Whats In A Name?


By
Anuradha Gopal
Lakshmi Priyadarshini
Narmada Gopal
Reshma R Nair
S2 MBA
Institute of Management in Kerala
Thiruvananthapuram
E-mail:
narmadagopal@rediffmail.com
 


Name is an identification character. In one word it's a BRAND, a unique recognition for a product or service. It can be defined as a term or a symbol to identify the goods and services of one seller from the offers of competitors. A more concrete definition of a brand is the personification of a product, service or even entire company. Like a person, we sometimes respect and love a brand.  We can think of it as a personal friend whom we adore. Much similar to a person, brands also have characters the ability to deliver what is expedient.

A few years back the topic of branding began to surface on the radar screens of the top management. Managers globally began to grow in their appreciation for brands as they began to recognize the impact the brands have on their overall business performance. Before long brand was recognized and promoted as assets of the Corporation. It deals with how we build a unique and lasting relationship with customers when the competition is fierce. The battle in the market takes place not between companies but between their brands. The brand is increasingly becoming the key source of differentiation that guides customers' purchase choice. It is the focal point on which an organization defines how it will deliver unique value to the customer.

Branding aids in increasing revenue, market share and most importantly customer loyalty. Branding is considered as a source of promise to the customer. It promises the relevant, differentiated benefit. The benefits can be functional, experimental, emotional or self expressive.

KEVIN KELLER, brand expert and author of the popular brand book, "Strategic Brand Management" (1998) has coined a term ''Brand Mantra''. The mantra concept reinforces the role of brand and clarifies what is unique about it. As a result it should be short, crisp and vivid in meaning. The brand should be positioned after taking into account the quality, innovation, convenience, concern for customers, social responsibility, and technological superiority and so on. This in turn will lead a customer to associate a product or service to a particular brand in his or her mind.

To achieve this we need to understand deeply the needs of customers, what our competitors provide and how we can uniquely differentiate our product and motivate valued customers to go in for the product. The icing on the cake involves the designing of the brand and positioning it in the market through advertisement, since there exists a direct relationship between advertising, brand building, market share and customer preferences. With advertising, a brand's perceived image and quality increases. It is a circle and the organization must regularly audit and review the brand design and brand building checklist to create an emotional bondage with the customer.

To conclude, branding is the road map for the arduous journey of building and maintaining the business empires of the global giants, for attaining the pinnacle of success.
 


Anuradha Gopal
Lakshmi Priyadarshini
Narmada Gopal
Reshma R Nair
S2 MBA
Institute of Management in Kerala
Thiruvananthapuram
E-mail:
narmadagopal@rediffmail.com
 

Source : E-mail March 31, 2005

 
 
 

 

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