Introduction to Marketing – Part Six: Branding StrategyBranding is a large part of marketing as it encompasses so many things. A brand is a name, term, symbol, design or a combination of these used by an organisation to identify it as unique from others. It acts as an identity and signal, communicating many messages to the market. Position comes from the way the market views and connects with a brand. The strength of this bond and the value that customers place on a brand is known as brand equity.A brand/label name is the part of a brand than can be spoken or written, made up of words, letters and/or numbers. Brand elements are all of the central components that make up a brand, such as the name, design, slogan, and so on.Secondary associations in regards to a label are all the related elements, such as celebrity endorsements and product reviews.A trademark, commonly associated with a label, is the legal registration and recognition of an entire brand by an organisation that prevents the incorrect or unauthorised replication or utilisation of it. A service mark is the same as a trademark, however specifically refers to a service offering.Brand EquityAs mentioned above, the value customers place in a brand is known as a measure of brand equity. This value grows in stages:(1) Salience: this is general awareness of a label by the market, and is part of a general identity. The marketing strategy at this level is focused on determining who the brand is.(2) Imagery and performance are the visual association and product behaviour of a brand that communicate the features of what a label is to the market. At this level, the marketing strategy is focused on the meaning of the brand and what it is.(3) Feelings and judgements refer to the critical analysis and emotional connections that label has with the market, which communicate the personality of the label. At this point, marketing strategy is focused on response and what it is about the label that customers find appealing.(4) The pinnacle of brand equity is known as brand resonance. At this point, the label has a relationship with the customer and spurs a certain behaviour in response to the label. Marketing strategy here is about fostering brand loyalty by focusing on what the label is worth to a customer.Brand DevelopmentThere are two main approaches to developing a brand. An organisation can utilise a high budget and spend a lot of money to heavily communicate messages and increase awareness, or approach with a low budget, and instead, rely on other communication, such as word-of-mouth and very obvious brand names.Depending on the approach above, the brand name can line on a spectrum from:(1) Fictitious- such as Sony or Apple. The name is so obscure that it requires specifically teaching the market about what the product behind the label is or does.(2) Associative- names that allude slightly to their product’s function, but are conjured up on top.(3) Suggestive- label names that are semi-descriptive but a slight play on words.(4) Descriptive- such as Quick Copy or Pizza Hut. These names are more obviousObviously, the more fictitious end of the spectrum has the advantage of being unique and therefore easier to legally protect, however an organisation much teach the market about themselves (which may not always be a negative).The descriptive side offers a far more descriptive and obvious name that signal the right kind of image when a customer hears it, however because they are so run-of-the-mill, it can be difficult to be unique and tricky to legally protect.The goal of brand development is to increase brand equity so that the market pays attention and values a brand enough to generate popularity and sales. A good brand is strong, favourable, compatible with the product, unique and memorable.LogosA logo is the visual brand element or a brand, and can either be used with or without the name, depending on the knowledge of the target market. Logos can enhance or hinder and image, which is why it’s important for an organisation to ensure it matches the brand well.Label AssociationThere are several other brand elements that partner with a brand and impact on brand image and brand equity. These can be secondary associations, and include:(1) The organisation itself and its branding (such as Nestle’s Purina pet care sub-brand)
(2) The country of origin and its connotations (such as Italian wine or Swiss watches)
(3) Distribution channels (sold in nice stores, or particular outlets)
(4) Co-branding with other brands
(5) Characters (licencing and mascots)
(6) Celebrity endorsements
(7) Events and sponsorship associations
(8) Third-party sources (such as awards and product reviews)
(9) An associated slogan or jingle (to add more information or increase recall).All of these elements impact on how the market values and sees a brand.Brand ExtensionOnce a brand is in a market, an organisation may choose to extend its use. There are four types of brand extension methods.(1) Line Extension: where the product category and brand is already in existence (such as adding flavours or colours)(2) Brand Extension: New category, but an existing brand(3) Multibranding: Existing category but new brand (Toyota and Lexus cars)(4) New Brand: New product category and brand name

One misconception about starting a small business is that the only way to receive small business financing is through a bank. Though the bank is a viable option, it is not the only option. Looking towards multiple sources of financing can get your small business the financing it needs. Alternative sources of financing can be used instead of, or in addition to a bank loan. Using multiple sources of financing can help a new or veteran business owner maximize his/her business’ working capital.Listed below are a variety of small business financing sources, that small business owners can utilize when building, expanding and maintaining their businesses.Small Business AdministrationThe small business administration was created to help small businesses get on their feet and remain on their feet. Their mission is “…to maintain and strengthen the Nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters.” So why not look to the SBA for assistance?The most common SBA loan program is the basic 7(a) loan program. This program is specifically designed for small business owners who may not be eligible for business loans through normal lending channels. Other loan programs offered by the SBA include the 504 Program, which provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings, Micro-Loans that provide very small loan amounts for startup small businesses, with a maximum loan amount of $35,000. Disaster Recovery Loans, which can assist in the recovery of your business if it is involved in a disaster, and Special Purpose Loans, that can be used for any special purposes within your business.GrantsJust like there are scholarships available for just about anything, if you do enough searching, you could find the small business grant that works for you and get free money to finance your business. Though the federal government does not offer grants to small business owners, there are numerous other grants available for small business owners. You can look to your own state to find free funding your small business. Every state has a state development agency, and many of these agencies offer small business grants, and/or information on where to find them.Small Business Cash AdvancesThough a small business cash advance is not plausible for startup businesses, it can be used after your business has been up and running for a period of time. A business cash advance can offer fast and easy-to-obtain money for your small business’ financial needs. With few requirements, even business owners with average or fairly below average credit scores can qualify to receive a business cash advance.Financial IntermediariesA financial intermediary is a person who specializes in finding funds for business owners. Once you’ve done all you can to find money for your business, try hiring a financial intermediary to find the funds that you may have overlooked.You can decide to use the expertise of a financial intermediary in order to give yourself the time to work on other aspects of your business, or you can use them in combination with your own expertise; as the saying goes, two heads are better than one.Financial intermediaries can also be used to help in the start up of your business, offering help with the writing of business plans, proposals, etc.