solution for any kind of market problem.
This makes the managers to repeat the clich process; ideas and repeating the same brand strategies without bringing in the time appropriate innovation.
Brand is put forward as solution to all the transformation in the business scene.Continued Hence the purpose of marketing is not fulfilled as there is no concern about the customers needs rather they are forced to buy the brand. Questions???Thank You