Final answer:
The subject is about the different aspects and strategies involved in building and developing a brand.
Step-by-step explanation:
Brand Positioning: This refers to how a brand is perceived by consumers in relation to its competitors. It involves identifying and communicating the unique attributes, benefits, beliefs, and values that set the brand apart. For example, Nike positions itself as a brand associated with athleticism, innovation, and empowerment.
Brand Name Selection: This involves choosing a name for the brand that reflects its identity and resonates with consumers. It also involves protecting the brand name through trademark registration. For instance, Apple is a brand name that conveys simplicity, elegance, and innovation.
Brand Sponsorship: This includes different strategies for branding, such as using the manufacturer's brand (e.g., Nike), a private brand (e.g., Walmart's Great Value), licensing (e.g., Disney characters on merchandise), and co-branding (e.g., Nike and Apple partnering for Nike+iPod).
Brand Development: This encompasses various ways to extend or expand the brand, such as line extensions (e.g., Coca-Cola introducing new flavors), brand extensions (e.g., Apple introducing new products like the Apple Watch), multibrands (e.g., Procter & Gamble owning multiple brands in the same category), and new brands (e.g., Tesla launching its electric cars).