"Branding" Essay

1021 words - 4 pages

"A picture is worth…"The branding idea has been around for a little over a hundred years but has succeeded in associating business names with images of quality or inferiority within perceptions by the consumer. So with a successful family brand name it seems only beneficial to utilize that good name for sales in other areas, while ensuring not to damage the name in the process. We will discuss the advantages and disadvantages of using the family brand name versus single brand name, and view organizations that were successful and discuss why.A good family brand name is what every company hopes to achieve, but there are costs incurred in the initial marketing of the name. The company must begin with name research as a great name is perfect start. A leading laundry detergent in Afghanistan would like not go over to well in any English speaking countries as the product name, Barf, brings thoughts of regurgitation; while in Dari the word Barf translates into snow. The expansion cost is often less, as there is no need for name research, and heavy advertising expenses to get the brand name recognized. (The Branding Expert) People often embrace a family brand name regardless of the cost, for both interrelated and non-related products. If a new product is supported by heavy advertising, it is 70 percent more likely to be bought by consumers, while advertising for a new product introduced by a well-known brand name increases the effectiveness of the advertisement. (Kumar and Steenkamp, 2007)The new product could be interrelated as WD-40 accomplished with the Big Blast can designed for farm regions and in factories that use WD-40. Research had found that many customers, although loyal to the family name, wanted a product that applied WD-40 in a wider spray pattern faster. (Bounds, 2005) Knowing what the customer wanted and having a dedicated following of their product helped introduce this new product with ease. They also made a (NO MESS) pen developed from research that stated ladies loved WD-40, but not the mess.WD-40 CEO, Garry Ridge, also knew the consequences of using the family brand name, ensuring that quality assurance standards were met especially when adding a permanently attached straw to the Big Blast. Customer satisfaction was the key in doubling the revenue, and "the one thing the customers made clear was don't mess with my WD-40". (Bounds, 2005) If the CEO had decided to use a new brand name, he may not have had the same reaction without costly advertisement, yet had the product failed the expectations of the consumers it may have ensured that no damage to the family name was incurred.Coke developed a new product 20 years ago that was considered inferior damaging the family brand name. New Coke was the unofficial name of the sweeter formulation introduced in 1985 by The Coca-Cola Company to replace its flagship soft drink, Coca-Cola or Coke. Public reaction to the change was devastating, and the new cola quickly entered the pantheon of...

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