Success of a Brand Name: The Case of Tourism Noosa

According to Keller(1993) the effective brand positioning gives a brand a competitive advantage or “unique selling proposition” that determines a reason why consumers are buying this product or service (Keller, 1993). Similarly, Kay (2004) argues that brand’s strength depends

Customer’s perception about the particular product is defined as a brand image. In recent days, building a strong brand has been proved to bring financial rewards to organization and becomes a top priority. It is regarded as hard core of any products and services, from small fruit juice shop to multinational organizations. The food manufacturing companies

The outstanding products with its brand name will save the cost for marketing and increase the competence in the industry competition.

According to the American Marketing Association (AMA), a brand is a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”. However, as Keller highlights, a brand is also “something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace”. Therefore, a brand is an identity created to differentiate itself from the competitors and to be remembered in consumer’s mind.

Since an increasing number of people focus on brand names instead of product, brands become important elements for customers to choose products (Carroll, 2008). When customers trust the brand, the benefits for the manufactures are generated. In the first place, brands can be used by products as the tool to identify and differentiate themselves from various products. Secondly, brands are helpful for companies to build a competitive advantage (Bick, 2009). Therefore, organisations take more attention to branding.

Balance Sheet (2005 / 2006 / 2007) Income Statement (2005 / 2006 / 2007) Cash Flow Sheet (2005 / 2006 / 2007)

Corporations need to sell their product if they want to survive in the business industry. Consumers are aware of what they desire, dislike, and for the most part make their choices accordingly. For those that cannot decide as easily, there are many choices of different brands of the same product sold by different companies. When a corporation puts their label or name on the product, it is called branding (Klein 778). That is the way of consumerism and a way to make a product more tantalizing, is to think of extraordinary marketing concepts. This essay will discuss corporate brands and the effect on consumers, then, the paper will examine the concept of Neuromarketing. Corporations are not forcing anyone to use their product, but they are trying to capitalize and make themselves a household name.

The creation process of the brand is extremely particular and important function of marketing. Society is notorious for buying a brand name rather than a product itself. E.g. you often see or hear people in a supermarket pick up an unfamiliar product and assume it’s good

By means of grounded theory methodology the research paper will theorize a consumer’s response and reaction to brand-named products versus generic products that have been examined and studied for many years. For many years, researchers have questioned the reason that a consumer grows attached and likes vs. dislikes certain branded products, the answer remains open-ended. Many things can interfere with the consumer’s resistance to new products being introduced into the marketplace; such as packaging, limited advertising and marketing, name association and mass appeal. This paper will study whether

It begins with a careful review of the product safe, and inexpensive to use and service; and simple and and its benefits, the target market, and proposed marketeconomical to produce and distribute ing strategies. Once chosen, the brand name must be protected. Branding - Criteria for Choosing a Brandname Familiar brands provide consumer information, recognition, • Distinctive — is the brand closely associated with a and confidence. product? • Word Association — does it have a pleasant meaning? • Legal Requirements — can it be registered? • Memorability — can your name be remembered easily? Source: Armstrong, Gary and Kotler, Philip. Principles of Marketing, 7th Edition. Prentice-Hall International, Inc. 1996 • Pronounciability — can it be pronounced easily? • Limitations — is the brand name too limiting to be used for expansion Brand – a name, term, sign, symbol, or design, or a combination of these intended to identify the goods or services of one seller or group of sellers and to differentiate them Brand Sponsorship 4 sponsorship options: from those of competitors. 1. Manufacturer’s brand (national brand) – a brand created - It can be any of the following: and owned by the producer of a product or service • A propriety name like Jollibee or Microsoft 2. Private brand (or middleman, distributor, or store brand) • A nickname like McDo or B.K. – a brand created and owned by a reseller of a product • A group of letters like “TGIF” restaurant or service •

This step defines te product, makes it distinguish from others and also provide a mechanism for linking the provider of a product to the valuable business assets of trust and goodwill. Company achieves this through a distinct trade names and one or more trademark. The selection of right trademark plays a significant role in marketing strategies of differentiating products of a company. With right trademark branding may be so much successful that product may develop a long-term, even an emotional development with customer such that they will grow a tendency not to look at the prominent weak side of the product but to look at the emotional and brand value of it resulting in increase further brand value following an iterating loop. The following path every company must want to follow:

In recent times, branding has played a pivotal role in some brands’ success. This has been made possible through the ability of some marketers to capture the essence and minds of people (consumers), and put the trends and characteristics into the personality of a brand. Customers have always found ways to identify themselves with certain products, and on several occasions, branding campaigns

According to Kotler (2003: p420), a successful brand name ‘is essentially a marketer's promise to deliver a specific set of features, benefits and services consistently to the buyers'.

International branding is about maintaining a balance between being local and being global. Brand ideas, concepts and values, have to remain unchanged, but the ways to relay and make them appealing to local persons vary. Ideas and values can be general, but the method of communication cannot. Developing an appealing brand is a hard and complicated task. Even local brands encounter many challenges, like the main pledge of the communicating corporation, the incorporation of the communication process and building brand associations. Nonetheless, in the global branding those challenges immeasurably increase. Two conflicting and even seemingly contradictory challenges exist in the global branding. A global brand has to remain effortlessly recognized at any international locality and, at the same point, to be well-matched with the local traditions, customers and cultures’ way of perception. In other words, brands have to remain local and international at the same time. This is the main challenge that most brands face. Not so many multinational corporations can boast of finding victorious solutions to it. This paper gives some insight on the international branding and challenges faced when dealing with an international brand.

When a product or service is being introduced, it needs to be remembered and referred to and this is accomplished by assigning a brand name. In other words this brand becomes the product/service’s face. Producers of goods have used their brands remains to separate their product since the earliest time. Elation in their products has no doubt played a part in this. More principally, by determining their products they have made purchasers with a means of recognising them should they wish to repurchase the product.