Speaking about the global brand the product or the Brand is being identified world wide the marketing strategies adopted in the home countries may differ from that of the overseas market. Here the marketer will have to adopt an extension in the current strategy so that the brand is acceptable in the overseas market.The global brand elements differ in terms of its corporate slogan, packaging(when the product is sold to other countries then the importing countries put forward a condition in printing the script of the product attributes in the respective country’s local language), positioning , market mixes , exchange rates, local language, culture and tradition etc
Local brand is the brand which is marketed and sold within the political boundaries of the nation. Since they are traded within the political frontiers of the nation they are not subjected to any tariff or quotas as done with the export of the product abroad. The marketing and other strategies adopted for local brands is the same across the country due to similar traditions and beliefs
Just as every nation has got their own purchase power parity depending upon the nation’s currency, similarly brand has also got Brand parity. It is the perception of the customers that some brands are equivalent. This means that shoppers will purchase within a group of accepted brands rather than choosing one specific brand. When brand parity is present, quality is often not a major concern because consumers believe that only minor quality differences exist.
When the technique of branding first started, it was meant to make identifying and differentiating a product easier. Today brands play a much bigger role. Brands have been co-opted as powerful symbols in larger debates about economics, social issues, and politics. The power of brands to communicate a complex message quickly and with emotional impact and the ability of brands to attract media attention, make them ideal tools in the hands of activistThere are various branding approaches such as the :
Each brand has a separate name which may compete against other brands from the same company.
The existing strong brand name can be used as a vehicle for new or modified products; for example, many fashion and designer companies extended brands into fragrances, shoes and accessories, home textile, home decor, luggage, (sun-) glasses, furniture, hotels, etc.
Mars extended its brand to ice cream, Caterpillar to shoes and watches, Michelin to a restaurant guide, Adidas and Puma to personal hygiene. Dunlop extended its brand from tires to other rubber products such as shoes, golf balls, tennis racquets and adhesives.
There is a difference between brand extension and line extension. A line extension is when a current brand name is used to enter a new market segment in the existing product class, with new varieties or flavors or sizes. When Coca-Cola launched "Diet Coke" and "Cherry Coke" they stayed within the originating product category: non-alcoholic carbonated beverages. Procter & Gamble (P&G) did likewise extending its strong lines (such as Fairy Soap) into neighboring products (Fairy Liquid and Fairy Automatic) within the same category, dish washing detergents.
The risk of over-extension is brand dilution where the brand loses its brand associations with a market segment, product area, or quality, price or cachet.
Private labeling is the most common approach adopted by the retailers. Private labeling simply means the name of the retail shop or the retails store is considered as the brand of the product. This private labeling is exclusively only for that particular retailer only and no other retailer can use the brand name for his benefit or for his store. This "own brand" may be able to compete against even the strongest brand leaders, and may outperform those products that are not otherwise strongly branded.
Due to the fast moving and hectic city life, consumers are looking forward for a quick and less time consuming shopping. Though the consumers do not have enough time to learn about the characteristics and the attributes about the product they will go ahead for shopping those products that are identified with their “Brand Name”
The concept of brand describes the identityof a specific product, service, or business. A brand helps one to identify the product and its attributes. The brand itself conveys a lot of information regarding the product. It can take many forms, including a name, sign, symbol, color combination or slogan. The word branding began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service.
People engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. A brand is therefore one of the most valuable elements in an advertising theme, as it demonstrates what the brand owner is able to offer in the marketplace. The art of creating and maintaining a brand is called brand management.
A brand which is widely known in the marketplace acquires brand recognition. When brand recognition builds up to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it is said to have achieved brand franchise. One goal in brand recognition is the identification of a brand without the name of the company present.
Consumers may look on branding as an important value added aspect of products or services, as it often serves to denote a certain attractive quality or characteristics. From the perspective of brand owners, branded products or services also command higher prices.
What do you mean by brand awareness?
Brand awareness refers to customers' ability to recall and recognize the brand under different conditions and link to the brand name, logo and so on to certain associations in memory. It helps the customers to understand to which product or service category the particular brand belongs to and what products and services are sold under the brand name. It also ensures that customers know which of their needs are satisfied by the brand through its products. Brand awareness is of critical importance since customers will not consider your brand if they are not aware of it.
Hence the Brand managers look forward in terms of formulating and implementing the suitable brand for their products so that they are acceptable in the market. Every marketer and owner of the brand has a vision of what the brand must be and do for the consumers.
A global brand is one which is perceived to reflect the same set of values around the world. Global brands transcend their origins and create strong enduring relationships with consumers across countries and cultures. They are brands sold in international markets. Examples of global brands include Face book, Apple, Coca-Cola, McDonald's, KFC, Addidas, Nike .These brands are used to sell the same product across multiple markets and could be considered successful to the extent that the associated products are easily recognizable by the diverse set of consumers.
Global branding is beneficial to the marketers, since the product or a service is identified worldwide with a single brand name as well as the product has optimum growth opportunities :
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1 Year Ago, Friday, November 11, 2016, 03:03:29