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CHAPTER 9: BRAND STRATEGY AND MANAGEMENT (Brand Communication (Branded…
CHAPTER 9: BRAND STRATEGY AND MANAGEMENT
What is a brand?
Definition
The image which stands behind the name, symbol, icon, design, or combination of these, that identifies the marker or marketer of a product
Can add value to a product
More than names or symbols
Have status and value
Have personality
Involve emotions
Signify quality
Provide legal protection
Brand meaning
Trademarks
Has monetary value
Must be protected
Distinguished from regular or generic word with a similar meaning
Indicated with a superscript TM
Names, symbols, characters, shapes
Gone through a lengthy legal process of registering its trademarks, symbol R
Key to communicating brand meaning
Get consumers to associate your brand with just one word
Your brand 'owns' that word in terms of brand positioning
Brand relationships
Represent consumers; perceptions and feelings about a product and its performance
Key factor in consumers' relationship with brand is what they believe about them
Create brands with food, memorable names, personalities, stories to tell
People as brand
Their names take on meaning that transcend the person
Celebrities and politicians
Personal brand (like corporate brands) can be damaged as quickly as they were created
True mark: the ability to apply it to products in other categories, have same meaning, positioning transfer with it
Must have life and meaning outside person
Brand Characteristics
Logo
Represent the brand
May or may not incorporate the brand name
Sometimes need an update
Brand Elements
Name
Logo or icon (shape, colors, etc.)
Brand Equity
The financial value attributed to the brand
Based on intangible qualities
Measure of the brand's ability to capture consumer preference and loyalty
Positive brand equity -> consumers react more favorably to a generic/ unbranded version of the same product
Negative brand equity -> less favourably
Consumer perception dimensions
Differentiation
What makes the brand stand out
Relevance
How consumers feel it meet their needs
Knowledge
How much consumer know about the brand
Esteem
How highly consumers regard and respect the brand
Brand personality
Human attributes & the emotions they inspire toward customers
Created by marketers, deliberately and strategically
Status
Occupy the level of social regard with respect to one another
High-status brands -> exclusive
Lower-status brands -> highly popular
Brand strategy and Management
Brand positioning
Desirable benefits
Product attributes
Least desirable quality
Competitors can easily copy
Beliefs and Values
Engage customers on a deep, emotional level
Brand selection
Careful review of product & its benefits
The target market
Promote marketing strategies
Consideration
Capable of registration and protection as a trademark
Pronounceable in many languages
Extendable (not tied too close with one product)
Distinctive
Easy to pronounce, recognize, remember
Suggest sth about the type of products it will brand
Brand sponsorship
Private brands
Called store brands/ private labels
owned by the reseller of a product
Shopper's Life Brand/ Superstore Joe Fresh
Advantages
Control what products they stock
Where they go on shelf
What prices they charge
Which ones they will feature in local circulars
Higher profits margins to resellers
Exclusive products that cannot be bought from competitors -> store traffic & loyalty
National brands
Created and owned by producer of product
Well-known and well-established throughout the country, or even internationally
Samsung Galaxy/ Kellogg's Frosted Flakes
Licensing
Buy and sell of the rights to use a brand name, logo, character, icon or image
Clothing/ soft good: license the rights to use the names of well-known celebrities/ characters from popular movies/books
The meeting place for the global licensing industry - Licensing Expo
Co-branding
2 established brand names of different companies are used on the same product
Must be complementary
Create broader consumer appeal & greater brand equity
Allow company to expand its existing brand into a category it might otherwise have difficulty entering alone
Brand development
:pencil2: table in ppt
Multibrands
Different brands by the same producer
Risks
Separate brands may be weak individually
Obtain only a small market share, none may be profitable
Appeal to different segments
Brand extension
Extend current brand name to new or modified products in a new category
Advantages
Instant recognition & fast acceptance for new products
Save high advertising costs
Risks
Confuse the brand main image
Harm consumer attitudes towards other products carrying the same brand name
New brands
Best when new product does not fit within any existing brand names
New brand names assigned to new products in new category
New brands require significant resources to launch and maintain
Line extension
Advantages
Low-cost, low-risk to introduce new product
Meet consumer desires for variety
Use excess capacity
Command more shelf space from resellers
Company extends its existing brand names to new forms, colors, sizes, ingredients, , or flavors of an existing products category
Risk
Sales of extension -> expense of others in line
Overextended brand name -> lose specific meaning
Best way: take sale away from competing brands
Ongoing brand management
Carefully manage the marketing communications
Most important roles: brand manager
Advertising that communicates the brand attributes and positioning to the market
Brand Communication
Brand ambassadors
Brand stories
When brand managers tell stories about brands, the details of character, place, and action embellish the basic "info maps" we all keep in our heads
Psychologists refer to these info maps as schemas
Brands can be thought of as a form of storytelling
Brand stories are an excellent strategy for inspring loyalty among consumers for a brand that might otherwise go unnoticed
Brand icons/ characters
Branded content
Any form of info? story written and produced by a brand marketer, with the brand clearly and prominently featured
Content marketing
Tell real stories that help & entertain
Use the power of story telling to move consumer into action
Globe & Mail - Sunnybrook Health Sciences Centre
Touchpoints
Branded entertainment
Any form of entertainment, usually video, that is created with the cooperation or financial support of a marketer
BMW
Brand experiences
Brand & Social media
Brand managers must create social groups, fan pages, and host dialogue with customers
In the era of the social web, brand managers must engage consumer online
Brand advocates
Trust brands and companies behind them
Love the brands they advocate
Voluntarily promote brands
Building principles
Make customers & employees part on brand story
Deliver experience that gets they talking
Advocacy starts close to home
Outperform where they care the most
Advocacy begins with trust