Brand Development Plan - Essay Example

? Brand Development Plan Contents Sub Page Number Introduction………………………………………………………………………………3 Development of new Brand……………………………………………………………….4 i. Brand Name……………………………………………………………….4 ii. Logo Design……………………………………………………………….5 iii. Slogan…………………………………………………………………..…7 iv. Positioning…………………………………………………………………8 v. Secondary Association……………………………………………………9 vi. Legal Protection……………………………………………………………10 Communicating the new brand……………………………………………………………..10 i. Marketing Communication………………………………………………….11 a. Advertising……………………………………………………..……11 b. Personal selling……………………………………………………..12 c. Sales promotion………………………………………………………12 d. Public relations………………………………………………………12 Possibility of Brand extension ………………………………………………………………12 Conclusion……………………………………………………………………………….13 References…………………………………………………………………………………14 Introduction Nearly all businesses have names they use in trading, from the small scale retailer to the large-scale multinational organization. Product branding has become increasingly fundamental in shaping a product profile. Branding uses names, symbols, labels and layouts to guarantee that a product is recognizable and distinct from competitive products in the market. A product brand signals both the origin of the product and the supplier responsibility for the product. Brand names create trusts and are particularly helpful for promoting the environmental qualities of products when these would otherwise not be apparent. Both the supplier and the customer benefit from branding. From a customer’s point of view, brands help reduce the demand for information when making purchase decisions. Needless to say, they also provide status through the image they display, recognition and expected high quality. In essence, brands create a mental picture that provides focus to the consumer when choosing between several alternatives. From a supplier’s point of view, branding enhances the opportunity for initial sales and repeat buying. By differentiating a product from its rivals, branding provides some scope for pricing discretion, although the extent of discretion depends on the market structure. Lamb et al. (2011) states that a “company’s brand is the most powerful communication tool in marketing products” (p. 156). I reference to Kotler (1991) a brand “strategy is built on brand positioning, brand mission and brand promise” (156). This paper discusses the brand strategy for Flash Sports and footwear Incorporation. Flash Sports and Footwear Incorporation deals with both male and female sports and foot wear. This brand name will be used in all its products across the globe. Development of New Brand Being heard in the middle of a competitor’s growling voices is an overwhelming task in contemporary market. This is shockingly proved to be true each time we view the television, read the newspaper or magazine or visit the internet. As a result, there is need for a business to seek and develop new brand to effectively increase awareness and brand loyalty. Though brand development is by no means a new idea, Doyle (1994) asserts “today consumers have more access to information and more choices than ever before” (p. 142). Companies in quest of experience lasting success will have to generate the most persuasive, pertinent and reliable brand experiences for their consumers. Brand Name A powerful brand name is a fundamental asset to any company. Kotler (1991) defines a brand as a culmination of “who you are, how you are different from your competitors and why a buyer should do business with you” (p. 167). Regardless whether you are established or not, a brand name has incredible effects. A powerful brand instills confidence and creates brand loyalty and in many a times, can command a premium price. Doyle (1994) asserts that marketers “consider a number of factors in selecting a brand name” (p. 167). First, “the name should be easy for customers to say, spell, and recall” (p. 168). The name “Flash” best suits this requirement. Secondly, the brand name “should indicate the product’s major benefits and should also suggest the uses and special characteristics” (Doyle, 1994, p. 169). In this case, Flash is used to mean a sudden intense burst of radiant energy and also a very short period of time. This can be interpreted to mean that any athlete who uses these products will be swift and will accomplish the race in a short period of time to set a world record. Moreover, a brand name should be distinctive from its competitors. Pride and Ferrel (2008) assert that the brand name should be compatible with all its products 9p. 118). In this case, Flash is compatible to all its products as it deals with sports and foot wear. This name is distinct from the competitors and can be easily and well remembered by consumers. In addition, a brand name should be appealing to consumers. According to numerous studies, athletes find names attached to speed and comfort more appealing. This is because comfort and speed are the major factors that determine the athlete’s success. Flash products will thus be associated with speed and success. Logo Design Designing a good company logo is an involving task that requires a lot of inputs from the marketer and the designing company (Kotler, 1991, p. 145). Before embarking on designing a logo, the marketer should have clear ideas about the values and concepts of the brand. In addition, the marketer should understand the consumers (Dacin and Smith, 1994, p. 234). In designing a company logo, the marketer should formulate the concept, do initial sketch, finalize the logo conception, and decide on the theme colours and format. In the process of gathering information, listening is an important component. The accomplished musician applies a discerning ear in order to hear and understand the nuances inherent in a fine performance, and in doing so, prepares to incorporate into his or her interpretation of the work that which he or she finds appealing and appropriate (Cooper and Kleinschmidt, 1990, p. 79). The writer gathers information from many sources, then prioritizes, organizes and edits the information. Likewise, the astute logo designer goes through much the same process, but with an eye as well as an ear, peeled for cues that may be helpful once the design process begins. By continually looking for imagery appropriate for imagery appropriate to the project at hand, the marketer not only looks at that which obviously applies but that which is more subtle and less obvious. An effective logo design should employ the apprehension of human behavior (Gernsheimer, 2008, p. 87). People distinguish and respond to color, lines, fonts, shapes and other symbols with reference to emotions tied to their experiences. Colors have different meanings to different cultural settings and societies. A colour could mean one thing in one culture or society and mean another different thing in a different society. Flash will employ the use of cool colours that athletes can familiarize them with. Cool colours can trigger comfort and success among the athletes. In addition, a logo design can be employ the use of lines. People recognize different motions of a line. In reference to Wheeler (2006) Horizontal lines depict a leveled security; vertical lines portray dignity while diagonal lines show energy (p. 34). Flash logo can either be designed with a letter or a symbol. Such a letter or symbol will be used by consumers to identify its products easily. In designing Flash logo, the marketer can employ the use of colours, lines and other graphic designs. For this reason, the logo should depict speed. In essence, a letter “F” or the word “Flash” with a background shadow can be used. The shadow can be prolonged and graphically designed to show speed. Different colours can be blended to give a favourable meaning to the logo. In reference to Wheeler (2006), red color can be used in the shadow to show action, confidence, courage and vitality (p. 45). In addition, orange can be used at it symbolizes vitality with endurance (p. 46). Wheeler (2006) asserts that orange color “offers more thoughtful control and that curiosity is a driving characteristic of orange, and with it comes exploration of new things”. Slogan Brierley (2002) denotes that a company slogan is a “short, memorable phrase used in advertising campaigns in distinguishing company products” (p. 37). They are effective in drawing product awareness just like the company logo and brand name. It emphasizes the phrase that the company will be remembered with. Some of the slogans are created to serve a particular term while others are designed to be permanent. In reference to Brierley (2002), effective slogans play a crucial role in the interplay between rival companies (p. 147). When developing the company slogan, the marketer should select a slogan that enhances and compliments the primary statement about the company and provide the consumers with positive information about the company. The first step in developing a slogan is defining the company’s niche. The marketer should consider what the company does, and who the target customers are. After this, the marketer should consider testing the effectiveness of such a slogan in the market. However, before using the slogan, the marketer should check for similarity in the market. Brierley (2002) denotes that an effective slogan should state “the main benefits of the product or the brand and give a credible impression of a brand or product” (p. 148). In essence, a slogan should evoke the key benefits and replicate the unique experience that the products deliver to the customers. In addition, a slogan should be simple, direct, concise, creative and apt. In order to make the consumers feel a desire and feel “hot”, Flash Sports and Footwear Incorporation will use “feel the difference” slogan. A slogan should elicit the desire to consume a product. “Feel the difference” slogan is aimed at eliciting the athletes to use Flash sports and footwear products. “Feel the difference” communicates a message to athletes to try use Flash products for they are different and better than their competitors. An effective slogan tells the potential customers what the company offers that the competitors cannot provide, “whether it’s powerful ideas, a high-quality product, or exceptional customer service” (Clancy and Shulman, 1991, p. 145). In this case, “feel the difference” informs the consumers of the better services and products they offer. Feel the difference slogan is short and can be remembered by the consumers. Positioning In reference to Jobber (2010, p. 433), brand positioning refers to the creation of an image or perception of the product by consumers in a selected target market. In essence, it is the way in which consumers view competitive brands or types of products. For a new product, this means that the company or firm wants to compare it with the predecessors. Brand positioning like all the branding elements resides in the mind of the consumer. It may be developed on an elaborate brand strategy chart and might be discussed extensively in boardrooms, but the final destination and home of brand positioning is the consumers mind. Okonkwo (2007) denotes that brand positioning is the point where the relationship between a brand and consumers become apparent (p.116). Brand positioning involves the placement of a brand and all its associations in a distinct place in the mind of the consumer. Positioning begins with brand associations, which are defined by the brand identity and image. These associations include the company’s brand communications interpreted through images, mediums, products and services channeled toward the emotions of the consumer. Once the brand associations have been clarified, then the consumer uses this as a guide to place the brand in a distinct platform in his mind. The marketer tries to establish a favorable position for the company’s products by means of marketing communication such as advertising, personal selling and direct marketing. The position of a firm’s product among the consumers is the accumulation of attributes ascribed to it by the customers (Jobber, 2010, p. 434). Such attributes include the quality, the individuals who use it, the weaknesses and strengths of the product and the memorable features that the product possesses. In order to effectively position Flash Sports and Footwear Incorporation’s products above the competitors, there is need to develop a brand position that provides an attractive, relevant and unique message to potential consumers. Brand positioning is what drives consumer choices through comparisons. Needless to say, if consumers have a clear understanding and perception of a brand, then they are likely to place the brand in the right position of their minds and this will form a part of their selection process. Flash Sports and footwear Incorporation will employ cost driven and value driven positioning strategies in positioning its brand among the consumers. Flash Incorporation will position its products in the sports industry among the established and upcoming athletes. Secondary association Consumer’s brand value conclusions are chiefly founded on brand aspects correlated with the fundamental product such as physical attributes, instrumental characteristics and packaging. Keller (1993) asserts that decisions can also be founded on secondary associations (p. 10). These are associations related to entities not directly linked to the judged product. Secondary associations are vital when the product quality grows toward uniformity. Secondary associations are “associations that are connected to a brand association but not directly associated to the product” (Keller, 1993, p. 13). Keller (1993) asserts “because the brand becomes identified with this other entity, consumers may infer that the brand shares associations with that entity, thus producing indirect or secondary links to the brand” (p. 12). Keller notes that “secondary associations develop from primary characteristics related to the company or the company” (1993, p. 13). Flash Sports and Foot wear Incorporation will also employ the use of secondary associations. Such attributes can help the company gain a higher market share. In developing secondary associations, Flash Incorporation will consider the most effective secondary association that can yield desirable results. Since the target market is the sports industry, Flash Incorporation can endorse a celebrity whom can be associated with the company. This will boost brand awareness and increased sales. Legal Policy Developing a strong brand is essential for business success. Defending that brand is equally significant. Marketers should not overlook protection of their brands. A secure brand is referred to as a trademark. A trademark is any exceptional symbol, word or name used to distinguish the products of one seller or producer from the other (Doyle, 1994, p. 145). Protecting “Feel the difference” slogan, brand name and logo will allow Flash protect them from misuse by competitors while creating brand loyalty among its consumers. Moreover, Flash trademark will assist in averting confusion or exploitation of consumers. Before protection, the logo, symbol and brand name should be unique and should not be a common term that is regularly used. Flash is a unique term that will require protection. For protection, Flash sports and Footwear incorporation will have to register with the Patent and trademark offices. This will safeguard the company brand from misuse by competitors. Communication of the new brand Boone and Kurtz (2011) assert “in setting up an appropriate communication strategy, it is essential to concisely know who the message is directed to”. Marketers employ the use of marketing communication tools in creating awareness to the consumers about the product. Marketing Communication Marketing communication is defined as the planned combination of various communication tools and techniques to produce clear, consistent and high impact marketing messages. Kotler (1991) identifies “advertising, personal selling, sales promotion and public relations” as the four marketing communication tools (p. 138). Advertising Pride and Ferrell (2008) define advertising as a paid non personal message to a selected audience through mass media aimed at attaining higher brand awareness (p. 128). Advertising can be carried out through both audio and visual forms. Audio advertisement is carried out through the radio while Visual advertisement is carried out through the television, cinemas, bill boards, news papers and magazines and posters (p. 130).Each of these forms of advertisements has various merits and demerits. Companies have to consider the most desirable form of advertising. Flash Incorporation can consider using the Audio Visual as it has more advantages than the audio advertisement. Audio visual advertising reaches a higher number of people at the same time and is appealing to the audience. Personal selling Boone and Kurtz (2011) defines personal selling as a personal communication directed at informing customers of the products of the company and convincing them to buy the products (p. 188). Though expensive, it is the most effective communication tool (Boone & Kurtz, 2011, p.192). Sales promotion Pride and Ferrell (2008) define sales promotion as a marketing tool that uses incentives and offers to entice customers to purchase their products (p. 145). Public relations Public promotion is any activity that leads to a third party mentioning a company’s product or service (Pride and Ferrell, 2008, p. 147). Public promotion involves activities such as sponsorships and corporate social responsibilities. Flash Incorporation could be involved in numerous sponsorships to create a good reputation among consumers. Possibility of brand extension Broniarczyk and Alba (1994) categorize brand extension as one of a company’s opportunity for growth (p. 217). Kotler (1991) defines brand extension as “using a brand name successfully established to enter another brand in the same market” (p. 112). Flash Incorporation may extend its brand in the future only if its products remain of high quality. A research by Aaker and Keller (1990) concluded that consumer’s “acceptance of a brand extension increases if the parent brand is perceived as being of high quality” (p. 24). Before extension, Flash Sports and Footwear Incorporation will have to consider the advantages and disadvantages attached to it. Conclusion Many studies have demonstrated that consumers appreciate products with branded ingredients. Branding is an essential aspect that will help in popularizing Flash Sports and Footwear Incorporation among the consumers. Contemporary consumers only consider brands they are familiar with and whose quality is not compromised. An effective brand name, logo and slogan can help a company position itself among the consumers. References Aaker, D. A. and Keller, K. L. 1990, “Consumer evaluations of band extensions”, Journal of Marketing, Vol. 54, January, pp. 27-41. Boone, L. E., & Kurtz, D. L. 2011. Contemporary Marketing. Cengage Learning. Broniarczyk, S. M. and Alba, J. W. 1994, “The importance of the brand in brand extension”, Journal of Marketing Research, Vol. XXXI, May, pp.214-28. Clancy, K. J. and Shulman, R. S. 1991, The Marketing Revolution: A Radical Manifesto For Dominating the Marketplace, Harper Business, Cooper, R. G. and Kleinschmidt, E. J. 1990, New Products: The Key Factors in Success, American Marketing Association, Chicago, IL. Dacin, P. A. and Smith, D. C. 1994, “The effect of brand portfolio characteristics on consumer evaluations of brand extensions”, Journal of Marketing Research, Vol. 31, May, pp. 229-42. Doyle, P. 1994, Marketing Management &Strategy, Prentice-Hall, Hemel Hempstead. Gernsheimer, J. 2008, Designing Logos: The process of creating Symbols that Endure, Sky horse Publishing Inc. Jobber, D. 2010. Market segmentation, targeting and product positioning. In Principles and Practice of Marketing. (6th ed.). McGraw-Hill Education. Keller, Kevin Lane 1993, "Conceptualizing, Measuring, and Managing Customer-Based Brand Equity," Journal of Marketing, 57 (January), 1-22. Kotler, P. 1991, Marketing management: Analysis, Planning, Implementation and Control, 7th ed., Prentice-Hall, Englewood Cliffs, NJ. Lamb, C. W., Hair, J. F., & McDaniel, C. 2011. Essentials of Marketing. Cengage Learning. Pride, W. M., & Ferrell, O. C. 2008. Foundations of Marketing. Cengage Learning. Sean Brierley 2002. The advertising handbook. Routledge Read More