The Importance of Branding

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The Importance of Branding

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Learning Objectives

• Explain the concepts of branding and brand equity
• Describe how to develop a brand name

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Whats a Brand?

• Brand
• A name word or words, letters, symbols, numbers
  or design that identifies an organization and its
  products.

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Whats a Brand?

• Brand Name
• Word or words, letters or numbers representing a
  brand that can be spoken, such as Gatorade or
  Woodstock Wolverines.

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Why is Branding Important?

• Builds Customer Loyalty
• Helps Companies introduce New Products

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Brand Equity

• The value a brand has beyond its functional
  benefits.

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Developing Brand Equity
Sports

• Develop the brand in the consumers mind as part
  of a class of products.
• The Yankees are a professional baseball team
• Link the products brand name to its function and
  make some type of emotional connection with the
  product.
• The Yankees fans think positively about the
  club and players
• Help consumers think and feel the way you want
  them to regarding your product.
• Yankees fans stick with their team (through
  good/bad) because of the bond they have with the
  team.

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5 Steps for Developing Brand Names

1. Offer a benefit
2. Be Simple
3. Be Different and Positive
4. Reflect an Image
5. Be Previously Unregistered

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1. Offer a Benefit

• A good brand will offer a customer value

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2. Be Simple

• A simple name is more memorable

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3. Be Different and Positive
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4. Reflect an Image

• A positive association with an athlete or team
  can help create a distinct image of a product.

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5. Be Previously Unregistered

• A brand name cannot be previously registered with
  the U.S. Patent and Trademark office.
• Go to www.uspto.gov to conduct a search