6. Characteristics of branded goods. Brand strategy options
A brand is used to differentiate a product from competitor's products. It helps to reduce confusion and save on search time.
Let's consider the main characteristics of a brand:
Identity and memorizable attributes.
The real brand has quite certain recognizable logo and the short, capacious slogan which build top-of-the-mind awareness. Even if you have never used the goods of famous brand companies you heard about them somewhere once something.
Orientation for the consumer.
Correct brand is created not fun to owners. The brand is ready to tell to all wishing about the uniqueness, beauty, universality, convenience and other qualities which make it irreplaceable.
Any brand good — is not one-day product. The brand is necessary almost always yesterday, today and, for certain, it is required tomorrow. The most striking example, Coca-Cola — It’s one of the most long-living brands.
In fact image is a wrapper in which the producer wraps up described before quality. For example, nobody will begin to buy perfume in a brown bottle without any inscription.
Something more than simple good.
Brand products offer you not simply goods or services — they offer you the concrete solution of specific problems. It is so convincing that you start to believe that the frying pan of famous company is much better, than a similar frying pan without identification marks.
There are several options in brand strategy. A company can sell its own brand or under that of another company. In the latter case it is often a retailer's own label. In using the company's brand a choice will be needed between using a "family" brand name for all that firm's brands, as opposed to giving each product an individual brand name.
Some companies attempt to obtain the benefits of both strategies by family branding and at the same time having several "sub-brands".
Today we also often face to production look-alikes. The latter mean products whose package reminds the silhouette or colour of famous brands. This strategy calculates on inattentive consumer, who doesn’t notice difference and now he is happy to have so-called brand product at lower price.
Brand stretching is another option in brand strategy. Companies use successful brand names and develop products in different categories under the same brand name.