Brand management
The annual list of the world’s most valuable brands, published by Interbrand and Business Week, indicates that the market value of companies often consists largely of brand equity. Research byMcKinsey & Company, a global consulting firm, in 2000 suggested that strong, well-leveraged brands produce higher returns to shareholders than weaker, narrower brands. Taken together, this means that brands seriously impact shareholder value, which ultimately makes branding a CEO responsibility.
The discipline of brand management was started at Procter & Gamble PLC as a result of a famous
memo by Neil H. McElroy.[1]
Principles
memo by Neil H. McElroy.[1]
Principles
A good brand name should:
- be protected (or at least protectable) under trademark law.
- be easy to pronounce.
- be easy to remember.
- be easy to recognize.
- be easy to translate into all languages in the markets where the brand will be used.
- attract attention.
- suggest product benefits (e.g.: Easy-Off) or suggest usage (note the tradeoff with strong trademark protection.)
- suggest the company or product image.
- distinguish the product's positioning relative to the competition.
- be attractive.
- stand out among a group of other brands.
Types of brands
A number of different types of brands are recognized. A "premium brand" typically costs more than other products in the same category. These are sometimes referred to as 'top-shelf' products. An "economy brand" is a brand targeted to a high price elasticity market segment. They generally position themselves as offering all the same benefits as a premium product, for an 'economic' price. A "fighting brand" is a brand created specifically to counter a competitive threat. When a company's name is used as a product brand name, this is referred to as corporate branding. When one brand name is used for several related products, this is referred to as family branding. When all a company's products are given different brand names, this is referred to as individual branding. When a company uses the brand equity associated with an existing brand name to
introduce a new product or product line, this is referred to as "brand extension." [2]When large retailers buy products in bulk from manufacturers and put their own brand name on them, this is called private branding, store brand, white labelling, private label or own brand (UK). Private brands can be differentiated from "manufacturers' brands" (also referred to as "national brands"). When different brands work together to market their products, this is referred to as "cobranding". When a company sells the rights to use a brand name to another company for use on a non-competing product or in another geographical area, this is referred to as "brand licensing." An "employment brand" is created when a company wants to build awareness with potential candidates. In many cases, such as Google, this brand is an integrated extension of their customer.
A number of different types of brands are recognized. A "premium brand" typically costs more than other products in the same category. These are sometimes referred to as 'top-shelf' products. An "economy brand" is a brand targeted to a high price elasticity market segment. They generally position themselves as offering all the same benefits as a premium product, for an 'economic' price. A "fighting brand" is a brand created specifically to counter a competitive threat. When a company's name is used as a product brand name, this is referred to as corporate branding. When one brand name is used for several related products, this is referred to as family branding. When all a company's products are given different brand names, this is referred to as individual branding. When a company uses the brand equity associated with an existing brand name to
introduce a new product or product line, this is referred to as "brand extension." [2]When large retailers buy products in bulk from manufacturers and put their own brand name on them, this is called private branding, store brand, white labelling, private label or own brand (UK). Private brands can be differentiated from "manufacturers' brands" (also referred to as "national brands"). When different brands work together to market their products, this is referred to as "cobranding". When a company sells the rights to use a brand name to another company for use on a non-competing product or in another geographical area, this is referred to as "brand licensing." An "employment brand" is created when a company wants to build awareness with potential candidates. In many cases, such as Google, this brand is an integrated extension of their customer.
Brand architecture
The different brands owned by a company are related to each other via brand architecture. In "product brand architecture", the company supports many different product brands with each having its own name and style of expression while the company itself remains invisible to consumers. Procter & Gamble, considered by many to have created product branding, is a choice example with its many unrelated consumer brands such as Tide, Pampers, Abunda, Ivory and Pantene.
The different brands owned by a company are related to each other via brand architecture. In "product brand architecture", the company supports many different product brands with each having its own name and style of expression while the company itself remains invisible to consumers. Procter & Gamble, considered by many to have created product branding, is a choice example with its many unrelated consumer brands such as Tide, Pampers, Abunda, Ivory and Pantene.
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