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T6: Pt3 Brand (Marketing advantages of strong brands (p.279) (Less…

- - - - Memorable
      - Meaningful - especially when moving across cultures / translations
      - Likeable
      - Transferable
      - Adaptable - will it age well? can it be used in different mediums well?
      - Protectable
    - - Principles
        
        Link internal and external marketing
        
        Choose the right moment
        
        Bring the brand alive for employees
      - Brand bonding
        
        This is reinforced at every touch point, with every employee interaction
        
        Employees must display loyalty for customers to think its justified
        
        Happens when customers see company delivering on promises
    - - Could be geographical, another company, distribution channels, characters, spokespeople, sponsorship, etc (could mindmap p.293)
      - Effectively 'borrowing' the identity of something/one else
  - - - Helps understand sources of brand equity and how they can be affected
      - Regular (e.g. annual) / or whenever shifting strategic direction
    - - Helps understand how the sources and outcomes change over time
      - Quantitative data collection on a routine basis
      - Helps with day-to-day decision making
  - - - Branded House: Corporate umbrella or company brand name
      - Corporate name combined with individual product names
      - House of Brands: Individual or separate family brand names (protects the main company name)
    - - Brands can only be stretched so far
      - Different brands are used to target different segments
      - If dropping brands will increase profits, the portfolio is too big
      - If adding brands will increase profits, the portfolio is not big enough
      - Specific roles
        
        Flankers - often cheap options of more high-end flagships, to compete with other cheap options
        
        Cash cows - brands that are in decline or stabilised at a low level but removing them may see customers move to the competition
        
        Low-end entry level - to get new users hooked into the brand and with the intent to trade them up later
        
        High-end prestige - hopes to add prestige and credibility to the overall portfolio
    - - Pros
        
        Improved odds of new-product sucess
        
        Positive feedback effects
        
        Reduced cost of marketing and initial set-up
        
        Can springboard further extensions
      - Cons
        
        Brand dilution
        
        Risk of damage to integrity is introduce a brand mismatch
        
        Cannibalising - ok if the customer would have been lost to a competitor otherwise
        
        In some cases the extension would have been better to be a completely independent new brand
      - Success factors and questions p.304/5