The Language Of Brand Names

Names not just "are," they "do." As a part of language, names identify a business or brand, but also subtly suggest certain types of action.

To explain, we must wade into the pond of language. Scholars have pointed out that every utterance has three functions:

# The locutionary function involves what the expression denotes.

# The illocutionary entails how it functions as a speech act, which philosophers of language define as an utterance considered as an action.

# Perlocutionary functions include all the effects an utterance has on the receiver.

Brand names, like other words, use all three functions. The reigning authority on the illocutionary function, John R. Searle, has identified five basic types of speech acts in his text Speech Acts: An Essay in the Philosophy of Language. Here are four of these speech acts as they perform bits of business in brand names.

Representatives commit the speaker to the truth of the expressed proposition: They swear, report, assert or conclude. Toys “R” Us. A pet day care and boarding establishment called Pets Preferred. The name of action is built into two Canadian discount airline brands, Canjet and Jetsgo.

Directives attempt to get the reader to do something: They command, exhort, urge. Guess jeans. A dance studio called Jump to It; a chain of paint shops, Color Your World. The insect repellent Off! A Microsoft imaging software product called Picture It!

Commissives commit to some future course of action: They promise, threaten, offer, vow. A deodorant will Ban; a shampoo will Amplify. Software promises to Excite. Or one undertakes to Hide-A-Bed.

Expressives express a psychological state: They think, apologize, welcome, congratulate. Glad trash bags. Or a brand of diapers, Happy to be Nappy.

In strictly literal terms, a brand name wants the customer to buy a product or service. But in terms of speech acts, a lot more is going on.

The Advantage of Price Segmentation

Price segmentation (offering different prices to different market segments) increases overall revenues and profits, and it is particularly beneficial to industries that have high fixed cost structures. Obviously, price segmentation works better to the extent to which there are real customer need segments and to which you can effectively isolate those segments.

As an example, imagine that your business only offers one product priced at $5. But some consumers are willing to pay up to $8. You are leaving $3 on the table for each of them. Other consumers are more price-sensitive and only willing to pay $3. You do not get any of their business. With price segmentation more revenue is generated by offering three prices -- $3, $5 and $8 – instead of just one -- $5.

Prices can be segmented in the following ways:

• By time (higher hotel room rates for holidays and other peak tourist seasons)
• By location (higher prices in locations with less competition or in which less price-sensitive shoppers shop, orchestra versus balcony seats in a theater)
• By volume (volume discounts for large orders)
• By product attribute (first class vs. coach section on airplanes; solid brass vs. plastic faucets)
• By product bundling – examples:

o selling software in product suites vs. by the program
o selling e-Learning by library vs. the individual course
o fixed price versus a la cart menus
o “fully-loaded” models versus “basic” models with additional options available
o single admission ticket at theme parks versus charging per ride
• By customer segment (brand-loyal vs. price-sensitive vs. convenience-oriented or image-conscious vs. economy-oriented)
Other price/value considerations
• Pricing strategy should consider these factors: (1) perceived customer value, (2) competitive response, (3) channels of distribution, (4) cost parameters and (5) congruence with the brand position
• Constantly explore new ways to uniquely add customer value to your products and services
• In creating greater customer value, always ask, “How can we make it quicker, easier, less risky, or more pleasant to do business with us?” Ask, “What could we do that would favorably surprise and delight our customers?”
• Communicate the value of services that you provide for free
• Providing value-added products and services at “no charge” is superior to price discounting as a short-term purchase incentive because it preserves the value of the brand
• Be careful to price your products and services to reward brand-loyal (versus brand-switching) behavior

Pricing is becoming an increasingly sophisticated discipline. These three topics (reference prices, price sensitivity, and price segmentation) are just a few of the important considerations when developing pricing strategies and tactics.

The Power of Study Groups
Two Heads Are Better Than One

Have you ever noticed that when you explain something you've learned in class to a friend, you begin to understand it better yourself? This happens because when you explain, or teach, an idea, you need to actively think it through. And by thinking more deeply about what you've learned and then explaining it to someone else, you begin to understand it better. Studying with others in a small group is helpful to everyone because, as in the example above, you

•Think out loud.
•Share ideas.
•Learn from one another.

As the old saying goes, "Two heads are better than one." While studying alone may work well for things such as memorizing facts, sometimes you'll need to understand complicated ideas. And rather than memorize facts, you'll be required to apply facts to solving problems. Effective study groups involve hashing out lesson materials together—explaining concepts, arguing about them, figuring out why one person's answer differs from another's—and in the process, you learn more than you ever would have studying by yourself. Moreover this activity teach us to be interdependent— habit 4,5 and 6

The Benefits of Study Groups

Group study offers other advantages, in addition to gaining a deeper understanding of class material. These include the following:

Note-taking Reinforcement:
Took horrible notes in X class last week? No worries! A member of your study group can share his.

Sharing Talent:
Each person brings different strengths to a study group, such as organizational skills, the ability to stick to a task, a talent for memorization, and so on.

Covering More Ground:
Three study group members may be able to solve a calculus problem none would have solved alone.

Support System:
Members of a study group often have common goals, such as good grades. The work each person in a group does affects the other members, which results in making the group members supportive of one another.

Socializing:
The It's more fun to study with others. And because it's more fun, you spend more time studying!

Guide Line for Getting a Group Together

How do you put a study group together? How many members should the group have? For how long should you meet? For answers to these questions and more, check out the following study group guidelines:

How Many?
Create a group of four to six people. In a larger group, it's easy for someone to get left out, and smaller groups can too easily get off track.

Who?
Pick classmates who seem to share your interest in doing well in class. Look for people who stay alert in class. John Mitchell, who has researched group work at Central Michigan University, suggests including in your study group "someone who understands the material better than you and someone who understands less." Doing so will provide you with someone who can explain concepts to you and someone to whom you can explain the material.

Where?
Hold study group sessions in a place that is free of distractions and that has room to spread out books, and notes.

How Long?
Study groups should meet for no more than two to three hours at a time. Having a time limit will help the group focus. If you know you only have an hour, you're more likely to stay on task.

When?
If possible, try to meet on the same day and time each week. Treating the study session as you would other activities helps you to keep to a schedule and ensures that everyone will attend.

Getting the Most Out of a Study Group

The greatest benefit of studying with a group of classmates is the support you receive from one another. Here are some tips to help your group get the most out of each study session:

State Objectives or Goals:
Knowing what you want to achieve at each session helps the group stay focused and manage time. At the start of each meeting, a designated session leader should state what the goals are. For example, the session leader might announce, "Today we'll review chapter 7 and discuss the theorems introduced in class on Wednesday."

Be Prepared:.
Before a session, be sure to finish your assigned reading, review notes, and list topics you want to go over. By being well prepared, your group can make the most of your time together by questioning one another on the assigned material

Take Turn Teaching:
When you instruct the group, you not only help the other group members, but also reinforce your own knowledge.

Stay on Topic:
For each session, assign one member to be the taskmaster. This person's job is to steer the group members back to the topic if they begin to drift. Also, schedule five-minute breaks into your study sessions after every half hour or so of work. This allows all the group members to get off-topic chatting out of their systems. By supplementing your individual study with a study group, you can reinforce what you've learned, deepen your understanding of complex concepts, and maybe even make a few new friends. Whoever said learning can't be fun?