Discussion:
Describe marketing uses of branding. A brand is a name, term or symbol that identifies and differentiates a firm's products. For example, MGM is the brand name of the Metro-Goldwyn-Mayer Movie Studio. Its brand mark is the MGM lion, which also has a trademark roar.
[ Lion roaring ]
Implementing branding strategies results in several benefits. Successful branding creates equity in the brand.
Think of it like building monetary value from a good reputation. Established brands also encourage customer loyalty to existing products. Brand recognition can help new products succeed. For example, a new type of iPod, say the shuffle, will be more successful because it is tied to Apple's highly recognized and valuable iPod brand. Branding strategies require several decisions. First, a marketer must decide whether to produce a generic product, a branded product or a trademarked product. If the marketer chooses to brand the product, then the marketer chooses between becoming a manufacturer's brand, like Kraft Mac & Cheese, or a private brand, like Kroger Mac & Cheese. Manufacturers must decide whether to brand their products individually, as a family or use a combination of the two strategies.
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