Marketing exam 2
A Coggle Diagram about 4 - Branding
(Functions & advantages
, Brand architecture
, Efficiency & profitability
, Brand & reputation
- Branding is a major component of product and differentiating strategy
- Developing and nurturing brands is a very important skill in the marketer’s toolkit
- Brands communicate valuable information to the consumer
- To the customer ‘perception is reality
- The firm must regularly assess the nature of the brand image
- Branding is the fundamental step in differentiating a product/service from competitors and in communicating to customers in a shorthand manner the benefits they may expect to derive from using the product/service.
- Brands are complex entities
- Brands potentially mean different things to different people.
- Can refer to products, services, organisations, people, countries, movements, events, fiction, virtual people
, Brand associations:
, Brand loyalty:
1 - Brand recognition
2 - Brand preference
3 - Brnad insistence
, Brand equity:
What the brand is worth to customers. Consists of brand awareness, brand loyalty, perceived quality, brand attributes, benefits & associations.
One of the components that makes up market value (reputational capital)
, Brand wheel: Attributes, benefits, consumer values, personality, brand essence
, Branding & social media:
Touch points changing
Decision making changed: now consideration, evaluation purchase, enjoyment, advocacy and bonding
- Build strong emotional bond with brand and product.
- Measure for emotion to assess lovemarks. Love vs respect.
- Measure emotional, social, cultural & functional relationships between consumers & brands
), 7 - Marketing communication
, 6 - The P's
, Products - 4Ps:
, Services - 7 Ps:
and Price & place strategies:
), 5.1 - Services marketing
and 5.2 - Operational Excellence