Introduction to Marketing – Part 6: Branding Strategy

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

Home Renters Insurance Options

Tenants or home renters insurance offers protection for all material assets, as well as liability coverage for a resident occupying an apartment, condo, or single household. A landlord will put in place adequate coverage for the building, but that still leaves the contents of the property without protection. So, it’s therefore essential to look at insurance for renters to ensure that you aren’t at risk of losing all worldly possessions.       Home or apartment rental insurance plans can provide coverage as a result of fire, theft, vandalism, water damage, windstorm, as well as numerous other perils to protect a long list of household goods. A renters belongings will be covered should a fire cause extensive damage, an intruder breaks-in and steals valuable items, or a water leak could result in tremendous damage.  In addition to providing protection for household goods, these schemes feature a liability section – this covers injuries to a third party whilst on the property. This also extends to providing a legal defense, if sued, should the need arise. As well as medical expenses, should guests hurt themselves whilst on the premises. Liability limits will be set in these circumstances.A common question asked is how much is renters insurance. Affordable policies with great coverage can cost in the region of $20 to $35 a month, but that’s dependent on the deductible accepted, size of property, and the crime rate in the local neighborhood. Take a moment to research the offers and features offered by the various insurers. Searching online is a quick and easy way to comparison shop for a choice of free quotations.         If renting a townhouse or apartment and don’t have home renters insurance in place, no protection will be available for damage or loss to personal property, and that’s a big risk to take.

The Differences: Modern and Contemporary Furniture

The terms “modern” and “contemporary” mean the same thing to many people. But when it comes to furniture, they mean completely different things. When shopping at any furniture store in mid-Missouri, customers should expect the staff of those stores to know the difference.Modern furniture designs came into being during the years between World Wars I and II. Often called mid-century style, modern furniture is marked by its clean lines and simplicity. Glass and steel were two of the primary materials used in modern furniture, and any furniture store in Jefferson City should have a good selection of items made with these materials. Often plastics were used as well. When combined with glass and steel, plastic could give furniture a light look that was still heavy with style.Of course, modern furniture was not limited to those three materials then, nor is it today. Any visit to a furniture store in Jefferson City, MO will prove that fact. Upholstery was often used as well, but the fabrics were not as heavy as that which was used in early periods. It rarely contained printed designs, either. The staff of a furniture store in mid-Missouri-any part of it-will know truly “modern” furniture when they see it even if it was made last week.Contemporary furniture has been designed since the 1970′s, and every furniture store in mid-Missouri carries lines of this type of furniture. It is a blend of designs from all time periods, taking in the most attractive components of each. Contemporary furniture incorporates the dark woods of colonial design into delicate tropical forms. It matches steel arms and legs with upholstered seats and backs to create contemporary sofas and chairs. It accents glass with metals like copper and nickel. Stone tabletops are paired with legs made of exotic woods, or leather is paired with velvet to create a beautiful chaise lounge.Contemporary furniture can be found in any furniture store in mid-Missouri. It is as popular as any other design because it is a flexible style that suits almost any décor. Because it draws on other design periods, it fits with predominantly country or sophisticated décor. It can be the showpiece in a room filled with Asian-design. Upholstery patterns can be modified so that one particular contemporary chair blends into any style. Visit a furniture store anywhere in mid-Missouri and see.Of course, one of the hallmarks of contemporary furniture is that it is comfortable. Visit any furniture store in Jefferson City, MO, to verify that. The upholstery is softer, the cushions deeper, the woods sleeker. It is rich with detail and always functional. By contrast, modern design often is not quite as comfortable, although it’s definitely functional. Another difference is that modern furniture has few frills or detailing, while contemporary furniture relishes both.Anyone shopping at any furniture store in Jefferson City, MO is sure to discover pieces that appeal to them in either category. Prices for each can vary as well, providing all homeowners or department dwellers with pieces they can afford and love no matter what furniture store in mid-Missouri they choose to visit.