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What are Brand and branding? What are the Main Strategies of Its?

Definition of Brand of Company

Brand means name, symbol or design of the product of company. It creates difference of one company's product with other competitor company's product.

Definition of Branding of Company

Branding is technique in which company provides the name and design to each product for creating a special identity. It is helpful for consumer to identify special quality product or products in market.

Strategies of Branding of Company

Following are the main branding strategy which can be used for making and developing of new brand.

1. Brand Positioning Strategy

Brand positioning means bring the brand name of company in mind of customer. When a customer goes to market and he or she should demand of specific product. It means company is successful to position the brand in the mind of consumer. Company must be careful while positioning the brand.

a) It must not be copied from other brand.

b) Company's brand shows the benefits of products.

c) It simply convey the idea of belief and values of company.

2. Brand Name Strategy

You often see that one company's brand name are easily copied due to weakness of brand selection. For example video site's brand name has been copied by many other site like etc.
So be careful when you are creating the name of brand.

a) It should tell the quality of product.

b) It should be easily to pronounce, recognize and remember.

c) It should easily be  translated.

d) It should be capable for legal protection.

3. Brand Sponsorship

a) National brand

Sometime, a company can spend money for marketing of company brand as nation or international basis.

b) Middle men's brand

It is private brand which is created by middlemen.

c) Licensing

Sometime, company can take the brand of other company on license basis for increasing sale.

d) Co-brand

Sometime, company can contract with other company and mix other company brand as co-brand with his products brand and sell after this.

e) Takeover the brand

Google takeover the YouTube, so, its brand is also taken over by google.

4. Brand Development

a) Main name of brand + one more line which shows the quality of product

b) Use the same famous brand in other products.

c) Multi brand - Two or more name brand of same product.

5. Brand Management

a) Brand Equity

For brand management, management calculates the estimated value of brand. It shows as brand equity. It is an asset of company. Suppose, Lux, company creates lux brand equity fund with Rs. 9000000 and utilizes it for advertising, now its brand has becomes famous. Company can calculate its estimated value and try to protect it by opening brand asset management team.



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