Various kinds of brand name
Brand Name
Brand is an identification mark, symbol, name, design or a combination of all these to uniquely identify a product that differentiate itself from others. The name of a company or its short form like ‘Coca Cola’ brand used by the Coca Cola company doesn’t only represents company’s face to the external world but also how that name is usually expressed through a logo and now that and logo collectively be used in company’s communications.
The components of brand that takes company to heights are brand personality, brand attributes, core value (company’s value statement), brand characteristics, brand development strategy (why, what, who and where of brand) and an efficient brand management strategy that keeps pace with the merging opportunities in which the brand will participate. Brands have certain recognizable elements that differentiate a brand from its competitors.
These are:
(i) Brand Name: Brand name is the verbal part of a branding strategy because of which customers recall and remember a product. Company uses this name in all promotional events and communications.
(ii) The Logo: A ‘logo’ is a recognizable word, graphic element or symbol that represents a company. It is usually in a distinctive way to create uniqueness.
(iii) The Trademark: A trademark is any distinctive sign, word, picture used by retail to uniquely identify the source of provider. Usually a trademark is a legally protected brand mark that gives the producer exclusive rights for its usage such as ‘Reliance’, ‘Big Bazaar’, ‘Microsoft’ etc.
(iv) Packaging: Packaging is extremely important in maintaining brand identification. For instance, the packing of Cadbury chocolates, Pepsi, Nestle products, which represent the company and therefore vital part of product identity.
Essentials of a Good Brand
Brands are all pervasive. Brands explain the way people live in a particular society. The value of a brand comes from its ability to gain an exclusive, positive and prominent position in the minds of customers.
Brands are valuable assets to retailers and also are important to customers. Brands not only create wealth for the company but also add value to the consumers’ life. There is no defined criterion to select or reject a particular brand. However, research and experience have developed the following features which must be considered while selecting a brand name.
These are:
1. It is simple, short and easy to remember, for example, Dabur, Haldiram, Pepsi, Lux, etc.
2. It should suggest something about the product. It may be quality, purpose, action, use, etc. For example, Link locks, SonaHawaiChappal, Rath Vanaspati, Dabur Oil, Kelvinator Refrigerator, Parle G Biscuits, etc.
3. It should be attractive and unique, for example, Bombay Dying, Bata, Complan, Surya, Jindal, Nestle, etc.
4. It is stable and unaffected by time. It does not easily change with fashion or style.
5. The brand is consistent.
6. It should provide appropriate value to the customers.
7. It should not be used as a general or common name, for example, Campa, Dalda, Colgate, Maggie, etc.
8. It should be capable of being registered and protected legally under the legislation.
9. It should be properly positioned.
10. It is consistent.
11. The pricing policy is designed as per customers’ perception of value.
12. The brand name should not be opposed by any social settings.
13. The brand is easy to publicize and promote.
14. The brand is away from and cut, copy, paste.
15. The brand should not be out of date.
Kinds of Brand Name
The brand name is quite often used interchangeably within brand and comes in many styles.
A few include:
(a) Descriptive Name: It includes all those words that describe a product benefit or function. For instance, Nirma washing powder, Godrej locks, Vadilal Ice-cream, Parle-G biscuits, Whole foods, Dabur Chawanprash, KeoKarpin Hair Oil, LG refrigerator, Vim-Bar, Airbus, etc.
(b) Suggestive Name: These types of words basically describe the function of a product, simply stated, the use and application of a particular product. For instance, M-Seal, Quick-fix, Easy-clean.
(c) Arbitrary Name: The name does not suggest neither about the product nor to the producer.
(d) Coined Name: Under the concept of coined name, the importance is given to the producer’s identity. For example, Vatika alone is meaningless, unless attached to hair oil. Similarly Vimal to suiting, VIP to briefcase, General to air-conditioners.
(e) Acronym Name: A name made of initials that represent the company or the concept of the product such as IBM, UPS, and ATM.
(f) Foreign Name: Words that are taken from another language like Alpha, Samsung, Volvo.
(g) Founders Name : Using the names of real people who either are founder, or co-founder or whose contribution in the inception of a product or company is significant such as Modicare, Ambuja Cement, Ranbaxy (Ranjeet&Gurbaksh), Chhabra 555, Ford Motors and so on.
(h) Geographical Name: Here brands are named for regions and landmarks like British Airways, Hindustan Petroleum, Fujifilm, Cisco, New York Times, Panipat Refinery, and Barnala Steel.
