Role of Branding Unit 28
Product
A product is anything that is capable of satisfying a consumer
E.g.
➔ Ps4 Console
➔ Nintendo Switch OLED
➔ The Tesla Model 3
The reason businesses produce products is that when they make a brand for the product itself,
the product then creates an image for consumer and builds recognition, this is a huge benefit as
consumers can easily identify which brand it was made from through either the product name,
logo, symbol, etc... And then this can further bring loyal customers creating a competitive
business market
Businesses can brand logos on the product itself, this allows a consumer to easily identify which
brand the product was produced from, this helps businesses build trust and recognition of the
product e.g. when you see an Apple product, in your mind you imagine the apple logo, and the
impact it has on your life, this is the reason why brands are so effective when producing
products as it helps them grow, without customers forgetting them
Brand
A brand is a name, logo, symbol, or slogan that justifies a business and what they do, it also
creates a mind-set or an image in customers’ minds. A huge benefit that comes with branded
businesses is that consumers view and their credibility in your business, if a customer is familiar
or in moments where they’re in contact with your brand they are probably interested in what
goods and services you provide, you can promote your product by advertising which will make
people familiar with your brand and build customer loyalty
There is a huge impact a brand can have on customers and how customers view and think
about your brand which creates an image and mind-set in their minds. An example of this can
be Tesla, a well-known brand/business, they are known for their premium and high tech cars.
Customers have a very strong image of tesla as the future of cars, customers are always looking
,forward to tesla new launch cars, and the brand creates hype, promotion, and advertisement
this why tesla is a successful brand
Branding
Many businesses apply logos, names, or symbols to build meaning to their products/brands. For
example, when you see a Grammar ad, you instantly imagine the logo and the name.
Businesses are very tactical with this as it helps build consumers' mind-set about the brand
itself such as Grammar. Medium businesses use many different social ways to communicate to
their customers such as the use of social media to promote their products, example of this can
be YouTube sponsored videos, medium businesses use popular/small content creators to
advertise their products, businesses tell what the ad is going to say/ and how content creators
have to give positive feedback and there is a limit to how much negative feedback can be given
on the product itself
Branding Portfolio
Having multiple brands can come with many benefits such as if one business fails you still have
another business you can move onto and depend on? Another benefit is that you have less
competition in the business market as you can have a better chance of obtaining a majority
market using multiple brands. This can help your business grow quicker/bigger and get more
recognition as it’s more spread out. However this can also create a negative impact as it can
confuse customers that are looking for goods in your company, this can further impact your
business as the customers have lost credibility in the new brand, and the business has just
begun. In the world of business, having a strong Branding Portfolio offers a multitude of
benefits. One such benefit is the ability to charge premium prices, which is something that Tesla
has been able to do with their electric vehicles. By establishing a strong brand identity and
reputation for quality, innovation, and sustainability, Tesla has been able to command higher
prices than non-branded electric cars on the market. Customers are willing to pay a premium
for the Tesla brand because they perceive it as a symbol of luxury, performance, and eco-
friendliness. While this has allowed Tesla to maintain a competitive edge in the electric vehicle
market and continue to innovate, it does come with a drawback - higher prices may deter some
potential customers. Nevertheless, Tesla's success in utilising branding to its advantage has
been undeniable, and serves as a testament to the power of a well-crafted branding strategy.
Principles of brands
, There are many types of ways brands can understand customers' needs and wants via customer
behaviour, attributes, and many other aspects. Brands tend to use branding to build credibility
via the name, logo, or slogan. Branding is very crucial when it comes to brand recognition as
customers can build a mind-set through either how customers perceive the brand and their
opinions on the brand. Another reason why branding is important is because it allows
companies to easily promote and advertise their goods and services through the brand
recognition
Introduction to Tesla
Brand Chosen: Tesla
Tesla is a Public limited company (PLC) that sells high-end, premium, and high-tech electric
vehicles to their consumers/audience. Tesla ensures that customers are fully satisfied with what
they got, an example of this is when Tesla updates the vehicle once a month or earlier this is
creating more credibility in customers/consumers’ minds. The CEO of Tesla is Elon Musk with a
net worth of 195 billion in 2021 and the second richest person on the planet who is also the
owner of SpaceX, Neuralink, OpenAi, and The Boring Company. Tesla has roughly sold 765,000
cars in 2021 this is only increasing as days go by. Tesla is considered one of the largest
companies in 2021 with triple its market capitalization compared to 2nd largest car company,
Toyota
History of Tesla
Elon Musk is the founder and owner of Tesla, he started the PLC in 2003 and launched its first-
ever electric car in 2008, the electric vehicle is named the roadster, the roadster began
production in 2009, yet consumers were not satisfied with the vehicle as it lacked many
features and overall needed improvement thus the roadster didn’t do good in the business
market. From there in 2011 Tesla released a prototype of the luxury model s which then in 2012
fully began production. Tesla designed the first-ever fully electric car, which shaped up to be a
huge success in the electric car market, the Model S was what the customers wanted with high-
end technology and a premium build quality, the body of the model s was made from
aluminium, the acceleration went from 0-60 mph in 2.28 secs which is insane for electric
vehicles as it even surpasses a Lamborghini Huracan at 2.9 secs. Model S is the best-selling
electric car in the world. After the huge success Tesla received, they introduced supercharging
in 2012, this is where you can charge your vehicle (fast). There are now approximately 2,016
supercharging stations worldwide in 2020, this will help Tesla grow even bigger in the business
market. In Mid 2017 Tesla began production of the Model 3, this car was promoted to be more
