Branding is defined as a basic decision in marketing products, where an organization uses a name, term, design, symbols, or combination of them to recognize its products and identify them from those of competition. Brand benefits significantly for both buyers and sellers in every business. Within this question, we will look at appreciable benefits that consumers and companies in food and beverage industry recognize from branding.
1) Buyers
From clients' viewpoint, branding has 2 main meanings: identification and guarantee,
Identification.
In present day, when increasingly more companies arise, combined with the rapid upsurge in variety of products, it becomes an issue for consumers to consider appropriate products. In such a scenario, the necessity of branding is established as a searching mechanism which helps shopping to become more effective and time-saving. Customers can identify and steer clear of products that they consider disqualified, while producing their inclination for other, more satisfying brands.
In such a item industry like food and beverage one where numerous brands produce similar product, branding is even more important. For example, when a person attempts soya bean from Mr Bean and feels as though it, he can come again and easily find out the same old soya bean that draws in him getting the Mr Bean brand, without mistake other unsatisfied soya bean product.
Assurance.
When consumers come to a branch, if they're loyal ones, they may have branding to make sure the uniformity and steadiness of quality. However, for a first-time customer, it is a difficult decision to choose among different product. When this happens, the buyer tends to pick well-known brand-named suppliers over an alien no-named one. The explanation for this kind of action is the fact that branding does mean a offer from owner to buyers. A strong branding stands for more guarantee of quality level (preference, services) and less risk for customers.
2) Sellers
If buyers benefit a whole lot from branding, then retailers receive even more. You will find 7 significant benefits listed below.
Recognition
The fist good thing about branding is the fact customers are more likely to bear in mind your business. An extraordinary brand identity helps to keep your business image in the mind of potential prospects. Naturally, customers will keep in mind the name of your restaurant or brand than the street where it locates.
Loyalty
When people have a positive experience with a memorable brand, they are more likely to become faithful to it, this means more frequent acquisitions and increased sales. Even if the customer was not aware that you sell a specific product, if indeed they trust your brand, they are likely to trust you with unfamiliar products. In a varied industry like food and drink, the link between numerous kinds of product is important. More products help to maintain the fascination and satisfaction to customers, prevent them from brand substitution.
Familiarity
Even when an captivated customer don't have time himself another to visit the business, he is likely to recommend the brand to others. Which means better reputation.
Differentiation
The reason a corporation gets their reputation, commitment and familiarity is their remarks in comparison to others. Brand personal information makes a company distinguish from others.
For a business in which many products are very just like others, the need of differentiating by brand identity is even higher.
Extension
With a well-established brand, a business may propagate to other food and drink lines, or open up new outlets more easily. This website link of business is basically because the brand helps to maintain steadily its image of experience, quality and trustworthiness.
Greater company equity
When fame is made up, the brand will achieve its asset value. In cases like this, the company seems to have a much bigger image than it really is. If the owner wants to sell it, he can get additional money.
g) Hallmark protection
A brand which is registered helps to prevent the business's special products from copycat.
Despite enormous benefits associated with branding, a misconception has lead many small and medium businesses from it. It is a dominant thought that branding is costly and requires huge purchases which are restricted only for big companies with huge budgets. However, the simple truth is that branding does not rely entirely on advertising. This is influenced by all kinds of interaction that the brand has it the consumers: from presentation, labeling to guarantee, services, public relationships Moreover, for small companies whose product is very little remarkable in comparison to larger businesses, branding is the most suitable way to identify themselves and catch up to the best guys.
Question 2
What constitutes the brand identification of Mr Bean? What's your analysis of the Mr Bean brand identification? What will you add and what will you subtract from this identity?
Brand identity is the most basic form of branding that comprises of the consumption of the combo of brand, phrase, design, and symbols to uniquely establish its products and differentiate them from fighting brands. Mr Bean's brand identity is based on its name, brand, tagline, quality of products and the romantic services it provides to its consumers.
Name, company logo, tagline
The name Mr Bean evokes a feeling of familiarity and proximity to customers. With regard to the "simple" in its tagline, the non-fancy name straight suggests their main product: soya beans. Familiarity can even be acknowledged to the famous friendly funny personality Mr. Bean. The humor identity Mr. Bean shows well the tagline of the business: "Bringing you life's simple pleasures". Similar to the brand, the tagline share close link with customers and stems from the idea that many people are eligible for lead a fulfilling and enriching life. The easy logo design of smiling bean also expresses the joy and satisfaction. The lovable personality is easily recognizable and unique.
Quality
In the tagline, the products and services are already described as pleasure ones. Mr Bean adopts the strategy of variety and freshness, hence being able to bring life's simple pleasures. The products differ form trendy ice-blended flavored soya refreshments and scrumptious soya ice creams to Asian-influenced soya pastries and all are manufactured at retail outlets. Significant initiatives are also placed on continuous research to invent healthy and creative products.
Services
The creator of Mr Bean hopes the brand to encourage and touch lives through the introduction of associations with customers, staff, and the city. They also try to enhance the connection by adding extra work on small details such as product packaging and display.
* Evaluation:
With the preference Mr Bean has gained from customers, it demonstrates the success of the brand identity. To its customers, the brand is popular and personal. To the creator and service crews, it is clear and strong.
However, for an easy food company like Mr Bean, the individuality risk turning out a little too idealistic. Customers are unlikely to be able to appreciate the id of the brand in such a short period of the time.
* Improvement:
To increase the brand identification, Mr Bean should think about taking full advantages of their regular research. The business may try to differentiate its brand by innovating special formula for the bean, or use the dietary information that they find out through research as a tool to exemplify their concern for health, therefore build up their interpersonal image. They can also start classes educating their customers on the advantages of soy, which is a huge way to obtain profit.
Question 3
How can brand devotion be built? What is your evaluation of the steps carried out by the company to generate customer loyalty to the Mr Bean brand? How many other recommendations do you propose to enhance brand devotion?
Brand commitment can be built beginning with the first step of producing brand equity. This is to build up positive brand awareness and an association of the brand in consumer's minds with a product class as well as the necessity to supply the brand a definite identity, allowing the brand to stick out from its opponents. Mr Bean did truly well in this task, having designed the brand into convenient retailers offering a daily dosage of healthy soybean dairy and other progressive products.
The second step requires brand excellent performance to form the brand's principles in the mind of the consumers. These beliefs arises from what a brand means and encompasses 2 measurements - a functional, performance related dimension and an abstract, imagery related aspect. With regards to functional part Because of Mr Bean's delight on frequent research into producing healthy and creative products, the business's products is guaranteed great quality and freshness. In the imagery sizing, Mr Bean has also emphasized a definite personal brand that can hook up to its consumers and remain involvement with contemporary society such as the rally for the Singapore Young ones Olympic Games and as sponsors for the Country wide Day Parade.
The following step is based on transformation consumer common sense and feelings into the brand. By creating positive and accessible thoughts like producing newly made products and constant advancement, Mr Bean has pressured on the brand's recognized quality and trustworthiness. As of this period, first loyal consumers begin to seem. Then, Mr Bean will try to establish psychological linkages with them to keep up the good marriage.
The fourth and last step asks for the creation of your consumer-brand resonance that is evident within an intense, active and loyal marriage between consumers and a brandname. This part is completed by providing convenient outlets and locations around Singapore that are easily accessible. Therefore, they have got maintained well the client loyalty in lowering the probability of product substitution. Additionally, they have successfully forge a connection between them and customers beyond those that other fast food shops have achieved.
* Referrals:
Recommendations to further build on their brand loyalty include some simple methods like consumer rewards, vouchers, discount rates. Furthermore, Mr Bean may think of building a users network to inform loyal customers of the approaching promotions or incidents that the brand is engaged to rope in more followers.
