(i) According to their origin or nature, brand names may be classified as follows: (a) Symbols— H.M.V’s dog
(b) Letters — I.T.C for India Tobacco Company
(c) Name of the founder or family — Tata Steel
(d) Company name — IBM Computers
(e) Words having some relation to the product — Quick fix (Resin)
(f) Words or figures which have no relation to the product — 501 Bar Soap
(g)Words which have originated as brand names — Aspirin
(ii) Brand may be classified as: (a) National or manufacturers —Dalda Vanaspati
(b) Private or middlemen — Roebuck and Company
(iii) Brand may also be classified as: (a) Family brand — A firm adopts for a variety of products, i. e. Johnson and Johnson
(b) Individual brand — A firm adopts for each of its products
(c) Combination device — Products have individual name and company brand e.g. Tata’s Taj.
Different Degrees of Branding:
(a) Brand Insistence: The customers may insist on a particular brand and refuse to accept the substitute. It is called brand insistence.
(b) Brand Preference: The customers may prefer a particular brand to a number of other brands available. It is called brand preference.
(c) Brand Recognition: It is the least loyalty which makes the consumer buy that brand when the preferred brand is not available.
Basic Requirements of Branding:
(a) There must be enough and more demand for the product.
(b) There must be widespread supply of the product.
(c) The quality of the products should be ensured.
(d) There should be effective distribution of the product.
(e) The product should be distinctive.
Characteristics of a Good Brand:
A good brand should possess the following characteristics: (a) A brand should suggest a few benefits about the product such as its use, quality, content and mode of action.
(b) The brand should be neither descriptive nor deceptive.
(c) The name should be easy to pronounce, spell and remember.
(d) A brand name should be short and simple.
(e) A brand name should be distinctive.
(f) A brand name should be versatile so that it can be applied to new products.
(e) A brand name should be adaptable to any advertising medium.
(f) A brand name should be capable of being registered and protected legally.
(g) A brand name should be selective so that it can be suited to the specific market.
(h) It should not be obscene or offensive.
(k) A brand should not resemble other brand name.
