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Brand Development There 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 obvious Obviously, 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. Logos A 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 Association There 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 extension Once 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
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