Brand characteristics

A good brand name should:

be protected (or at least protectable) under trademark law.

be easy to pronounce.

be easy to remember.

be easy to recognize.

be easy to translate into all languages in the markets where the brand will be used.

attract attention.

suggest product benefits

suggest the company or product image.

distinguish the product's positioning relative to the competition.

be attractive.

stand out among a group of other brands.

Types of brands

There are number of different brand types:

“Premium brand” - typically costs more than other products in the same category.

“Economy brand” is targeted to a high price elasticity market segment. They generally position themselves as offering all the same benefits as a premium product, for an 'economic' price.

“Fighting brand” is a brand created specifically to counter a competitive threat.

Corporate branding is an action when a company’s name is used as a product brand name.

Family branding is an action when one brand name is used for several related products.

Individual branding is an action when all company’s products are given different brand names.

When a company uses the brand equity associated with an existing brand name to introduce a new product or product line, this is referred to as "brand extension." When large retailers buy products in bulk from manufacturers and put their own brand name on them, this is called private branding, store brand, white labelling, private label or own brand (UK). Private brands can be differentiated from "manufacturers' brands" (also referred to as "national brands"). When different brands work together to market their products, this is referred to as "co-branding". When a company sells the rights to use a brand name to another company for use on a non-competing product or in another geographical area, this is referred to as "brand licensing." An "employment brand" is created when a company wants to build awareness with potential candidates.