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1: Intro: Branding and Brand Management Strategies (LO5: Steps in…
1: Intro: Branding and Brand Management Strategies
LO1:
Brands vs. Products, Brand Equity
Brands
a name, term, symbol, design, or combination thereof :apple:
helps identify products from one seller or group :apple:
differentiates from competitors' products :iphone:
Brand
elements
name
logo
symbol
packaging
can be based on people, places, things, abstract images :rainbow:
Brand
dimensions
packaging
services provided
customer advice
financing
delivery arrangements
warehousing
anything else valued by customers
Products
anything available in market, satisfying a need or want
Categorized into:
core benefit level
generic product level
expected product level
augmented product level
potential product level
Brand Equity
"added value" endowed to products lead to different outcomes
:trophy: :shopping_trolley:
added value created for a brand in many ways
brand equity provides way to interpret marketing strategies and assess value of a brand :bow_and_arrow:
many ways to exploit value of a brand :money_with_wings:
Customer-Based Brand Equity
the differential effect of brand knowledge on consumer response to the marketing of the brand
brand knowledge: brand awareness + brand image
from the customer's viewpoint, how do they perceive the brand? :couple: :+1:
LO3:
Does branding apply
to virtually everything?
in short:
:globe_with_meridians: branding is universal and pervasive in different product categories
:cinema: :house: & :arrows_counterclockwise: applies to tangible and intangible offerings of companies
:computer: tech. developments impact the way firms market their offerings
:woman::skin-tone-3: :money_with_wings:positive brand images help companies earn financial benefits
Goods/Services
physical goods
:hammer_and_wrench: B2B products
:microscope: high-tech products
services
role of branding with services
:books: :man_in_business_suit_levitating: consulting
:department_store: retailers and distributors
:shopping_trolley: online products & services
:classical_building: people & organizations
:basketball: :art: sports, arts, entertainment
:maple_leaf: geographic locations
:bulb: :potable_water: ideas & causes
LO2:
Why are brands
important?
For Consumers:
Brands provide
functions: :hammer_and_wrench:
identify source or maker of product :factory:
simplify product decision :bulb:
lower search costs for products (int & ext) :arrow_down: :mag_right: :heavy_dollar_sign:
set reasonable expectations about what consumers
may not know about the brand :slightly_smiling_face:
signal product character.
and attributes :iphone:
Products characterized based
on attributes as:
search goods
experience goods
credence goods
reduce decision risk :chart_with_downwards_trend:
functional
physical
financial :heavy_dollar_sign:
social psychological :silhouettes:
time :alarm_clock:
For Firms:
simplify product handling and tracing :package:
predictability and security of demand for firm
& create barriers of entry for competitors :lock: :european_castle:
create competitive advantage :checkered_flag:
in short:
brands create value for firms --> :currency_exchange: :+1:
brands create perceived differences between products :shirt: :womans_clothes:
develop loyal customer franchises :revolving_hearts:
LO4:
Challenges and
opportunities
Challenges
savvy customers
economic downturns
brand proliferation
media transformation
increased competition
increased costs
greater accountability
LO5:
Steps in strategic brand
management process
1. Identify and develop
brand plans
2. Design and implement
brand marketing programs
3. Measure and interpret brand performance
4. Grow and sustain brand equity
Manage brand portfolios and hierarchies :card_file_box:
Introduce new or expand brands? :new:
Define a brand architecture (P&G)
Manage BE over geographic locations, cultures, and market segments :globe_with_meridians: :martial_arts_uniform:
Establish org. structures to measure brand equity :bar_chart:
Continuously measure customer perception of brand :thinking_face:
Brand audits, brand tracking studies, brand equity management system
Integrate brand marketing activities -->
How to communicate with customers? :studio_microphone:
Determine brand elements
Leverage secondary association
Core brand associations :ring: :recycle:
Planning market entry :door:
competitive frame of reference :second_place_medal:
Points of Parity & Points of Difference