A part of new product launch strategy includes creating the product or service n
ID: 353725 • Letter: A
Question
A part of new product launch strategy includes creating the product or service name. Address these questions:
In general, how does the product name affect and interact with other new product launch concerns?
What are two products (not listed in course materials) whose names clearly reinforce the brand in the mind of customers? Explain what the brand image implies to the consumer.
What are the costs and benefits of using intellectual property protection mechanisms?
How do product naming and intellectual property protection help support the success of a product? Provide an analysis.
Explanation / Answer
Product launch has many activities concerned with it. It goes from pre-launch where curiosity is built in the minds of the consumers about the product. It might include teaser campaigns on TV, print and online, with influencers and buyer groups. In the launch phase, the product is revealed and sales start. This is reinforced through rigorous campaigning through above-the-line and below-the-line promotions. Finally, in post-launch phase, communication is continued as planned and more emphasis is placed on fulfilment.
Product name has a huge influence on marketing and communication tactics, as a product name is the reflection of the segmentation, targeting and positioning of the product.
Product name affects launch plans as it determines which marketing tactics will be used to launch the product. Take for example Hershey’s Kisses. The brand name gives an opportunity for the marketers to go wild with guerrilla marketing. The same is also possible if the product imagery is well-established (though not for a product launch). An example here would be Kit Kat or McDonalds.
However, the bigger concern here would be of Intellectual Property. There should be no words in the name which breach the IP of any other brand/company. The communication used in promotions (taglines, POS material, statements) should also refrain from using such words. This should be categorically established with the marketing agency with which the company is working.
Two products whose names clearly reinforce their brands are: Netflix and Twitter. Both of these brands clearly convey what the product is for, for watching movies over the internet, and for social communication. To the consumer the brand image signifies what the brand offering is, and how it attempts to meet the customer’s psychological and social needs. The brand image draws from the brand’s positioning. Thus a brand image is the output of the strategic positioning of the brand. In other words, a brand image in the minds of the customer is how successful the marketer has been in establishing the intended positioning in the customer’s minds.
The costs of using IP Protection Mechanisms might be high. It might also consume a lot of time. But the results of the same guarantees the brand is not caught up in unnecessary litigations, derailing it from its plans. The benefits, thus, are huge. With a fool proof, IP protection mechanism established, the company can now focus on its marketing and tactical plans. It can be sure that no misuse of its brand identity can take place. If not sure about potential IP infringements, the company can also opt for IP risk transfer plans, like IP Infringement Coverage, IP Enforcement Coverage, IP Representations and Warranties and IP Value Insurance. These will help hedge risks against potential IP risks.
If done correctly, product naming helps establish the correct and intended brand identity in the eyes of the customer. This, if safeguarded by IP protection, lays a foundation stone for a smooth journey for the brand. It ensures that the marketing budgets are being efficiently utilised. This guarantees long term success for the brand.
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