The American Marketing Association defines a brand as a “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. A brand may identify one item, a family of items or all items of that seller. If used for the firm as a whole, the preferred term is trade name.”
A good brand name should be easy to pronounce; easy to read and understand; easy to remember; appropriate to the product; descriptive in nature. It should arouse curiosity in the minds of the consumers and deliver the message clearly. To succeed in branding firms should know the needs and demands of the consumers; their requirements; their views on a particular product. This is where marketing research comes into function. Marketing Research helps in linking the consumers to the marketers through information – information gathered through surveys on a particular product or service. Brand Agencies partner with various firms and does marketing research for them. For example, a Seattle Brand Agency launches brand through marketing research.Visit Website
A Branding Agency is a type of marketing agency which specializes in creating and launching brands as well as rebranding through various tools like advertising, marketing research, PR and others. For example, Seattle Marketing Research firms do qualitative as well as quantitative research and surveys on the consumers in order to gather information on a product.
The information through marketing Research is gathered to:
Provide basis for proper planning that would be useful to the brand
Find out new markets for the brand
Determine proper price policy of the brand
Study in detail the likes and dislikes of the consumers
Know the market competition
Study the external forces and their impact
There are various techniques of marketing research like Survey Method, Panel Method, Observation Method and Experimental Method. Under Survey method, a number of persons are interviews based on a designed questionnaire. Under Panel Method, panel refers to a group of persons of families selected to gather information with regard to a particular product. Panel may comprise of retailers, consumers and wholesalers. The panel selected is given diaries in which members enter all their purchase regarding the product under study. These diaries are then reviewed periodically. Observation method involves observing the consumers, that is, what they buy and from where they buy. This method is very reliable and accurate as compared to other methods. But this method is quite expensive. Experimental Method involves conducting of experiments on the consumers. Some sort of test checking is undertaken before actually introducing a brand. Free samples of the product are distributed in order to know the reaction of the consumers.