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BB-4303 Brand Management Brands - Resonance and the Brand Value Chain -…
BB-4303 Brand Management Brands - Resonance and the Brand Value Chain
Building A Strong Brand: The Four Steps of Brand Building
Brand Salience
(1 of 4)
• Achieving the right brand identity means creating brand salience with customers.
• Brand salience: – Measures various aspects of the awareness of the brand – How easily and often the brand is evoked under various situations or circumstances.
(2 of 4)
• Breadth and depth of awareness: – Gives a product an identity by linking brand elements to:
▪ The product category
▪ The associated purchase
▪ The consumption or usage situations
(3 of 4)
• Product category structure:
– How product categories are organized in memory
– Marketers assume that products are grouped
(4 of 4)
• Strategic implications: – Brand needs to be top-of-mind and have sufficient mind share: ▪ But also must do so at the right times and places
Brand Performance
(1 of 2)
• Describes how well the product or service:
– Meets customers’ more functional needs
– Rate on objective assessments of quality
– Satisfies utilitarian, aesthetic, and economic customer needs and wants in the product or service category
(2 of 2)
• Attributes and benefits often underlie brand performance:
– Primary ingredients and supplementary features – Product liability, durability, and serviceability
– Service effectiveness, efficiency, and empathy
– Style and design
– Price
Brand Imagery
(1 of 4)
• A main type of brand meaning is brand imagery.
• Brand imagery depends on the extrinsic properties of a product or service.
• Many kinds of intangibles can be linked to a brand; the four main ones are:
– User profiles
– Purchase and usage situations
– Personality and values
– History, heritage, and user experiences
(2 of 4)
• User imagery: – One set of brand imagery associations is about the type of person or organization who uses the brand – Demographic factors include:
▪ Gender
▪ Age
▪ Race
▪ Income
• Purchase and usage imagery:
– Associations that tells consumers under what conditions or situations they can or should buy and use a brand
(3 of 4)
• Brand personality and values:
– Through consumer experience or marketing activities, brands may take on personality traits or human values:
▪ A person
▪ Appear to be modern or old-fashioned, for example
– Five dimensions of brand personality: ▪ Sincerity
▪ Excitement
▪ Competence
▪ Sophistication
▪ Ruggedness
(4 of 4)
• Brand history, heritage, and experiences:
– Brands may take on associations to their past
– Certain noteworthy events in the brand’s history
Brand Judgements
(1 of 4)
• Customers’ personal opinions about and evaluations of a brand: – Consumers form judgments by putting together all the different brand performance and imagery associations
(2 of 4)
• Brand quality:
– Defined by specific attributes and benefits of a brand.
– Consumers can hold a host of attitudes toward a brand: ▪ But the most important relate to its perceived quality ▪ Perceived quality measures are inherent in many approaches to brand equity
(3 of 4)
• Brand credibility:
– Judgments about the company or organization behind the brand: ▪ Often defined by: – Perceived expertise – Trustworthiness – Likability
(4 of 4)
• Brand considerations: – Unless a consumer gives serious consideration to purchase, how highly they regard the brand is of little importance – Depends on the extent to which strong and favorable brand associations can be created
• Brand superiority:
– Measures extent to which customers view the brand as unique: ▪ And better than other brands
Brand Feelings
(1 of 2)
• Customers’ emotional responses and reactions to a brand
• Brand feelings relate to the social currency evoked by the brand
• Feelings can be: – Experiential and immediate, increasing in level of intensity – Private and enduring, increasing in level of gravity
(2 of 2)
• Six important types of brand-building feelings:
Warmth
Fun
Excitement
Security
Social approval
Self-respect
Brand Resonance
(1 of 3)
• Ultimate relationship and level of identification that a customer has with a brand:
– Describes the nature of the relationship
– Extent to which customers feel in sync with the brand
– Characterized in terms of intensity: ▪ Depth of the psychological bond that customers have with a brand.
• Four categories of brand resonance:
– Behavioral loyalty
– Attitudinal attachment
– Sense of community
– Active engagement
(2 of 3)
• Behavioral loyalty:
– Repeat purchases and the amount or share of category volume attributed to the brand: ▪ Share of category requirements
• Attitudinal attachment:
– Resonance requires a strong personal attachment – Going beyond having a positive attitude: ▪ Viewing the brand as something special
(3 of 3)
• Sense of community:
– Brand may take on a broader meaning by conveying a sense of community.
– Social phenomenon in which customers feel a kinship or affiliation with others associated with the brand.
• Active engagement:
– Perhaps the strongest affirmation of brand loyalty
– Willing to invest time, energy, money, or other resources beyond those expended during purchase or consumption
Brand-Building Implications
• Marketers can assess their brand’s progress in their brand-building efforts through the brand resonance model:
– Customers own the brand
– Don’t take shortcuts with brands
– Brands should have a duality
– Brands should have richness
– Brand resonance provides important focus
– Customer networks strengthen brand resonance
Brand-Building Implications
• Marketers can assess their brand’s progress in their brand-building efforts through the brand resonance model:
– Customers own the brand
– Don’t take shortcuts with brands
– Brands should have a duality
– Brands should have richness
– Brand resonance provides important focus
– Customer networks strengthen brand resonance
Brand Value Chain
• Structured approach to: – Assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value
Brand Value Stages
(1 of 6)
• Marketing program investment:
– Any marketing program investment that can contribute to brand value development: ▪ Intentional or not
• Program quality multiplier: – DRIVE:
▪ Distinctiveness
▪ Relevance
▪ Integrated
▪ Value
▪ Excellence
(2 of 6)
• Customer mind-set: – Includes everything that exists in the minds of customers with respect to brand:
▪ Brand awareness
▪ Brand associations
▪ Brand attitudes
▪ Brand attachment
▪ Brand activity
(3 of 6)
• Marketplace conditions multiplier: – Extent to which value created depends on factors beyond the individual customer:
▪ Competitive superiority
▪ Channel and other intermediary support ▪ Customer size and profile
(4 of 6)
• Market performance:
– Price premiums
– Price elasticities
– Market share
– Brand expansion – Cost structure; reduced marketing program expenditures
– Brand profitability
(5 of 6)
• Investor sentiment multiplier: – Financial analysts and investors arrive at their brand valuations and investment decisions through the following:
▪ Market dynamics
▪ Growth potential
▪ Risk profile
▪ Brand contribution
• Shareholder value:
– Financial marketplace formulates opinions and assessments
– Direct financial implications for brand value
(6 of 6)
• The brand value chain has numerous implications:
– Value creation begins with the marketing program investment
– Value creation requires more than an initial marketing investment
– Band value chain provides a detailed road map for tracking value creation