Deanne Marian Lawrence Student ID – 216290012
3M ( Minnesota Mining and Manufacturing company) is the brand name of the innovation company that never stops inventing. It is a global company and operates in various fields such as safety, graphics, electronics, energy, health care, various household items and stationary. This company is well-known for various products such as scotch magic tape, scotch glue stick, post-it note pads, post-it flags, scotch-brite scrub sponges, safety glasses, hearing protectors,etc. Deakin University library uses the 3M self check system that makes borrowing of books easy.
What is a brand?
A brand is a name, symbol, logo or a combination of these that a company uses to distinguish its products from others in the market. Most people recognize a company because of its brand name and reputation.
The brand name 3M is unique and easy to pronounce. It is easily noticed and memorized. Thus helps consumers to recognize and differentiate products belonging to 3M from other products.
Brands help consumers to make quick decisions in purchasing a product. A brand tells the consumers what to expect from the products.
For the consumer a brand conveys information, signify quality, lower risk or it may be a status symbol.
For the company a brand can increase consumer loyalty, it is a basis of competitive advantage, sign of quality to satisfy customers, it allows companies to charge premium prices.
A logo is a unique graphical representation of a company’s identity. It is a combination of different colors, fonts and images that provide information about the company. It is a mental shortcut to a product or company. A logo should have meaning, it should present something specific and unique to the subconscious mind of the consumer so that it can be distinguished from the competition.
The 3M logo
Brand association are images, symbols, signature tunes or anything that is directly or indirectly linked in the consumer’s memory to a brand. It helps the consumer to easily recognize a brand. Brand associations should be positive so that a consumer can relate to a brand being positive.
The 3M brand association- Organizational Intangibles Jaguar – Design Walmart- value
Brand associations are formed on the following basis:
- Customers contact with the organization and it’s employees;
- Word of mouth publicity;
- Price at which the brand is sold;
- Celebrity/big entity association;
- Quality of the product;
- Products and schemes offered by competitors;
- Product class/category to which the brand belongs;
- POP ( Point of purchase) displays; etc
Brand Personality is the set of human characteristics that are associated with a brand. Most consumers choose to purchase those products that relate to their personalities. Consumers see brand personalities in five dimensions. They are sincerity, excitement, competence, sophistication and ruggedness, each one consisting of several categories.
The Brand personality of 3M- Free thinking and creative, confident, sharing and trusting, fascinating, optimistic and high energy.
There are five strategy variations –
- Branded House or Umbrella Brands- All products carry the same master brand. Example- Fedex
- Sub-branding- The corporate and a linked second brand contribute meaning to the consumers perception about the product. Example-Bausch &Lomb
- Endorsed Branding- It is similar to sub-branding. It involves two brands- the corporate master brand and a second brand. In this case the second brand is more prominent. Example- 3M Post-It products. The 3M corporate brand logo is used in the brand design but it is less visible than the Post-It brand.
- House of brands- Each major line of product has a new brand name. Example- Procter & Gamble
- Hybrid strategy- It is a combination of above branding strategies.
Brand awareness is very important for the success of a brand. People like to purchase products that they can recognize or are familiar with. For low involvement products familiarity can drive the buying decision. It can be very difficult to dislodge a brand that has achieved a dominant awareness level in the mind of the consumer.
Brand loyalty is the resistance to switching from one brand to another. Brand loyalty has many advantages such as
- Cost of marketing is reduced as people are already familiar with the brand. It is less expensive to keep existing customers happy than to persuade new consumers to try a new brand.
- When consumers are loyal to a specific brand it is difficult for a new product or brand to enter the market. This is because loyal consumers will not switch brands easily. Thus reducing competition between brands.
- Loyal consumers provide word of mouth publicity of the brand. Many people purchase products that are recommended to them by family or friends.
Brand equity refers to the revenue that a company generates from a product with a recognizable name, when compared to a generic equivalent. Brand equity is built by the consumers perception about a brand. If the consumers perception of a brand is positive, it leads to increased sale and profits as the consumers are willing to pay higher prices for branded products. If the consumers perception of a brand is negative, they will not purchase the product.
Understanding a brand and it’s creation is a must for any worthwhile business. A good brand that resonates with the target customer set is a valuable asset.
David A.Aaker 2011,Strategic Market Management, 9th edn, Courier-Westford, United stated of America.
Peter,D &Philip,S 2006, Marketing Management & Strategy, 4th edn, Mateau Cromo Artes Graficas, Madrid, Spain.
Iacobucci,D 2013 Marketing Management (MM4), Student Edition, South-Western, Cengage Learning, Mason, Ohio