You will hear a lecturer talking about brands and branding.
In the wild west, without fences or defined ownership of land, one mans cattle could easily be mixed up with another - hence, cattle were branded - that is, a sign was scarred onto their skin using a hotiron brand. Well, we still use the word today, but in a more general sense. Putting it simply, a brand is aname, term, design, or symbol, which identifies one sellers goods from another. The carmodelmightbe called an Echo but the brand is Toyota, complete with the Toyota symbol. People will trustbrands, leading them to buy other products of the same brand. Then, it has achieved brand recognition,which is a very good thing to have. Similarly, perhaps your clothes are Gucci, your jeans are CalvinKlein, your medicine is Proctor and Gamble, and your cheesecake isthe pleasantly termed Sara Leeandthats the way you like it.
Actually, all those previous brand names show you one way to coin the name of your brand. Just name your company, and its products, after yourself. This is known as using Founders Names - which isalright if your name is catchy and cadent, such as, well, Galvin Klein. But there are many otherways as well.
Well, here are some other ways to decide on your new brand name. You could use anacronym,such as IBM, or AWA, which sounds modern, scientific, and technically proficient. You might also wish toevoke feelings with anevocativename, such as Everest Airlines, where the skies are yours, orAmazonBooks, with streams of literature, biggest in the world, or Nike, named after the winged GreekGod of victory. Alternatively, you might like to describe your product by using adescriptivebrand name-- Safe and Sleek Bedding, EverAlert Security System, and so on. Or, you could make it rhymeto be more easily remembered. Reeses Pieces, Fasta Pasta, and others. Another method is just to inventa word when none existed before, technically known as a neologism. Names such as Wii, Kodak or Rolex. And, there are more methods as well. Each comes with its own appeal, but ultimately, everyone wants a global brand Facebook, Pepsi, Nike - a name recognised all around the world.
Now, lets go a little deeper into brands. One of the things which companies seek for their brands is an independent identity, or a concept regarding how the buyer feels about, or perceives, the product. Agood example is Marlboro cigarettes, with its cowboy imagery, and sponsorship of car-racing, alltargeting a manly tough male buyer. In other words, the images, commercials, logos, sponsorship, andproduct packaging, are all carefully designed to cultivate a single identity, which resonates, in theory,with the target market. The core clement of this is the logo the visual symbol that represents the brand.
So, if, for example, the product is for younger people, say,.. Nike jogging shoes, the catchcry is Just do it, and high-profile athletes appear in all their advertisements. Think of that Nike logo, thatsingle tick, one of the most recognisable logos in the world, and its all consistent with the symbolism ofpower, speed, and freedom.
On the other hand, if you are targeting a richer, more mature, and male buyer, say... with Rolex watches, the brand image might be one of solidity, sophistication, reliability, and the Rolex logo, acrown,that sign of royalty, of might and power, top of the heap, similarly puts forward this image.
If we are targeting the younger teenage market, say... with CalvinKlein jeans, the brand image is one of sexiness, rebellion, and freedom from conventions. The logo is simply the name on the jeans, butit is linked to that famous series of sexy models and thosecontroversialads , which still run tothis. day.
This is all big science now, collectively known as brand management. Its complicated, but when done well, can result in millions of dollars in extra sales.