Brand strategy decision
The marketer has to make different decisions to popular a brand. These decisions are called brand strategy decisions. It includes following decisions:
1.) Brand positioning:- the marketer can position their product in the mind of the consumer by 3 different ways.
i) Attribute: it means the features of the product. The marketers can emphasis on the attributes of the product and this way he can position the product in the minds of the consumer of the product. For eg. Pears face wash – to clean the face.
ii) Benefit: it refers to the benefits which the consumer gets from the product. For eg
Pears face wash – for soft skin.
iii) Beliefs and values: the marketer can position their product in the mind of the consumer by giving them strong beliefs. For eg. Pears face wash- make you feel attractive.
2.) Brand name selection:- it is very important for the company to select the brand name carefully. It must be decided after analyzing the product, it’s benefits, target market. the name of the brand should be:
Ø Easy to pronounce
Ø Suggest product’s benefits.
Ø Able to translate in other foreign language easily
Ø Capable of registration.
The job of selecting the brand name is difficult in that case there may be:
Individual brand name like: Lux, Pears etc.
Family or umbrella brand name like: Amul products has a family name Amul
Company brand name like: Videocon
3.) Brand sponsorship:- it means through whom to sell the product. There are different ways.
i) Manufacturer’s brand: the product could be launched in the stores as manufacturer’s brand. For eg. Bajaj, Videocon, Haier etc.
ii) Private brand: the manufacturer may sell the product to the seller who gives it a private name. Like: Big bazaar.
iii) License brand: there may be licensed brand. The seller of gents wear may use many licensed names like: Reid & taylor, John player etc.
iv) Co-branding: sometimes two companies join together for co-branding. Like Intel-HP, Idea-HDFC etc.
4.) Brand development:- there are different ways to develop a brand. It involves five different strategies.
i) Line extension: it means introducing additional items in the given product category. For eg. The product Colgate’s brand development is done by it’s line extension by introducing Colgate calcigaurd, Colgate total, Colgate gel, Colgate active.
ii) Brand extension: it means extending a successful brand name to more products. It is a very strong tool in brand development and the product enter easily without any extra cost. For eg. Amul milk, Amul butter, Amul cheese, Amul bread spread etc.
iii) Product flanking: it means introduction of different combination of product at different price, different package size. Like: tea in 50 gm pack, 250 gm pack, 1 kg pack.
iv) Multi-brand: sometimes to lock up the shelves of the retail shop’s company’s generally launch additional brand in the same category. As Hindustan liver ltd. Toothpaste; close up, pepsodent.
v) New brand: a new brand name is introduce by the company in case when it is entering into a new product category and for that product existing brand name is not suitable.
Thus, these above discussed are the different brand strategy decisions which are done by the marketer.