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Chapter 3: Brands Resonance and Brand Value Chain - Coggle Diagram
Chapter 3: Brands Resonance and Brand Value Chain
The Brand Value Chain
A structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value
Brand Value stages
Customer mind-set
Includes everything that exists in the minds of customers with respect to brand
Brand attitudes
Brand attachment
Brand associations
Brand activity
Brand awareness
Marketplace conditions multiplier
Extent to which value created depends on factors beyond the individual customer
Channel and other intermediary support
Customer size and profile
Competitive superiority
Market performance
Price premiums, price elasticities, Market share, Brand expansion, Cost structure, brand profitability
Investor sentiment multiplier
Financial analysts and investors arrive at their brand valuations and investment decisions through market dynamics, growth potential, risk profile and brand contribution
Program Quality Multiplier
Distinctiveness, Relevance, Integrated, Value, Excellence
Shareholder value
Financial marketplace formulates opinions and assesments
Marketing Program Investment
Any marketing program investment that can contribute to brand value development, intentional or not.
Brand Value chain implications
Value creation requires more than an initial marketing investment
Brand value chain provides a detailed road map for tracking value creation
Values creation begins with the marketing program investment
The steps of Brand Building
Brand Judgements
Customers’ personal opinion about and evaluations of a brand
, by putting together all the different brand performance and imagery associations
Brand quality
Defined by specific attributes and benefits of a brand
Brand credibility
Jugdements about the company or organization behind the brand
Often definded by:
Likability
Trustworthiness
Perceived expertise
Brand considerations
Unless a consumer gives serious consideration to purchase, how highly they regard the brand is of little importance
Brand superiority
Measures the extent to which customers view the brand as unique and better than other brands
Brand Feelings
Customers’ emotional responses and reactions to a brand
Feelings can be:
Experiential and immediate
6 important types of brand-building feelings:
Excitement
Security
Fun
Social approval
Warmth
Self respect
Private and enduring
Brand Imagery
Brand imagery depends on the
extrinsic properties of a product or service
Purchase and usage Imagery
Associations that tells consumers under what conditions or situations they can or should buy and use a brand
Brand personality and values
Through consumer experience or marketing activities, brand may take on personality traits or human values
Five dimensions of brand personality :
Competence
Sophistication
Excitement
Ruggedness
Sincerity
User Imagery
The type of person who uses the brand
Demographic factors include:
Age
Race
Gender
Income
Brand history, heritage and experiences
Brand may take on associations to their past
Brand Resonance
Ultimate relationship and level of identification that a customer has with a brand
Behavioural loyalty
Repeat purchases and the amount or share of category volume attributed to the brand
Attitudinal attachment
Resonance requires a strong personal attachment, viewing the brand as something special
Sense of Community
Brand may take on a broader meaning by conveying a sense of community
Active engagement
The strongest affirmation of brand loyalty; willing to invest time, energy, money, or other resources beyond those expended during purchase or consumption
Brand Performance
Describes how we'll 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
Attributes and benefits often underlie brand performance
: Primary ingredients and supplementary features, product liability, durability and serviceability, etc.
Brand Salience
Achieving the right brand identity
means creating brand salience with customers
Measures various aspects of the awareness of the brand; how easily and often the brand is evoked under various situations or circumstances
Gives a product and identity by linking brand elements to the product category, the associated purchase and the consumption or usage situations.
Product category structure
How product categories are organized in memory
Marketers assume that products are grouped
Strategic implications: brands need to be top-of-mind and have sufficient mindshare, but also must do so at the right times and places.
Brand-Building Implications
Marketers can assess their brand’s progress in their brand-building efforts through the brand resonance model
Brands should have richness
Brand resonance provides important focus
Brands should have a duality
Customer networks strengthen brand resonance
Don’t take shortcuts with brands
Customers own the brand