Family Branding Or Umbrella Branding Marketing Essay

Family cross offing Or Umbrella Branding Marketing EssayIn this wallpaper we have a short overview on the concept of shit, instigatoring, retail check, their definitions, classifications, mailing strategy, brand positioning, brand consolidation etc. Here in this report we fork over to collect information from published books, journals, magazine and various reliable secondary sources. In the later part we will analyze the influence of branding in the retail business. The next part of this report foc uptakes on issues for branding retail, especially the apparel indus movement.There are several definitions of brandThe main thing of brand are that it is non just only a mixture of design, nurture, symbol or other features it also distinguish it from the other reaping and services of the competitors. (Dibb1997)A Brand is name, term, sign, symbol, design, or combination of these intended to identify the good or service, and contraryiate them from those of competitors. (Jennifer Rowley 1997, pp. 244-250)Clyde C. Tuggle, Senior Vice President, Worldwide Public Affairs Communications, Coca-Cola says A brand is a distinguishing name or symbol intended to identify goods or services of a seller and to differentiate those goods or services from competitors.Sicco van Gelder says(1) sometimes growths and services become so similar that it becomes hard for the customer to distinguish them according to their quality, efficacy, reliability, assurance and care. Brands aid the customer to identify these qualities and add emotion and dedicate to the ingathering and services.(2) This emotion and trust help the organization to build a good relationship with the customers and make them loyal to their products and services.(3) Sometimes brand takes aspiration to the life style and transfer these onto the lifestyle of the consumers.(4) Branded lifestyle has an effect on the other product or service category of that brand which allow vendors for vertical integration an d save the troubles and costs of developing rude(a) brand.(5) The combination of lifestyle, emotions, relationship, and values allows the marketers to charge a higher price than the other non-branded product or services.Characteristics of brand nameA good brand name must be short, sweet and easy to pronounce and remember.It should suggest something about the products benefits and quality.Unique within the industry.Do not use by any other and legally defensible.Good alliteration, especially if a longer name.Does not lend itself to abbreviations.Flexible and expandable.The name should translate substantially into foreign languages.Should not age quickly.Fits within communitys brand portfolio.Classification of BrandIndividual product brandingIn this branding approach the marketer try to introduce a product by assigning new names and that has not any connection with the existing brand of the company. In this approach the marketer have to try hard to establish the brand in the market place.Family branding or umbrella brandingIn this approach a new product is placed under existing brand of the organization. The major advantage of using this approach is to use the grasp of the organization and expand the product apace in the marketplace and attain market share.Product brandingSometime suppliers produce products for other companies and also place another companys brand name onto their product this is product branding.Co-brandingIn this branding approach two different companys brand name are used on same product.No brand or generic brandingSometime suppliers produce their product without any brand name, generally for basic commodity products.Branding licensingIn this branding approach hotshot company allows others to produce and supply products carrying the brand name through a contractual arrangement.Advantages of BrandingThrough a brand name consumer female genitals tardily recognize the product and also have an idea what will be the product. As for example in the radio advertisement consumer will hear the enunciate and recognize the product.Consumers who frequently acquire product of a particular brand become brand loyal which is the ultimate goal of marketer. Sometime customers want to leveraging branded product, brand names make it easier for the customers to identify the appropriate the actual product.Brand name also help in positioning the product to the market, and gain a market share, sometime it also helps to gain competitive advantage for the product.Firms that successfully establish a brand in the marketplace it also help them for launching a new product to the market by declaring it as a family brand. Sometime firm can also use its corporate image in marketing a product.Brand PositioningAccording to Philip Kotler and Gary Arm conceptive, 2005, Marketers need to position their brands clearly in target customers minds. They can position brands any of troika levels.At the lowest level they can position the brand on product attributes. Attributes are the least desirable level for brand positioning... a brand can be better positioned by associating its name with a desirable benefit... the strongest brands go beyond attribute or benefit positioning. They are positioned on strong beliefs and values.Brand EquityAccording to Kotler and Armstrong, 2005, Brand equity is the positive differential effect that knowing the brand name has on customer response to the product or service.For determining the brand equity company has to find the brand valuation of the organization that means how frequently customers are paying more for the brand.Brand development StrategiesWhile a company will think about brand development four types of situation can be arise. The situations are shown in the figure belowProduct CategoryExisting NewLine extensionBrand extensionMultibrandsNew brandsExistingBrand NameNew author Kotler, Philip Armstrong, Gary, 2005, Principles of Marketing, Prentice-Hall of India Pvt. Ltd., 11th edition, New Delhi, India.Figure Brand Development Strategies.Line Extension According to Kotler and Armstrong, 2005, Line extension occur when a company introduces additional items in a given product category under the same brand name, such as new flavors, forms, colors, ingredients, or package sizes. Line extension can be use for existing brand names extended to new forms, sizes, and flavors of an existing product category.Brand Extensions According to Kotler and Armstrong, 2005, A brand extension involves the use of a successful brand name to launch new or modified products in a new category. This strategy may be used on existing brand names extended to new product categories.Multibrands According to Kotler and Armstrong, 2005, Companies often introduces additional brands in the same category. Multibranding offers a counseling to establish different features and appeal to different buying motives. It also allows a company to lock up more reseller shelf space. This strategy may be used i n case of company want to new brand name in the existing product category.New Brands According to Kotler and Armstrong, 2005, A company might believe that the power of its existing brand name is waning and new brand name is needed. Or a company may create a new brand name when it enters a new product category for which none of the companys current brand names is appropriate. This strategy may be used in case of company want to new brand name in the new product category.UNDERSTANDING RETAIL BRANDINGAs per our above discussion it is clear that brand is the most valuable intangible asset to the organization and also the matter of most priority of the top management. As brand is highly competitive in nature and for its advantages it becomes very much in-chief(postnominal) towards the retail industry for attracting and influencing the customers decision and build loyalty. In this paper I tried to integrate branding with retail business and also try to find out the strategy for managing a retail brand.RETAILERS AS BRANDSThough numerous important principles go with the retailer brand but they are different form product brands and actual application of principles may be varied. Retailers brand is much sensitive and it builds on the rich customer experiences, their involve and equity. Retailers may also create their brand images on many ways such, delivering quality service, uniqueness on association, pricing, credit policy, product assortment, merchandising etc.The image of retailers brand depends on the images and equity of manufacturer because these help to gain customer interest, patronage, loyalty of the customers. Manufacturer brands lead almost as ingredient brands that yield significant consumer pull, often more than the retailer brand does.THE DIMENSIONS OF RETAILER IMAGERetail image depends on price of admissionin-store atmosphereprice promotioncross-category product/service assortmentWithin-category brand/item assortment.AccessFor customer, convenient l ocation is a basic criterion in their store choice decisions. Beginning with gravity models (e.g., Huff 1964) store choice and the optimization of retail site location attracted a lot of research fear in the eighties (e.g., Achabal, Gorr, and Mahajan 1982 Ghosh and Craig 1983 Donthu and Rust 1989).Store AtmosphereMehrabian and Russell (1974) note that the response that atmosphere elicits from consumers varies along three main dimensions of pleasantness, arousal, and dominance. This response, in turn, influences behaviour, with greater likelihood of purchase in more pleasant settings and in settings of intermediate arousal level. Different elements of a retailers in-store environment, e.g., color, music, and crowding, can influence consumers perceptions of a stores atmosphere, (Bellizzi, Crowley, and Henderson 1983 Milliman 1982 Eroglu and Machleit 1990 Grewal et al. 2003).Price and PromotionPrice represents the fiscal expenditure that the consumer must incur in order to make a pur chase. From the vast literature on pricing, we highlight three areas that are of direct relevancy to consumers image and choice of retailers.Store price perceptions A retailers price image should be influenced by attributes like average level of prices, how much variation thither is in prices over time, the frequency and depth of promotions, and whether the retailer positions itself as EDLP or HILO.Retailer pricing format A retailers price format, which is on a continuum amidst EDLP (Every Day Low Price) and HILO (High-Low Promotional Pricing), also influences consumers store choice and shopping behaviour. Bell and Lattin (1998) show that large basket shoppers take EDLP stores whereas small basket shoppers prefer HILO stores.Price promotion induced store switching The third research area studies whether retailer price promotions result in store switching by consumers. Bucklin and Lattin (1992) show that retail promotions in any one category do not directly influence a consumers st ore choice decision, but they indirectly affect where the category is purchased .Because the longer consumers stay in a store, the more likely they are to notice promotions and buy more than planned during the shopping trip.Cross-Category sortThe branding literature, however, suggests some potential pitfalls of broad assortments, apart from the rather obvious downside that increasing assortment breadth brings with it significantly higher costs for the retailer. Inman, Shankar, and Ferraro (2004) show that original types of product categories have signature associations with specific channels, e.g., supermarkets with food, drug channel with medications and health products, and mass merchandisers with household items. But, research has shown that a brand that is seen as prototypical of a product category can be difficult to extend outside the category (Farquhar and Herr 1993.).Within-Category AssortmentConsumers perceptions of the depth of a retailers assortment within a product cat egory are an important dimension of store image and a key driver of store choice. As the perceived assortment of brands, flavors, and sizes increases, classification want consumers will perceive greater utility (McAlister and Pessemier 1982 Kahn and Wansink 2004).Kahn and Wansink (2004) shows that the organization and symmetry of an assortment moderate the impact of actual assortment variety on perceived variety and consumption, with organized and asymmetric assortments having a more positive effect.BRAND ASSORTMENTOne specific aspect of the retailers assortment strategy, brand assortment, has become particularly important in the last decade as a tool for retailers to influence their image and develop their own brand name. One motivation for offering hole-and-corner(a) labels is the higher percent margins that they provide to retailers (Hoch and Banerji 1993) another is the negotiating leverage they provide over manufacturers (Narasimhan and Wilcox 1998) and a third is the implic it assumption that providing a private label brand engenders loyalty to the retailer (Steenkamp and Dekimpe 1997).OVERVIEWThis literature highlights the brand and branding concepts. Significant studies were gone through to gather abundant information on branding and brand. Writer reviews different secondary sources such as journals, online materials and discusses with the giant brand personalities of different local and international brand. The literature review focuses areas of defining brand, types of brand, brand positioning, brand equity and swelled emphasize on retail branding. It also reflects ideas of different brand strategies. It clearly depicts the difference between product and retail brand. This literature discusses different retailers dimension that has impact on brand positioning and as well as strategies. It also suggests some strategies for the retailer to establish brands and enhance image of retailing.