ten characteristics of effective brand name creation, marketing discussion help

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Business Finance

Description

  • Discuss ten characteristics of effective brand name creation. Then locate three established brands that meet at least five of the listed characteristics. Explain why you think these brands meet the selected five criteria. Support your choices with logical arguments. 700 words
  • Identify three internal and three external factors influencing the setting of prices. Discuss how each of these factors influences the price of a service. 700 words

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Explanation & Answer

Attached.

Branding and Pricing Strategies - Outline
Thesis Statement: An attractive brand name combined with proper pricing of a product or
service maintains its profitability and competitiveness in the market.
I. Introduction
II. Characteristics of an effective brand name
A. Short and easy to pronounce
B. Unique in the industry
C. Legally acceptable
D. Avoid abbreviations
E. Good alliteration
F. Flexibility
G. Does not age easily
H. Linguistically considerate
I. Embrace company personality
J. Embrace the company naming portfolio
III. Factors influencing pricing
A. Internal
1. Cost
2. Objective
3. Credit period
B. External
1. Competition
2. Consumer factors

3. Economic conditions
IV. Conclusion


Running head: BRANDING AND PRICING STRATEGIES

Branding and Pricing Strategies
Name
Institution

1

BRANDING AND PRICING STRATEGIES

2

Branding and Pricing Strategies
Effective Brand Name Creation
One of the most effective marketing strategies is the creation of a strong brand name. The
attractiveness of a brand sells it since the visual attraction comes first before anything else. The
first characteristic of an effective brand name is that it should be short, easily pronounced, and
appealing. It should have few syllables preferably a maximum of three. Secondly, the name has
to be unique in the industry. Standing out means that the name does not sound or imitate others
in the industry. Also, the name has to be legally available which means it is also defensible. The
brand name has to allow the owner all legal rights in the eyes of the law (Baaghil, 2013). An
attractive brand name combined with proper pricing of a product or service maintains its
profitability and competitiveness in the market.
The fourth characteristic of an effective brand name is that it should avoid abbreviations.
These come with long names which are difficult or tiresome to pronounce, but they do not
always work since some abbreviations are not attractive. Good alliteration in a name is another
characteristic. Well-pronounceable names such as Bella Vista provide good brand names even
with long name...


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