Product Branding Decision involves creating a distinct identity for a product through names, logos, slogans, and designs that set it apart from competitors.
It's about building a relationship between the brand and the customer, fostering loyalty, and creating brand equity.
Functions of Product Branding:
Differentiation: Helps differentiate a product from its competitors, making it more recognizable to consumers.
Communication: Conveys key information about the product's benefits and values.
Value Creation: Enhances the perceived value of the product, allowing companies to command a premium price.
Customer Loyalty: Builds an emotional connection with consumers, fostering repeat purchases and loyalty.
Objectives of product branding
Effective branding enhances a product's success by:
Individuality: Makes a product stand out in the market, attracting consumer interest.
Customer Retention: Builds emotional ties with customers, encouraging loyalty and recommendations.
Quality Assurance: Positions the brand as a symbol of reliability and quality in consumers' minds.
Expands Market: Enables market growth and diversification by leveraging the brand's reputation.
Product and Brands: Creates a valuable relationship where the brand elevates the product's appeal beyond its physical attributes.
Criteria for Selecting Brand Fundamentals:
Memorability: The brand elements should be easy to remember.
Meaningfulness: Conveys the product's benefits and the company's values.
Likability: Aesthetically and emotionally appealing to the target audience.
Transferability: Can be applied across different markets and products.
Adaptability: Flexible to evolve with the brand and market changes.
Protectability: Legally defensible, unique, and registrable as a trademark.