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Brand Building (Why Brand? (Benefits for manufacturers/retailers (Increase…
Brand Building
What is a product?
- A product is anything which is capable of satisfying customer needs. It can be a personal service or a physical product
Product Line: A group of closely-related products in terms of function or benefits E.g Procter + Gamble have lines in Baby Care, Home Care, Hair Care etc
Product Mix: Total sum of brands marketed by a firm, many product lines. A mix of brands within a market. E.g Coca-Cola has product brands like Minute Maid, Fanta, Sprite
The Augmented Product
- Brand is important bc it's a promise of an experience + an indicator of quality
- There are also social reasons for buying certain brands
- The brand name/images, service, guarantees, packaging, delivery, quality + design can all increase brand potential surrounding the core product
- Packaging can be an issue: some customers want their items to be protected + presented beautifully, whereas others are conscious of waste
- There are broader experiences that surround the product
What is a brand?
- Brands are products + services that have added value. This value has been deliberately designed by marketers to augment their offerings w/ values that are recognised by their target customers
- Customer perception is important, so both marketers + customers are involved in the branding process
- A brand is represented by a name, symbol, word or mark that identifies + distinguishes a company from its competition
- Intrinsic attributes: functional characteristics such as shape, performance + physical capacity
- Extrinsic attributes: if changed don't alter the functioning of the product, e.g brand name, packaging, price etc. Buyers often use these attributes to distinguish brands from one another
Why Brand?
- Brands represent opportunities for both organisations + consumers to buy + sell products easily and quickly
- Help people identify their preferred products
- Reduce levels of perceived risk [financial, social + functional] + so improve the quality of the shopping experience
- Help ppl gauge the level of product/service quality
- Reduce the amount of time making purchase decisions so decrease time spent shopping
- Inform consumers about a product's source [country or company]
- Provide psychological reassurance, especially for products bought on an occasional basis
- Helps consumers create relationships based on trust. Strong brands are usually well trusted, e.g Google, Kellogg's are some of the most trusted brands
- Can give brands personalities, E.g Timberland is rugged, Victoria's Secret is glamorous etc
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Building Brands
- Keller, 2009 - consider the brand building process in terms of steps
- Enable customers to identify w/ the brand + help them make associations w/ a certain product class/customer need
- Establish what the brand means by linking some tangible + intangible associations
- Encourage customer responses based around brand-related judgement + feelings
- Foster an active relationship between customers + the brand
Keller's Brand Pyramid
Bottom: Salience: How easily/often do customers think of the brand when looking for a product in that category? Deep, broad brand awareness Identity
Next: Performance: How well do customers believe this product does what it should? + Imagery: The extrinsic properties of the product [colour, packaging] + the level to which these satisfy customer needs
Next: Judgement: Customer opinions + reactions + Feelings: Customer emotional responses when communicating w/ friends
Top: Resonance: Nature of the relationship customers have w/ the brand + the extent to which they feel loyal
- Brand resonance is more likely to result when marketers create proper salience + breadth/depth of awareness
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