Important strategies for creating a brand name are: (i) Individual Branding (ii) Blanket Family Branding (iii) Separate Family Brand Name (iv) Company Name Combined with Individual Name!
(i) Individual Branding:
Under this strategy, different brand names are used for different products offered by a single company in the market.
This helps in creating a distinct image for every product. However, the main limitation of this strategy is that it is very costly. Only few firms follow this strategy. For example, Reckitt Benckiser has given different brand names to its products like Cherry Blossom, Robin, Lizol, Colin etc.
(ii) Blanket Family Branding:
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Blanket family branding refers to the use of same brand name for all the products. For example, Samsung, BPL, LG etc. This strategy is very simple and economical. A new product is easily recognized in the market because it enters with an established name.
Thus, huge amounts are not required to be spent to built brand recognition. For example, when Sony entered the mobile market, it got instant recognition because of already established name in the market.
(iii) Separate Family Brand Name:
Some companies classify the product produces by them in different families and then give separate brand name to each family.
(iv) Company Name Combined with Individual Name:
Under this strategy, the advantages of corporate branding and individual branding are joined together. For example, Tata follows this strategy such as Tata salt, Tata Indicom, Tata Safari, Tata Tea, Tata Indica etc. Similarly, same strategy is used by Britannia such as Britannia Marie, Britannia Bread, Britannia Fifty Fifty etc.