retail brand management

RETAIL BRAND MANAGEMENTRETAIL BRAND MANAGEMENT

RETAIL BRANDINGRETAIL BRANDING

Def : Brand is the product’s essence, its meaning and its direction. It Def : Brand is the product’s essence, its meaning and its direction. It defines its defines its identity in time and space.identity in time and space.

Successful Retail Branding starts with Successful Retail Branding starts with A clear definition of what the retailer stands forA clear definition of what the retailer stands for An identification of what the customers associate it withAn identification of what the customers associate it with When customers think the brand is a reflection of themWhen customers think the brand is a reflection of them When the retailer is in the minds of the customer when he thinks of the When the retailer is in the minds of the customer when he thinks of the brandbrand

True branding effortTrue branding effort Communication that inspires emotional reactionCommunication that inspires emotional reaction Customer ServiceCustomer Service How salespersons greet customersHow salespersons greet customers How fast product is shipped and deliveredHow fast product is shipped and delivered Involves every single contact occurring between any product and a Involves every single contact occurring between any product and a human human representative of the companyrepresentative of the company


Role of BrandRole of Brand

Successful Retail Branding ensuresSuccessful Retail Branding ensures

Stable long term demandsStable long term demands Better marginsBetter margins Differentiation by way of creating long term associationDifferentiation by way of creating long term association Adds value to the product Adds value to the product Trust of fulfillment of service expectationsTrust of fulfillment of service expectations Protection from growing competitionProtection from growing competition Image as a company attractive enough to work forImage as a company attractive enough to work for Negotiation with suppliers from a position of improved strengthNegotiation with suppliers from a position of improved strength


Brand LoyaltyBrand Loyalty

Brand or store loyalty will ensureBrand or store loyalty will ensure

Positive disposal to the brand based on brand loyaltyPositive disposal to the brand based on brand loyalty Brand preference : Frequent utilization of the store over other Brand preference : Frequent utilization of the store over other

storesstores Brand allegiance : Continuous utilization of the store overtimeBrand allegiance : Continuous utilization of the store overtime

Brand loyalty may be expressed for one or more brandsBrand loyalty may be expressed for one or more brands

Hard core loyalty : Buying one brand all the timeHard core loyalty : Buying one brand all the time

Soft core loyalty : Buying a combination of two competing brandsSoft core loyalty : Buying a combination of two competing brands

Shifting loyalty : Buying preference shifting from one brand to Shifting loyalty : Buying preference shifting from one brand to anotheranother

Switchers : No loyalty to any one brand based on the deal given.Switchers : No loyalty to any one brand based on the deal given.


Positioning of a brandPositioning of a brand

Determined on the basis of Determined on the basis of

1.1. Product usageProduct usage

2.2. PricePrice

For successful brand positioning Brand Managers should For successful brand positioning Brand Managers should Regularly assess the customers opinionsRegularly assess the customers opinions Clearly identify the targetClearly identify the target Plan the brandPlan the brand Differentiate the brand from others in the sub groupDifferentiate the brand from others in the sub group

Brand Differentiation X Brand Segmentation = Brand PositionBrand Differentiation X Brand Segmentation = Brand Position

RETAIL BRAND RETAIL BRAND MANAGEMENTMANAGEMENT

Personality of a brandPersonality of a brand

It is created by way of adding psychological values throughIt is created by way of adding psychological values through

PackagingPackaging AdvertisingAdvertising Other aspects of the marketing mixOther aspects of the marketing mix

ImportanceImportance

Encourages customers to build a relationship with a brandEncourages customers to build a relationship with a brand Gives strength to the brandGives strength to the brand Ensures the staying power of the brandEnsures the staying power of the brand

Hence brand personality has developed as a term.Hence brand personality has developed as a term.


Brand PropositioningBrand Propositioning

Propositioning Propositioning

Combination of positioning and personalityCombination of positioning and personality

Allows brand to emerge from the fuzziness of competitionAllows brand to emerge from the fuzziness of competition

Simple proposition assures success. Customers understandSimple proposition assures success. Customers understand

Concept has two non-functional aspects of brandsConcept has two non-functional aspects of brands

1. Brand image1. Brand image

2. Brand identity2. Brand identity


Brand ImageBrand Image

Customers regard brands possess human-like characteristicsCustomers regard brands possess human-like characteristics Customers experience brands as bundles of associationCustomers experience brands as bundles of association Customers see, hear, smell, taste and get gut feelings about different Customers see, hear, smell, taste and get gut feelings about different

brandsbrands

This profile or essence is called brand imageThis profile or essence is called brand image

When a brand image is developed When a brand image is developed Customers do not judge the image in relation to othersCustomers do not judge the image in relation to others They adopt best in-class processesThey adopt best in-class processes Customers benchmark with world class servicesCustomers benchmark with world class services Customers expect stores to deal with their customers as per world class Customers expect stores to deal with their customers as per world class

standardsstandards


Brand IdentityBrand Identity

Central concept in promoting a brandCentral concept in promoting a brand

Comprises durability, coherence and realism embodying personality of Comprises durability, coherence and realism embodying personality of the brandthe brand

Sends out signals which the consumers decode and interpret in terms Sends out signals which the consumers decode and interpret in terms of imageof image

Identity is the solid enduring concept of the brandIdentity is the solid enduring concept of the brand

It is not subject to idealism, fickleness or opportunismIt is not subject to idealism, fickleness or opportunism

retail brand management

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